The Real Deal Miami

Magic Johnson’s private equity fund behind $22M Fontainbleau buy

May 29, 2012 04:30PM

Magic Johnson, NBA Hall of Famer and manager of a private equity fund backing a new Fontainbleau development.

A private equity fund managed by NBA Hall of Famer Earvin “Magic” Johnson and Bobby Turner is backing the $22 million purchase of a Fontainbleau area development site, according to the South Florida Business Journal. The buy was part of joint venture between Canyon-Johnson Urban Fund and WSG Development, which plan to build a 235,000-square-foot shopping center on the 31-acre property, located on the north side of West Flagler Street at Southwest 92nd Avenue. The land was sold by Fontainbleau Lakes, a limited liability company. The development is scheduled for completion in August of 2013. Walmart will anchor the center. [SFBJ]