05:10 PM EDT, 08/19/2024 (MT Newswires) -- Stratus Properties ( STRS ) said Monday it has completed the sale of its Magnolia Place - Retail property for $8.9 million.

The deal generated pre-tax net cash proceeds of about $8.6 million, the company said.

The company said it retains potential development of about 11 acres planned for 275 multi-family units and around $12 million of potential future reimbursement from the municipal utility district after the deal at its Magnolia, Texas location.