Stratus sells HEB-anchored retail center in $114M deal
Stratus Properties Inc., the Austin-based real estate, entertainment and hospitality company, has inked a blockbuster deal to sell its new HEB Grocery Co.-anchored retail development in Lakeway for $114 million. The purchase agreement was announced Tuesday morning in a regulatory filing.
The buyer of the Oaks at Lakeway is TA Realty LLC, a private real estate investment company headquartered in Boston with offices on the West Coast. The deal is expected to close Dec. 15.
Stratus Chairman, CEO and President Beau Armstrong said the sales process has been the most robust he's ever experienced. Stratus also owns the W Hotel, ACL Live at the Moody Theater and other commercial space in what is called Block 21 at Lavaca and Second streets.
"This is the strongest [deal] I've worked on in terms of demand," Armstrong told Austin Business Journal.
The rapid growth of affluent Lakeway and lack of inventory in that area has driven demand sky high...continued...