Houston billionaire Tilman Fertitta purchased the River Oaks District, one of the most luxury-oriented shopping and mixed-use centers in the city.
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The 13.87-acre, open-air development at 4444 Westheimer Road is home to numerous designer stores, including Cartier, Dolce & Gabbana, Harry Winston, Rolex and Hermes, as well as multiple fine dining restaurants throughout its 300K SF of retail space. It also has an IPIC Theater, 67K SF of office space and 279 apartment units.
“This is the perfect moment in time to add this premier mixed-use development to our luxury portfolio, creating incredible cross-promotional opportunities and elevating the standard for luxury dining and shopping for Houstonians and international travelers alike,” Fertitta said in a news release.
Including Feritta’s $650M acquisition of Montage Laguna Beach in December 2022, Fertitta has spent more than $1B on luxury real estate in 16 months, the release states. The River Oaks District sold for $450M, Bloomberg reported.
JPMorgan Chase & Co. was the seller of the development, which opened in 2015. Fertitta plans to attract more retail and restaurant concepts to the open-air mall utilizing his hometown connections, the release states.
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US Capital Advisors is the main tenant in the complex, according to Bloomberg. The office space is fully leased and the apartments are 90% leased, the article states.
Fertitta also owns the Post Oak Hotel in nearby Uptown as well as Post Oak Motor Cars, a dealership selling Bentleys, Rolls-Royces and Bugattis. His real estate portfolio contributes to his net worth of $11.6B, according to the Bloomberg Billionaires Index.
Fertitta seems to be beefing up his Houston real estate portfolio lately. He also acquired a prime Memorial Drive property adjacent to his White House venue and Brenner’s on the Bayou restaurant late last year.
The owner of the Houston Rockets basketball team also said last month that he’s in serious talks to bring a National Hockey League team to Downtown Houston.
JLL’s Barry Brown, Erin Lazarus, Dustin Selzer, Colby Mueck, Ryan West and Jeff Hollinden advised in the River Oaks District transaction. JLL represented the seller and procured the buyer, according to the release.
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