GWL Realty Advisors (GWLRA) launched a 605,000-square-foot industrial design-build development project for Princess Auto Ltd. at Stoney North Logistics Centre in Balzac, Alta., on Tuesday.

Princess Auto has preleased the space, becoming the 2-million-square-foot Stoney North business park’s first tenant.

The warehouse is being developed on behalf of the Great-West Life Canadian Real Estate Investment Fund No. 1 (CREIF) and marks a significant addition to Alberta’s logistics infrastructure. (Great-West Life is Toronto-based GWLRA’s parent.) Balzac is located 34 kilometres north of Calgary and part of the city’s industrial market.

“This project is in line with our ongoing strategy of investing in next-generation warehousing and logistics facilities in desirable locations,” said Steven Marino, GWLRA’s executive vice-president of portfolio management. “This project not only supports our strategic vision, but also demonstrates our strength in managing and developing industrial assets.”

Stoney North is being co-developed by GWLRA and Calgary-based Enright Capital. It will eventually contain tier 1 industrial warehouse space across 118 acres. The first phase will feature the 605,000-square-foot facility, custom-built for Princess Auto, a well known Canadian retailer specializing in farm, industrial, garage, hydraulics, and surplus items.

“GWLRA is very pleased to have completed this lease transaction, and we look forward to welcoming Princess Auto to the property upon completion in 2026,” said Robert Kavanagh, GWLRA’s senior vice-president for Western Canada. “Princess Auto Ltd., will occupy the property on a 15-year lease. They are a great lead tenant for our Stoney North Logistics Centre.”

The new facility will feature a 40-foot ceiling height, extensive loading docks, and ample trailer storage—key attributes for large-scale distribution operations. Balzac has emerged as a strategic logistics hub for Western Canada, drawing major retailers to establish distribution centres thanks to its connectivity to Stoney Trail (Calgary’s ring highway) and Deerfoot Trail (Highway 2).

“We are thrilled to expand our distribution capabilities to better serve Canadians nationwide,” said Kris Heieie, Vice President of Supply Chain at Princess Auto. “Staying in Northeast Calgary was important to us because of our incredible team. We wanted a location that supports our growth while keeping our team members close to home.”

GWLRA, which manages an $18-billion real estate portfolio, has made industrial properties a key focus of its operations, with more 30% of its investments dedicated to the sector. The Stoney North project follows the firm’s successful developments at Delta iPort in Delta, B.C., and on Abbotside Way in the Greater Toronto Area.

Princess Auto, a privately owned Canadian company, has been supplying tools and equipment to tradespeople, farmers, industrial workers, and DIYers for nearly a century. With more than 50 locations nationwide, a national call centre, and a growing online presence, the company continues to expand its reach.

Pictured: Future Princess Auto Warehouse at the Stoney North Logistics Centre in Balzac, Alta.

Rendering: Courtesy of GWLRA