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**Stratus Sells Kingwood Retail Center for Nearly $61 Million**
A mixed-use retail development located at Highway 59 and Northpark Drive in Kingwood, Texas, has changed hands in a significant commercial transaction. The 150,000-square-foot property, anchored by a 100,000-square-foot H-E-B grocery store, sold for $60.8 million. That price equates to approximately $400 per square foot. The seller in the deal was Status Properties.
The development, known as Kingwood Place, also includes an additional 50,000 square feet of retail space and five retail pad sites. Construction on the project began in December 2018.
According to Traded, the sale generated $27.1 million in pre-tax net proceeds for the seller, Stratus Properties, resulting in a pre-tax gain of approximately $13.7 million. This outcome reflects a 9.3% premium over the company’s pre-tax net asset value (NAV).
Stratus Properties Inc., a diversified real estate company, focuses on properties primarily in the Austin, Texas area. It is publicly traded on the NASDAQ under the symbol STRS.
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