William H. Armstrong III Of Stratus Properties Sells Mixed-Use Development In Kingwood For $60.8M

A mixed-use retail development located at Highway 59 & Northpark Drive in Kingwood, TX, has recently been sold. The asset spans 151,877 square feet and is anchored by H-E-B. The sale price for this property was $60,800,000, which translates to a price per square foot of $400.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $60,800,000
• Square Footage: 151,877
• Price per Square Foot: $400
• Seller: William H. Armstrong III - Stratus Properties

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 and continues the company's strategy of divesting stabilized retail assets, which reinforces its financial position as it considers broader strategic alternatives.