Stratus Properties Unlocks Value in $46.5M Sale Amid Liquidation

AUSTIN, TX – June 26, 2026 – Stratus Properties Inc. (NASDAQ: STRS) has taken a significant step forward in its strategic plan to dissolve the company, completing the sale of the retail component of its Jones Crossing development for $46.5 million in cash. The transaction, which generated approximately $21.7 million in pre-tax net proceeds, is a cornerstone of the company's recently approved Plan of Liquidation, a deliberate strategy designed to monetize its extensive real estate portfolio and maximize returns for its stockholders.

The sale of the College Station property to Brixmor Operating Partnership LP, a major publicly traded real estate investment trust (REIT), is the fourth such divestment of a stabilized retail project by Stratus in recent months. It follows the successful sales of Kingwood Place, Lantana Place – Retail, and West Killeen Market, collectively demonstrating a methodical and efficient execution of a plan that will culminate in the company's final act: distributing its value back to its owners.

A Disciplined March Towards Dissolution

The decision to unwind the company was not made lightly. Following a comprehensive strategic review initiated in late 2025, Stratus's Board of Directors unanimously approved the Plan of Liquidation in March 2026. This pivotal decision received overwhelming endorsement from stockholders at the company’s annual meeting on June 1, 2026, with over 99% of votes cast in favor of the proposal. This strong alignment signals a shared belief among leadership and investors that an orderly liquidation is the optimal path to unlock the company's embedded value.

William H. Armstrong III, Chairman and CEO of Stratus, underscored the importance of the latest transaction. “The completion of the Jones Crossing – Retail sale marks an important step in our execution of the Plan of Liquidation approved by our stockholders earlier this month,” he stated. “This transaction reflects our continued focus on monetizing assets in an orderly and disciplined manner to maximize value for our stockholders.”

For investors, the key metric has shifted from future growth to the potential size of the final payout. The company has estimated that aggregate net proceeds from all asset sales could result in total distributions to stockholders ranging from $29.73 to $37.69 per share. While subject to market conditions, liabilities, and other variables, this range provides a tangible benchmark for the value Stratus aims to deliver as it systematically converts its physical assets into cash.

Cashing In on a Resilient Texas Market

The $46.5 million price tag for the Jones Crossing asset is not merely a number; it is a testament to the enduring strength of the Texas commercial real estate market, particularly for high-quality, grocery-anchored retail centers. The sold property includes 154,092 square feet of retail space anchored by a popular H-E-B grocery store, a format that has proven exceptionally resilient to economic cycles and the pressures of e-commerce.

Across Texas, the retail sector is exhibiting robust fundamentals. In the second quarter of 2026, statewide retail vacancy stood at a multi-decade low of 4.6%, driven by limited new construction and sustained demand. In this environment, stabilized properties like Jones Crossing, located in the thriving university town of College Station—home to Texas A&M University—are highly sought after. University towns provide a consistent consumer base of students, faculty, and staff, insulating the local economy from broader volatility. The acquisition by an institutional buyer like Brixmor confirms the appeal of such assets to sophisticated capital seeking stable, income-producing properties.

This sale is part of a successful pattern for Stratus. In November 2025, the company sold its Lantana Place – Retail project in Austin for $57.5 million, followed by the $60.8 million sale of Kingwood Place in January 2026. Each transaction has not only validated the quality of the company’s portfolio but has also generated substantial cash proceeds, steadily building the capital pool intended for shareholder distribution.

The Future of Jones Crossing and College Station

While Stratus has divested the retail component, the transaction's impact on the local College Station landscape is multifaceted and forward-looking. The sale included not just the existing retail center but also approximately 22 undeveloped commercial acres, which hold the potential for an additional 104,750 square feet of commercial space and new retail pad sites. Brixmor's acquisition of this raw land suggests a long-term commitment to the site and signals future development that could bring new businesses, jobs, and services to the growing community.

Just as telling is what Stratus chose to retain: the 21-acre multi-family component of Jones Crossing. This strategic decision highlights the nuanced approach of the liquidation plan. It is not a fire sale, but a calculated process of selling certain stabilized assets while holding others that may offer greater value through future development or a separate sale. Given College Station’s nearly 28% population growth between 2010 and 2020 and the constant housing demand from the university, the retained residential parcel represents significant untapped value that Stratus can now focus on unlocking.

This dual-track development aligns with College Station's own strategic vision. The city's 2026 Economic Development Master Plan prioritizes the creation of dynamic, mixed-use districts that foster a vibrant, year-round economy. The further build-out of both the commercial and residential facets of Jones Crossing will directly contribute to this goal, enhancing the local tax base and creating a more integrated live-work-play environment.

Unlocking Shareholder Value: The Final Chapter

For Stratus Properties, the Jones Crossing sale is another successful chapter in its final corporate narrative. With the guidance of financial advisor Eastdil Secured and a clear mandate from its shareholders, the company is methodically transforming a complex portfolio of Texas real estate into a liquid return for its investors. Each sale de-risks the portfolio and moves the company closer to its ultimate goal.

The process demonstrates a powerful, if final, form of corporate strategy: recognizing that the highest value for shareholders may lie not in perpetual operation, but in a well-executed and timely dissolution. By strategically selling stabilized assets into a strong market while retaining parcels with distinct development potential, Stratus is navigating its path toward liquidation with a discipline that aims to leave no value on the table. Investors and market observers will continue to watch closely as the company proceeds with the sale of its remaining 1,500 acres of projects and undeveloped land, anticipating the subsequent distributions that will mark the conclusion of Stratus's long history in Texas real estate.