Canyon-Johnson Urban Funds, a company backed by NBA icon Magic Johnson, has purchased the Houston Pavilions, a three-block property in the Houston area (of course). Here are some details:
The three-block Pavilions was completed in 2008 and includes an 11 story building occupied by NRG Energy. Retail tenants include House of Blues, Forever XXI, McCormick & Schmick’s and Lucky Strike.
“We are both proud to be investing in Houston again, and to be partnering with Midway to maximize the potential of such an incredible mixed-use asset. The support we have received from the City of Houston’s leadership makes projects like this a possibility,” said Johnson and Bobby Turner, Canyon-Johnson’s Managing partner, in a joint statement.
One thing that remains true about Johnson is that he is one hell of a businessman. Johnson owns a ton of property in both Houston and the Los Angeles area, including part ownership of the Los Angeles Dodgers.
It seems as if everything Johnson touches turns into gold, so we should expect no different with the Houston Pavilions. Magic, indeed.