Canadian Manufacturing

GWL Realty Advisors acquires six industrial and manufacturing sites

by CM Staff   

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Built between 2012-2021, the properties are located on the South Shore of Montreal, in the heart of the Varennes and Chambly industrial parks.

South Shore Portfolio (CNW Group/GWL Realty Advisors)

TORONTO — On Jul. 19, GWL Realty Advisors (GWLRA) announced that it had acquired six Class A industrial buildings, with a seventh scheduled to close later in 2022, in a key growth node in the Greater Montreal Area (GMA). This acquisition was made on behalf of The Great-West Life Canadian Real Estate Investment Fund No. 1 (CREIF).

Built between 2012-2021, the properties are located on the South Shore of Montreal, in the heart of the Varennes and Chambly industrial parks — two emerging industrial nodes that have experienced growth and development in recent years.

“The industrial asset class continues to be a top performer for us, and this acquisition represents a significant foothold into an important and growing market,” said Steven Marino, EVP, Portfolio Management, GWLRA.

The new South Shore portfolio represents more than 416,000 square feet of industrial assets and direct proximity to major highways.


According to Wendy Waters, head of research for GWLRA, the industrial asset class has emerged as one of the key winners coming out of the pandemic. “Much of this unprecedented demand growth from industrial tenants as well as investors can be attributed to shifting consumer behaviours as industries such as e-commerce seek out warehouse space to keep pace with demand,” explains Waters. “We see this trend continuing, particularly in regions where strong population growth supports expanding needs for this asset class.”

In addition to the South Shore portfolio, GWLRA has been actively pursuing income producing acquisitions and land development opportunities across Canada. Recent activity includes three significant land development deals and one joint venture involving two small/mid-bay industrial buildings within the Great Plains Business Park in Southeastern Calgary.

“As demand for warehouse space and last-mile distribution facilities grow and the underlying market fundamentals remain attractive, we have seen a sharp increase in investor interest in the industrial sector,” added Marino. “For those clients eager to participate, they know they can rely on our deep resources and robust insight to identify and execute on both current and future income producing assets.”

Done Deals:

  • GTA North: a 44.7-acre industrial land purchase in Richmond Hill, ON, which will be developed into a multi-building industrial site.
  • Stony North Logistics Centre: 128-acre industrial land parcel in the Calgary, AB Census Metropolitan Area (CMA), that is in pre-development. Upon full buildout, the site will accommodate approximately 2.2 million square feet of new generation premises.
  • 261 Abbotside Way: a 138,000 square foot state-of-the art Class A warehouse development that is currently under construction in Caledon, ON. Target completion date is 2023.
  • Plains68: a joint-venture development involving two small/mid-bay industrial buildings totalling 205,075 square feet on a 10.1-acre site within the Great Plains Business Park in Southeastern Calgary, AB, which is now 100% leased.


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