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Stratus Properties Inc. has completed the sale of the retail component of its Jones Crossing mixed-use development for USD 46.5 million in cash, marking another step in the company's ongoing asset monetisation strategy. The transaction generated approximately USD 21.7 million in pre-tax net cash proceeds after selling costs and repayment of the project loan. The sale is part of Stratus' previously approved plan to liquidate its assets and distribute the net proceeds to shareholders. Jones Crossing is located in College Station, Texas, and is anchored by grocery retailer H-E-B within a mixed-use development.
Stratus Properties Inc. has completed the sale of the retail component of its Jones Crossing mixed-use development for USD 46.5 million in cash. The transaction generated approximately USD 21.7 million in pre-tax net cash proceeds after accounting for selling costs and repayment of the project's outstanding loan.
The divested asset includes the retail portion of Jones Crossing along with undeveloped commercial land. Located in College Station, Texas, the mixed-use development is anchored by H-E-B and serves an area that includes Texas A&M University. The undeveloped land also offers future commercial development potential.
The sale represents the fourth recent disposal of a stabilised retail property by Stratus, following the earlier sales of Kingwood Place, Lantana Place – Retail, and West Killeen Market. These transactions form part of the company's broader strategy to monetise its real estate portfolio in an orderly manner.
The company said the transaction marks continued progress under its previously approved Plan of Liquidation, which received shareholder approval earlier this month after being cleared by the board. Under the plan, Stratus intends to sell all or substantially all of its assets, settle its liabilities and obligations, and distribute the remaining proceeds to shareholders. Chairman and Chief Executive Officer William H. Armstrong III said the Jones Crossing sale is another important step in executing the liquidation plan while maintaining a disciplined approach to maximising shareholder value.
The Jones Crossing sale follows Stratus' continued portfolio reshaping over the past two years, during which the company disposed of several retail assets while advancing the development and leasing of other residential and mixed-use projects. Earlier this year, the company also completed the sale of Kingwood Place as part of the same liquidation process.
Source Reuters
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