Stratus Properties Inc. has completed the sale of eight of its remaining 11 undeveloped tracts of commercial land at its Lantana development project in Austin.
A subsidiary of The Lionstone Group, Lincoln Property Co., and Greenfield Partners acquired the land for $15.8 million cash on Aug. 20, Stratus said in a statement. The tracts have entitlements for 1.13 million square feet of office space
Stratus applied the bulk of the net proceeds from the sale, $15.3 million, to its outstanding principal balance under the Comerica credit facility, leaving an outstanding balance of $20.9 million, with $17 million available under the credit facility.
Stratus acquired the 738-acre Lantana project in January 1994 for $4.1 million. Stratus has since sold properties at Lantana for a total of about $100 million and with a total cost of sale of $46.1 million.
The Austin-based company's remaining holdings at Lantana include three undeveloped commercial tracts of land totaling 60 acres entitled for 325,000 square feet of retail space
and 230,000 square feet of office space.
One tract approved for 70,000 square feet of office space is under contract while a second tract with entitlements for 325,000 square feet of retail space is under site planning for a mixed-use development project. The third piece, which can accommodate 160,000 square feet of office space, is being held for future development or sale. An additional 45 acres of the original project were used for streets, infrastructure and public uses.
The diversified real estate company focuses on the acquisition, development, management, operation and sale of commercial, hotel, entertainment, multi-family and residential real estate properties primarily in the Austin, including the W Austin Hotel & Residences project.