Scottsdale-based Walton Global acquires the historic Smoke Tree Resort Property

PARADISE VALLEY, Ariz.–(BUSINESS WIRE)–Walton Global, a real estate investment and land asset management company with US$3.6 billion under management, is pleased to announce its acquisition of the Smoke Tree Resort property located west of Scottsdale Road on Lincoln Drive in the Town of Paradise Valley, Arizona.

The deal closed on June 29, 2022, with ST Holdings, a subsidiary of Scottsdale-based Walton Global Holding, LLC. Walton acquired the 5-acre property for $14 million with plans to build a new boutique hotel that will serve locals and support Arizona tourism.

Walton intends to incorporate an elegance in the new design that Paradise Valley is known for and avoid controversial elements that have challenged Smoke Tree and other hotel redevelopments in the past such as roof top bars, condominiums, for-sale units, height, density and other concerns that have hampered revitalization efforts in the past.

The distinctive and strategically positioned property was subject to bankruptcy and now has fresh opportunities and a renewed sense of optimism.

“As a Paradise Valley resident for 15 years, I have driven past the Smoke Tree Resort often wondering why it sat dormant for so many years. When Walton was introduced to the opportunity to acquire the resort and learned about its financial challenges, we acted quickly, conducted our diligence and secured the property. I’m excited about our goal to revive this historic landmark into a place that Paradise Valley residents and Phoenix as a whole can point to again as a prime destination to experience that also meets the high standards of the community’s ethic,” said Walton Global executive vice president of Business Development, Matt Keister.

The Smoke Tree Resort was originally built in 1954. The resort’s Lincoln Drive facing restaurant – The Other Place – was also a Paradise Valley landmark but attempts to reopen under new management ultimately failed and the restaurant has been shuttered for over a decade.

Walton is already surrounding itself with “best in class” professionals including Allen & Philp, an architectural firm based in Scottsdale with an exceptional hotel portfolio that includes The Sanctuary, The Boulders, Fairmont Princess, and several other award-winning hotel properties.

“I believe Walton’s vision will be consistent with Paradise Valley’s wishes and sensitivities and our capital is patient. It is extremely important to us to listen to the Town of Paradise Valley Council and the community before we finalize our designs. We are looking forward to achieving a consensus that will result in an extraordinary gathering place for the residents of Paradise Valley that will also produce economic benefits for the Town and Arizona,” said Walton Global CEO Bill Doherty.

Walton intends to reach out to Paradise Valley residents to solicit input before hotel design plans are finalized.

“Feedback we receive from surrounding residents will be integrated into the future vision of the new hotel. And to ensure that transparency and communication remains open throughout the project’s evolution, we will be creating platforms such as a website and social media sites to post routine updates. We want our Town to embrace the project and to be proud of what we feel is the gateway to Paradise Valley,” Keister said.

About Walton Global

Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With more than 43 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$3.6 billion in assets on behalf of its global investors located in 73 countries, builders and developers and industry partners. Walton has more than 97,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, builder land financing and build-to-rent. For more information visit walton.com.

Contacts

Mike Scerbo

Rose+Allyn Public & Online Relations

Office: 480.423.1414

Mobile: 602.615.6523

mscerbo@roseallynpr.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) will be releasing its financial results for the quarter ended June 30, 2022, on Wednesday, August 3, 2022, after the market closes. Senior leadership will be hosting a conference call, webcast and presentation on August 4, 2022.

Conference Call:
Date:	Thursday August 4, 2022, at 10:00 a.m. (ET)
Dial:	For Canada please dial: 1-833-950-0062
	For International please dial: 1-929-526-1599
Passcode:	700941
Webcast:
Link: Please go to the Investor Relations section on Primaris’ website or click here.

The call will be accessible for replay until August 18, 2022, by dialing 1-226-828-7578 with access code 513208, or on the Investor Relations section of the website.

About Primaris REIT

Primaris REIT is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in dominant enclosed shopping centres in growing markets. The portfolio totals 11.3 million square feet and is valued at approximately $3.3 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris REIT is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Category: Corporate

Contacts

For more information:
Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

TSX: PMZ.UN

www.primarisreit.com
www.sedar.com

The Company’s Deepened Commitment To The Canadian Marketplace Is Bolstered By New Strategic Sales Director Stephanie Gaty—Former CoStar And Altus Executive

TORONTO–(BUSINESS WIRE)–Dealpath—the industry’s most trusted, purpose-built real estate platform, empowering hundreds of top institutions from Blackstone, Nuveen, AEW, Oxford Properties, Principal Real Estate, Metlife to Bridge Investment Group to invest in the built world—today announced the notable opening of its new office in Toronto, Canada. The location will empower the firm to expand its Canadian client base, tap into Toronto’s hub of skilled talent from surrounding top universities and provide access to core institutional capital invested in real assets as it continues rapid, strategic growth.

In tandem with expanding its existing office portfolio, Dealpath is also bolstering its executive suite with the addition of Canadian real estate veteran, Stephanie Gaty as Strategic Account Director. Gaty joined Dealpath in May 2022 after nearly three years as an integral Senior Sales Executive at CoStar Group. Prior to CoStar, Gaty held essential roles at Altus Group and AP Capital Management. Gaty earned a Bachelor of Science at McGill University, in addition to a Master of Finance / Investment within Real Estate at NYU.

“This is a critical milestone for Dealpath, as we’ve long been laser focused on deepening our roots within the Canadian community,” shared Mike Sroka, CEO and Co-Founder, Dealpath. “This will allow us to not only be closer to our valued real estate customer base, but also attract Toronto’s unmatched tech talent. As we continue tracking towards rapid, meaningful market expansion, Stephanie is an invaluable asset.”

Dealpath currently boasts an impressive roster of leading Canadian players including Oxford Properties Group, First Capital Realty, Fiera Properties, Manulife Investment Management, HOOPP, CentreCourt Developments, Hopewell Development, Crestpoint Real Estate Investments, Le Groupe Maurice & more.

“With deep roots at the crossroads of commercial real estate and technology, I’ve always been drawn to Dealpath’s core product suite and strategic vision for the future of deal management,” stated Gaty. “As the company continues to strengthen its position as a clear leader in property innovation, I’m thrilled to support their next stage of growth, adding to their targeted client-focused, innovation driven approach.”

Dealpath’s existing team features many Canadians, operating across multiple offices to support global growth. The firm’s actively hiring for the office, located at 240 Richmond St West. It opened June 1, 2022.

In addition to its brand new Toronto office, Dealpath has headquarters in both New York City and San Francisco. To date – Dealpath has supported an impressive more than $10 trillion in transactions globally.

Catch up with Dealpath in-person at the Toronto Real Estate Forum November 30-December 1, 2022.

About Dealpath — Dealpath is the industry’s most trusted cloud-based real estate investment management platform, providing real-time access to vetted, secure, up-to-date investment data to empower collaboration, strategic, and predictive decisions. Investment and development firms leverage Dealpath as their command center for smart pipeline tracking, powerful deal analytics & collaborative workflows–driving maximum performance from pipeline to portfolio management. Founded in 2014, Dealpath has supported over $10 trillion in transactions with leading institutions across the world. For more information — visit our website at dealpath.com and follow us on LinkedIn.

Contacts

Media:
Elise Szwajkowski

Marino; Vice President

eszwajkowski@marinopr.com
(212) 402-3495

The housing market has missed the technology wave of the past few decades. But tight supply/demand and affordability concerns following the pandemic are leading to increasing PropTech solutions that drive efficiency throughout the real estate transaction.

NEW YORK–(BUSINESS WIRE)–Citi today released a new Citi Global Perspectives & Solutions (Citi GPS) report in its Home of the Future series that takes another look at the housing market. Home of the Future: PropTech – Towards a Frictionless Housing Market? covers the emergence of PropTech, or fintech for real estate, in the U.S. housing market.

Home listings went online back in the mid-2000s with the launch of Zillow and that information was opened up to the broader public versus being walled off through protected subscriptions for realtors only. However, other parts of buying a house, such as getting a mortgage or title insurance – is ripe for disruption still.

“The process of buying a house is pretty painful with the large amount of paperwork. And while some frictions in the buying process are healthy, there is a big opportunity to streamline things,” noted Roger Ashworth, Head of U.S. Non-Agency MBS Strategy. “That’s where PropTech comes in – to look for those efficiencies in the market.”

Tech advancements in housing finance operations (e.g., mortgage origination, title insurance) are opening up ways to reduce paperwork and drive efficiency. Meanwhile, blockchain technologies could introduce further innovation, such as through smart contracts and the tokenization of real estate assets.

Other important notes the report covers on the move towards a frictionless housing market are:

• Innovation is happening in terms of business models as well, with the rise of home equity investment contracts, iBuyers (a company that uses technology to make an offer on your home instantly) and institutional single-family rentals (SFRs).

• Home equity investment contracts could deliver double-digit returns for co-investors of a property, while at the same time helping consumers tap some of the record-high equity in the housing market.

• iBuyers purchase homes for resale and offer a variety of services to home sellers from offer pricing to renovating.

• Institutional single-family rentals (SFRs) make up three percent of the SFR market and are poised for growth.

The report serves as a resource for others based on how Citi sees opportunities for advancement in the housing market with the support of tech advancements and investments.

About Citi:

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

Contacts

Media:
Susannah Gullette – Citi Research

susannah.gullette@citi.com

With Avetta One implementation, QuadReal gains greater supply chain visibility, deepens vendor relationships and improves insurance compliance

OREM, Utah & HOUSTON–(BUSINESS WIRE)–#riskmanagement—Avetta®, the leading provider of supply chain risk management (SCRM) software, has partnered with QuadReal Property Group to enhance the company’s Code of Conduct & Ethics data collection through the Avetta One™ platform. This partnership has offered QuadReal a new tool for relationship building and greater visibility into its supply chain operations, allowing for automated data collection and increased risk management.

The Avetta One™ Platform is a single-source solution for managing operational, reputational and regulatory compliance risks. The platform reduces safety, liability, sustainability, workforce, cybersecurity and financial risks for corporations, suppliers, contractors and their workers.

Avetta One delivers an unprecedented view of risks through multi-risk analytics, supplier risk trends and supplier performance benchmarking. The platform uses almost two decades of data from millions of collected data points to provide real-time views on risks and delivers alerts on deviations from baseline measures. The analytics software includes customizable, interactive dashboards to gain insights that help build supply chain confidence.

With Avetta One prequalification, clients like QuadReal are assured contractors meet all compliance and regulatory requirements, including documentation of contractors’ skills and credentials. Avetta One provides additional insights into contractors’ safety data, insurance status and service offerings. For insurance, Avetta One provides a full-scale view of the various insurance types suppliers use, as well as their levels of coverage. Insurance coverage is automatically verified every year.

“When vendors achieve compliance with our requirements through the Avetta platform, we are confident in the quality and completeness of the information they share with us,” said Nada Sutic, vice president, programs & policy at QuadReal. “The Avetta One platform has automated a previously manual, time-consuming process, allowing my team to efficiently ensure we have all the necessary information prior to doing business.”

Avetta One provides clients with a quick and comprehensive look into the potential vendor community, a feature which has empowered QuadReal to make timely, educated decisions for onboarding new contractors. With the benefit of this tool, the QuadReal team will continue to build deeper, mutually beneficial relationships with the vendor community.

“Avetta has been a very solid and attentive partner to QuadReal,” Sutic said. “While building out our implementation process, we worked very closely to configure it to meet our specific needs. When we had situations where things turned out differently than expected, the Avetta team quickly addressed the situation. They were always ready to collaborate and find the best solution to move forward—for us and for our suppliers.”

For more information about the QuadReal/Avetta One Implementation, please visit here.

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

www.quadreal.com

For more information about the QuadReal/Avetta One Implementation, please visit here.

About Avetta

The Avetta SaaS platform helps clients manage supply chain risk and their suppliers to become more qualified for jobs. For hiring clients in our network, we offer the world’s largest supply chain risk management network to manage supplier safety, sustainability, worker competency and performance. We perform contractor prequalification and worker competency management across major industries, all over the globe, including construction, energy, facilities, high tech, manufacturing, mining and telecom.

For suppliers in our network, our audit and verification services help lower their safety incidents rate by 29%. As a result, nearly 50% of members find additional job opportunities within the first year of joining. In addition, our suppliers receive privileged access to the Avetta Marketplace, where dozens of partners offer special discounts for business services like insurance and work gear. Avetta serves 500+ enterprise companies and 125,000+ suppliers across 120+ countries.

Visit https://www.avetta.com/ for more information.

Contacts

SnappConner PR

Mark Fredrickson, +1 801-806-0161

mark@snappconner.com

Avetta

Kendra Lamer

kendra.lamer@avetta.com