A mixed-use retail development located at Highway 59 & Northpark Drive in Kingwood has recently been sold. The asset spans 150,000 square feet and is anchored by H-E-B. The sale price for this property was $60.8 million, which translates to a price per square foot of $400. Status Properties was the seller. In December 2018, Stratus commenced construction of Kingwood Place. Besides the 100,000-square-foot H-E-B store, it had 50,000 square feet of retail space and 5 retail pads.
Traded reports the transaction generated $27.1 million in pre-tax net proceeds for Stratus Properties and resulted in a pre-tax gain of approximately $13.7 million. This sale reflects a 9.3% premium to Stratus’ pre-tax NAV.
Stratus Properties Inc. is a diversified real estate company with properties primarily located in the Austin, Texas area. Stratus Properties is a publicly traded company and is listed on the NASDAQ under the symbol STRS.
The post Stratus Sells Kingwood Retail Center for Nearly $61M appeared first on Connect CRE.
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