Stratus sale of 154 acres in Austin brings $16M

AUSTIN – Stratus Properties Inc. announced completion of the sale of eight of its remaining eleven undeveloped commercial tracts of land at its Lantana development project.

The 154 acres sold to a subsidiary of The Lionstone Group, Lincoln Property Company, and Greenfield Partners for $15.8 million in cash.

The land has entitlements for approximately 1,131,200 sf of office space.

Three undeveloped tracts remain in Lantana, totaling 60 acres with entitlements for 325,000 sf of retail space and 230,000 sf of office space. One tract is under contract, a mixed-use development project is planned for the second property, and the third tract is being held for future development or sale.

Source: Stratus Properties Inc.