CALGARY, Alberta–(BUSINESS WIRE)–Walton Westphalia Development Corporation (the “Corporation”) announces that 58.02 acres of land in Phase 1A of the Westphalia property project (“Phase 1A”) has been sold by the project owners in a bulk sale to Galaxy NC, LLC (“Galaxy”) for US$14,150,000, which land will be used for the next phase of residential development in the project. The sale proceeds were used to pay down the existing senior loan, which was extended to facilitate the closing of the sale of Phase 1A.
The project owners, including a subsidiary of the Corporation, and Galaxy entered into the purchase and sale agreement on Phase 1A in September 2018 and have been working together since that time to advance the construction of Phase 1A. The development will bring with it additional amenities for the residents of the Westphalia Town Center. “We are very excited to see Galaxy taking advantage of the residential success from Phase 1,” said Bill Doherty, Chief Executive Officer, Walton Global Investments Ltd.
The Corporation is managed by Walton Global Investments Ltd. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies are privately owned, leading global real estate investment, land asset management and administration company that has focused on strategically located land in major growth corridors for over 40 years. The company manages and administers US$3.8 billion of real estate assets in North America, on behalf of its investors and business partners. Walton has more than 106,000 acres of land under ownership, management and administration in the United States and Canada. Key entities in the Walton Group of Companies include Walton Global Investments, Walton Global Holdings, Walton International Group and Walton Development and Management. For more information visit Walton.com.