**Stratus Properties Sells Austin Retail Asset 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 an all-cash transaction. The deal resulted in pre-tax net cash proceeds of approximately $26.9 million for Stratus, after accounting for selling costs and repayment of the project loan.
Lantana Place – Retail is part of the larger, partially developed Lantana Place mixed-use development located in the Lantana community, south of Barton Creek in Austin, Texas.
The first phase of the retail component, totaling 99,377 square feet, was completed in 2018. Its anchor tenant, Moviehouse & Eatery, began operations in May 2018. Additionally, Stratus entered into a ground lease with a hotel operator for the development of an AC Hotel by Marriott on-site, which commenced operations in November 2021.
Despite selling the retail component, Stratus retains ownership of the adjacent property planned for The Saint Julia, a residential development featuring approximately 210 multi-family units. The company also holds remaining entitlements for 160,000 square feet of commercial development across five acres within the Lantana community.
