AUSTIN, Texas, Nov 22 — Stratus Properties Inc. (NASDAQ: STRS) (“Stratus”) today announced that it has completed the previously disclosed 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. The sales price of Lantana Place – Retail is a premium to the gross value presented in Stratus’ net asset value calculation as of December 31, 2024, as reflected in Stratus’ Investor Presentation dated March 28, 2025.
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.
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 in connection with the operator’s development of an AC Hotel by Marriott, which opened in November 2021.
William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, said, “The successful sale of Lantana Place – Retail reflects our team’s continued ability to execute on our strategy by unlocking value from our portfolio through disciplined development and timely asset sales. This transaction monetized a key asset at an attractive price, allowing us to fully repay the project loan, enhance our financial position and demonstrate our commitment to maximize shareholder value.”