Houston enjoys Magic moment as fund buys 360,000 s/f center.Earvin "Magic" Johnson and Bobby Turner Robert "Bobby" Turner (born May 6, 1949 in Midway, Alabama) is the Denver Broncos running backs coach. He joined Denver in 1995, he also worked for 20 years as a college assistant and has 34 combined years of coaching experience at the professional, collegiate and high school from Canyon Johnson Urban Funds joined West Houston city officials to announce Canyon Johnson's acquisition of the 360,000 sq. ft. Marq*E Center in West Houston. This acquisition by Canyon Johnson, the nation's largest real estate investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company focused on urban revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. throughout America, is its first ever investment in the Houston area. The Canyon Johnson team plans to enhance the Marq*E Center by adding new uses that foster a more family-oriented environment. Already, the center is anchored by a large Edwards cinema and IMAX IMAX Noun a film projection process that produces an image ten times larger than standard theater, and a Dave & Buster's, and is home to a mix of dining, entertainment and retail establishments. Canyon Johnson Urban Funds is a joint venture between Canyon Capital Realty Advisors and basketball-legend-turned-entrepreneur Earvin "Magic" Johnson. Canyon Johnson's local partner on the acquisition of the Marq*E Center is Fidelis Realty Partners, a full service real estate and investment firm whose senior executives have more than 100 years of combined real estate experience in the Houston area. Fidelis will manage the center day-to-day and work with CJUF CJUF Canyon-Johnson Urban Fund to reposition the center. "We are proud to make the first of what we anticipate will be many investments in the Houston area," said CJUF Managing Partner Bobby Turner. "Acquiring the Marq*E Center is consistent with our approach to fund value-oriented opportunities in urban America. Houston is exactly the type of densely populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. , ethnically diverse market in which our fund invests. And the fact that Mayor White and City Council Member Toni Lawrence are committed to revitalization and growth gives us great confidence to invest here." Said Johnson, "We are believers in Houston as a place that is economically growing, healthy, entertaining and the place to be. We are committed to creating opportunities for the people in West Houston, and helping the Marq*E Center reach its upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar ." Alan Hassenflu of Fidelis added, "We hope to develop additional projects with Canyon Johnson that will help stimulate jobs and economic development activity in other parts of Houston." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion