Houston — Fertitta Entertainment Inc., an entity controlled by Houston Rockets owner Tilman Fertitta, has purchased River Oaks District, a 664,308-square-foot mixed-use development in west Houston. Several local information sources, including the Houston Chroniclereport that the sale price was $450 million.
As a shopping and dining destination, the River Oaks District has 302,668 square feet of retail and restaurant space. Tenants include Hermès, Cartier, Dior, Harry Winston, Van Cleef & Arpels, Brunello Cucinelli, Balmain, Le Colonial, Toulouse, Bari, Steak48 and Little Hen. River Oaks is also home to an Equinox Fitness Center and an IPIC Theaters location.
River Oaks is also home to the five-story Gray House Apartments, which consists of 279 units in one- and two-bedroom floor plans. Residences feature stainless steel appliances, quartz countertops, and European cabinetry. Facilities include a swimming pool, fitness center, screening room, conference rooms, and on-site concierge service.
River Oaks, which also includes 67,060 square feet of boutique office space, is located at 4444 Westheimer Road. The 14-acre development benefits from a surrounding population of more than 200,000 people – with an average annual household income of $158,600 – within a three-mile radius.
Barry Brown, Erin Lazarus, Colby Mueck, Ryan West, Jeff Hollinden and Dustin Selzer of JLL represented the undisclosed seller in the transaction and hired Fertitta Entertainment as the buyer. The new owner has not said whether he plans immediate renovations or major improvements to the property, which is about 10 years old.
“The River Oaks District represents an exceptional investment opportunity thanks to its prime location in Houston, as well as its premier luxury offerings,” says Brown.
— Taylor Williams
