GWL Realty Advisors Acquires Retail and Professional Complex in Calgary’s Northwest

GWL Realty Advisors (GWLRA) is pleased to announce the acquisition of Northland Village and the adjacent Northland Professional Centre in Calgary, Alberta. This investment in the city’s northwest quadrant, at the high-traffic intersection of Crowchild Trail and Shaganappi Trail, combines 384,003 square feet of newly redeveloped retail with a 52,379 square foot professional office building, for a total of 436,382 square feet.

“This high-quality centre furthers our strategic vision of acquiring retail properties that not only provide needs of life services, but which also generate resilient cashflow and long-term growth potential,” said Steven Marino, Executive Vice President, Portfolio Management. “This acquisition aligns with our plan to grow our retail scale and presence in key Canadian markets.”

This fully leased, open format shopping centre is anchored by Walmart and has been recently redeveloped to feature a modern design and a wide variety of retail tenancies. The neighbouring Professional Centre complements Northland Village by providing destination medical, dental and professional services with a few select opportunities for new tenants.

“GWLRA is thrilled to have completed this transaction on behalf of The Canada Life Assurance Company with the support of listing brokerages RBC Capital Markets and TD Securities,” added Darren Mewha, Vice President for the Prairies Region.

This acquisition also reinforces GWLRA’s ongoing interest in investing in Calgary. In addition to this transaction, the company has recently broken ground on a 24-storey residential tower in the Beltline and a 605,000 square foot warehouse for Princess Auto Ltd. GWL Realty Advisors manages a total portfolio of assets valued at $18.1 billion, with just over 9% allocated to retail.