UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): October 12,
2007
Stratus
Properties Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-19989
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72-1211572
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification Number)
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98
San Jacinto Blvd., Suite 220
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Austin,
Texas
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78701
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (512) 478-5788
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement.
On
October 12, 2007, our wholly owned subsidiary, Escarpment Village, L.P.,
completed the sale of the Escarpment Village Shopping Center, located in Austin,
Texas, to Lake Villa, L.L.C. (Purchaser) for $46.5 million, before closing
costs
and other adjustments. Purchaser paid approximately $23 million in cash to
us at
closing, including $1.0 million previously deposited by Purchaser in an escrow
account, and assumed the $22.4 million principal balance remaining under our
loan from the Teachers Insurance and Annuity Association. We intend to use
the
net proceeds from the sale for general corporate purposes.
A
copy of
the Purchase and Sale Agreement is filed as an exhibit to this Current Report
(see Exhibit 10.1).
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
The
Exhibit included as part of this Current Report is listed in the attached
Exhibit Index.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Stratus
Properties Inc.
By:
/s/
John E. Baker
----------------------------------------
John
E.
Baker
Senior
Vice President and
Chief
Financial Officer
(authorized
signatory and
Principal
Financial Officer)
Date: October
18, 2007
Stratus
Properties Inc.
Exhibit
Index
Exhibit
Number
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Purchase
and Sale Agreement dated as of July 9, 2007, between Escarpment Village,
L.P. as Seller and Christopher Investment Company, Inc. as
Purchaser.
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