Entertainment Development Group sold the Houston Pavilions, a 570,000-square-foot mixed-use property in downtown Houston, for approximately $100 million or $175 per square foot. Canyon-Johnson Urban Funds, an investment fund affiliated with Earvin "Magic" Johnson, and Midway Cos., a local developer, were the purchasers of the Class A project.
Houston Pavilions LP, an affiliate of EDG, the original developer, defaulted on its loan for the property and Transwestern was appointed as receiver last year.
Built in 2008, Houston Pavilions is a business and entertainment hub with 305,000 square feet of
retail space, 265,000 square feet of
office space and a 1,600-space parking garage. Tenants include House of Blues, Forever XXI, McCormick & Schmick’s and Lucky Strike. NRG Energy fully occupies the 11-story
office building at 1201 Fannin St.
Ken Page, Scott Myers and Micha Van Marcke of Transwestern represented the seller.
See CoStar COMPS #2536123 for more information.