Stratus Properties, owner of the Oaks at Lakeway project, has sold the shopping center to FHF/Oaks at Lakeway LLC for a cash purchase price of $114 million, vice-president Laurie Swan confirmed to Community Impact Newspaper in an email today.

FHF is the same purchaser who backed out of an initial agreement to purchase the center in November, she stated.

The Oaks at Lakeway, located at 1945 Medical Drive, Lakeway, off RR 620, is anchored by H-E-B and includes 236,739 square feet of commercial space, according to a Feb. 21 news release. The sale does not include about 35 acres of undeveloped property zoned for residential, hotel and civic uses, it stated.

“The sale of The Oaks at Lakeway is in accordance with our five-year plan and at a price that exceeded our expectations,” William H. Armstrong III, Stratus chairman of the board, president and CEO, said in the release. “We believe this transaction provides strong evidence of the value created by our company’s strategy, including our retail development program.”

The agreement includes provisions regarding outstanding lease spaces for the property, the release stated.