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Houston's fancy new mixed-use complex, River Oaks District, has been purchased from Baupost Group by JP Morgan Asset Management in a partnership with the property's developer, OliverMcMillan. The cash transaction was more than $550M, reports the Houston Chronicle.
River Oaks District has quickly ascended to retail's top tier with tenants like Davidoff, Cartier, Dior and Hermes. Many luxury brands—like Stella McCartney and Van Cleef & Arpels—have made their first foray into the Houston market at River Oaks District. The project also features premier restaurants such as Taverna, Steak 48 and the highly anticipated Hopdoddy Burger Bar from Austin. Factor in a luxury iPic movie theater and you have a very lucrative tenant mix that will surely help make up for the price tag. The only question is if oil prices will afford Houston's life of luxury. [Chron]
