Stratus Properties completes ~47-acre sale at Magnolia Place for $14.5M, nets $5.3M

STRATUS PROPERTIES INC

Pre-tax net cash proceeds of ~$5.3M after expenses and repayment of $8.8M project loan.
Magnolia Place now has two fully-leased retail buildings (18,582 sq ft), 11 acres for ~275 multi-family units, and ~$12.1M in potential MUD reimbursements.
Combined with prior sales ($6.6M), total Magnolia Place sales reach $21.1M.
Sold land was planned for up to 600 multi-family units, second-phase retail, and seven pad sites.

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