Stratus Properties Inc. Announces Completion of Sale of 7000 West.AUSTIN, Texas -- Stratus Properties Inc. (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : STRS STRS State Teachers Retirement System STRS Sir Thomas Rich's School (UK) STRS Stimulated Thermal Rayleigh Scattering STRS Supplier Test Report System STRS Straight Talk Retirement System (software) ) announced today the completion of the sale of its two 70,000-square-foot office buildings at 7000 West William Cannon Drive (7000 West), known as the Lantana lantana (lăntā`nə): see verbena. lantana Any of more than 150 shrubs that make up the genus Lantana in the verbena family, native to the New World and African tropics. Corporate Center, to CarrAmerica Lantana, LP for $22.3 million. The purchaser paid $10.6 million cash to Stratus at closing and assumed the $11.7 million principal balance remaining under Stratus' 7000 West project loan. Stratus intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale to reduce its other outstanding debt. Stratus will report an approximate $10 million gain on the transaction in its first-quarter 2006 results. William H. Armstrong William H. Armstrong (1911-1999) was an American author, most noted for his Newbery Medal-winning novel, Sounder. Armstrong grew up on a farm in Lexington, Virginia. III, Chairman of the Board, President and Chief Executive Officer stated "The sale of 7000 West is consistent with our commitment to create value by securing and maintaining development entitlements and then developing and building high-quality real estate projects on our properties." Stratus is a diversified real estate company engaged in the acquisition, development, management and sale of commercial, multi-family and residential real estate properties located primarily in the Austin, Texas area. A copy of this press release and additional information about our company are available on our website at http://www.stratusproperties.com. |
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