HOUSTON – (Realty News Report) – Houston billionaire Tilman Fertitta has acquired the River Oaks District, a 13.9-acre retail and upscale mixed-use development at 4444 Westheimer Road, just east of Loop 610.
The $450 million purchase gives Fertitta a roster of tenants from the upper crust of retail brands including Hermes, Cartier, Rolex, Dior, Van Cleef & Arpels, Patek Phillip, Brunello Cucinelli, Balmain, Zimmerman, and Harry Winston. Recently announced first-to-market additions include Stefano Ricci, Adam Lippes, Hastens and Biologique Recherche slated to open this year with more to be announced in upcoming months, Fertitta said.
River Oaks District has over 300,000 SF of upscale retail, over 67,000 SF of office space, and 279 apartment units.
Although the River Oaks District development is named after the mansion-filled River Oaks community it is not actually located in River Oaks. However, it is located halfway in between Highland Village and the Galleria – two of the top shopping centers in Texas.
Fertitta Owns Houston Rockets, the Golden Nugget Casinos and Hundreds of Eateries
Fertitta, who owns the Houston Rockets of the NBA, also anticipates a tie-in between the River Oaks District and his holdings in the nearby Uptown Houston district.
The 38-story Post Oak Hotel at Uptown and its adjacent upscale restaurants, as well as Post Oak Motor Cars, an award-winning dealership home to Bentley, Rolls-Royce, and Bugatti—creates the perfect synergy between Fertitta’s two properties.
“Adding River Oaks District to our Post Oak Hotel family of offerings seamlessly complements the curated experience we have created for the luxury-seeking consumer,” said Fertitta. “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.”
The seller, J.P.Morgan Chase & Co., was represented by JLL Capital Markets. “Fertitta Entertainment is acquiring one of the most highly sought-after, trophy mixed-use assets in the U.S., and we are thrilled to have facilitated this transaction,” said Barry Brown. of JLL. “River Oaks District represents an exceptional investment opportunity with its prime location within Houston, as well as its premier luxury offerings
Fertitta owns a number of hotels and five Golden Nugget casinos across the nation. He also has a site on The Strip in Las Vegas where a 43-story casino hotel is planned.
In 1980, Tilman founded Landry’s Seafood in Katy and went on from there to create a restaurant empire with 600 eateries, including Morton’s Steakhouse, Del Frisco’s, The Palm, McCormick & Schmick’s, Bubba Gump Shrimp and many more.
Advisory Team:
The JLL Capital Markets team was led by Retail Group Co-Leader and Senior Managing Director Barry Brown. Brown, alongside Director Erin Lazarus, Senior Managing Directors Colby Mueck, Ryan West and Jeff Hollinden and Managing Director Dustin Selzer, advised in the transaction. JLL represented the seller in this transaction and procured the buyer, Fertitta Entertainment, Inc.
March 1, 2024 Realty News Report Copyright 2024
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File; Luxe Retail Center Acquired by Tilman Fertitta