Stratus Offloads Austin Retail Space for $57.5M
Stratus Properties Inc. (NASDAQ: STRS) completed the sale of its 100% owned, stabilized Lantana Place-Retail project for $57.5 million in cash. The sale generated pre-tax net cash proceeds of approximately $26.9 million, after selling costs and payment of the project loan. Lantana Place – Retail was part of Stratus’ partially developed, mixed-use Lantana Place project within the Lantana community, located south of Barton Creek in Austin, Texas.
Stratus completed construction of the 99,377-square-foot first phase of retail space at Lantana Place in 2018. The anchor tenant, Moviehouse & Eatery, opened in May 2018. Stratus entered into a ground lease with a hotel operator inconnection with the operator’s development of an AC Hotel by Marriott, which opened in November 2021.
Following the sale, Stratus retains the property planned for The Saint Julia, an approximately 210-unit multi-family development project that is part of Lantana Place. Stratus will also retain remaining entitlements for 160,000 square feet of commercial use on five acres in the Lantana community.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout