River Oaks District, a posh real estate development that opened last fall as the collapse in crude-oil prices was beginning to wallop the Houston economy, has been sold for more than $550 million.

OliverMcMillan, the California firm that developed the luxury mixed-use space dominated by such retail luminaries as Cartier, Hermes and Tom Ford, retained an ownership stake in the project and a management role in the partnership, according to sources familiar with the deal.

Observers said the all-cash sale to JPMorgan Asset Management should be taken as a vote of confidence in the Houston economy. In fact, they said, the relatively high sales price suggests continued resiliency in Houston's retail market.

"It happens often, and I think the bottom line is this is just ensuring the financial stability of the project with a major financial institution, which again protects the viability of the project," said Ed Wulfe, longtime real estate developer and chairman and CEO of Wulfe & Co.

Wulfe, who is not involved with the River Oaks District, said sales like this one are not uncommon after a property opens. He sees the purchase as positive for both Houston and River Oaks District, which along with the nearby Galleria, Highland Village and Boulevard Place completes a concentration of high-end retail in and near the Uptown area that will draw shoppers from across the country and worldwide.

A recent report from commercial real estate firm CBRE Group noted that while the city's office market has been hammered by energy's decline, retail real estate is still benefiting from population gains and lower fuel prices.

"The sheer size of the market has captured the attention of retailers, placing Houston as their third most sought after market for expansion behind New York and Los Angeles," the report said.

Still, CBRE warned that by the end of the year or early in 2017, retail sales could soften as more high-paying jobs are lost.

River Oaks District, 4444 Westheimer, just inside the West Loop, is based on a New York-style street grid system where visitors are meant to stroll along tree-lined streets past storefront canopies. The development has some 252,000 square feet of retail, restaurant and entertainment space, 92,000 square feet of office space and 279 apartments.

Spread across 14 acres, it was some 10 years in the making before opening last fall with some of the world's top luxury brands, including Cartier, Dior, Hermes and Tom Ford.

A slate of restaurants have opened or will soon open, including French bistro Toulouse Café and Bar, Taverna, Steak 48, Le Colonial and Hopdoddy Burger Bar from Austin.

More Information River Oaks DistrictBased on a New York-stylestreet grid where visitors are meant to stroll past storefront canopies. 252,000: Square feet of retail space. 92,000: Square feet of office space. 279: Number of new apartments.

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The property seller was an entity including OliverMcMillan, the San Diego-based real estate firm that developed River Oaks District, and Baupost Group, a Boston-based hedge fund. OliverMcMillan also had a $150 million loan on the property from Bank of America, according to property records filed in Harris County.

OliverMcMillan and JPMorgan declined to comment on the sale.

Wulfe noted the buyer's heft. JPMorgan Asset Management has $1.7 trillion of assets under management. Its investors include institutions, retail investors and high net worth individuals.

New shopping centers like this one that incorporate the outdoors and are developed with pedestrians in mind are in favor today with consumers and investors, said Robert Bach, Director of Research-Americas for Newmark Grubb Knight Frank in Chicago, a commercial real estate firm.

He agreed that the sale is likely a sign of confidence for the local economy.

"It's probably a bet on the long-term future of Houston," said Bach, citing crude oil's recent rise to above $50 per barrel.

Changes from a sale like this typically don't affect retail tenants. Essentially, a landlord change may be the only impact they'll experience, and in this case, the original developer is still involved in the project.

Several River Oaks District retailers and their representatives contacted by the Chronicle on Thursday declined comment on the purchase.