Magic Johnson-backed Partnership Buys Houston Pavilions

A partnership backed by basketball legend Earvin "Magic" Johnson has bought the mixed-use Houston Pavilions complex downtown for an undisclosed sum.

The acquisition marks the latest in a series of Houston purchases for Canyon-Johnson Urban Funds, which bought the property in partnership with Houston-based Midway Companies. Neville Rhone is a managing director for Canyon-Johnson.

“The building is fantastic. It’s hard to find four acres of improved property in a city as dense and diverse as Houston. And we believe that with our partner Midway, we can, with a little bit more investment, really ultimately make the Pavilions an attraction for the greater population and for downtown Houston as a whole.”

Canyon-Johnson’s portfolio already includes the Hotel Icon downtown and the Marq*E Center in West Houston. Houston Pavilions went into receivership late last year.

 

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...