(By Balaseshan) Stratus Properties Inc. (NASDAQ:STRS), which engages in operation and sale of residential real estate properties, said it has closed sale of eight undeveloped tracts at Lantana for $15.8 million in cash.
The company said on Monday it has completed the sale of eight of its remaining eleven undeveloped commercial tracts of land at its Lantana development project to a subsidiary of The Lionstone Group, Lincoln Property Co., and Greenfield Partners.
The tracts of land sold, which total about 154 acres, have entitlements for about 1,131,200 square feet of office space. The net proceeds of about $15.3 million from the sale were applied to the outstanding principal balance under the Comerica (NYSE:CMA) credit facility.
After giving effect to this payment, the outstanding principal balance under the Comerica credit facility is $20.9 million and the availability under the Comerica credit facility is $17 million.
In January 1994, Stratus acquired the Lantana project, which consisted of about 738 acres, for an initial purchase price of $4.1 million.
Since that initial acquisition, and including the recent sale on August 20, Stratus has sold properties at Lantana with an aggregate sales price of about $100 million and with an aggregate cost of sale of about $46.1 million.
The company's balance holdings at Lantana consists of three undeveloped commercial tracts of land, totaling about 60 acres, which have entitlements for about 325,000 square feet of retail space and 230,000 square feet of office space.
STRS remains unchanged from previous close of $8.42. The stock has been trading between $5.90 and $11 for the past 52 weeks.