**Stratus Sells Austin Retail Property for $57.5 Million**
Stratus Properties Inc. (NASDAQ: STRS) has completed the sale of its fully-owned, stabilized Lantana Place retail project for $57.5 million in cash. The transaction produced approximately $26.9 million in pre-tax net cash proceeds for Stratus, following selling costs and repayment of the project loan.
Lantana Place – Retail is part of the company’s larger, partially developed mixed-use Lantana Place project, situated in the Lantana community just south of Barton Creek in Austin, Texas.
Stratus finalized construction of the 99,377-square-foot retail development in 2018. The retail center’s anchor tenant, Moviehouse & Eatery, began operations in May 2018. Additionally, Stratus entered into a ground lease agreement with a hotel operator, facilitating the development of an AC Hotel by Marriott, which opened in November 2021.
Despite the sale, Stratus retains ownership of the planned site for The Saint Julia, a roughly 210-unit multifamily development that is also part of the Lantana Place project. Furthermore, the company maintains development rights for up to 160,000 square feet of commercial space on five acres within the Lantana community.
