In April, Magic Johnson and a group of investors bought the Los Angeles Dodgers for $2 billion, making history in terms of possibly overspending for a baseball franchise and also showing how much business acumen Johnson has since retiring from the NBA for good in 1996. Now Johnson is stretching his hand back to Houston by purchasing the Houston Pavillions portion of downtown which includes House Of Blues, Forever 21, Lucky Strike & more.

Envisioned to be a happening downtown destination, the Pavillions hasn’t exactly taken off as developers imagined and Johnsons’ Canyon-Johnson Urban Funds will assume control of the area. No price has been released for the transaction but the buyees seem rather pleased with their purchase according to a recently released statement.

“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.”

[via Houston Press]

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