Press Releases
Canyon-Johnson Urban Fund Enters Florida Urban Real Estate Market, Partners with Gulfside Development
Joint Venture Between Earvin "Magic" Johnson's Johnson Development Corporation and Canyon Capital Realty Advisors To Take Equity Position in Gulfside's Downtown Dadeland
MIAMI, Florida (Jan. 14, 2004) - One of the nation's most unique real estate partnerships entered the Florida urban real estate market today as the Canyon-Johnson Urban Fund, a joint venture between California-based Canyon Capital Realty Advisors and Earvin "Magic" Johnson's Johnson Development Corporation, struck a deal with Miami-based Gulfside Development to take an equity position in Downtown Dadeland.
Currently under construction, Downtown Dadeland, located across the street from Dadeland Mall, includes 416 condominium residences, and 125,000 square feet of retail space, within seven clustered, low-rise buildings. The project is more than 80% sold, with condominium residences ranging in price from the mid-$100's to the low $500's, including studios, one, two and three-bedroom units.
"We at Gulfside Development are extremely proud of our agreement with Canyon-Johnson Urban Fund," noted Jackson Ward and Stefan Johansson, co-principals of Gulfside Development. "We share in their vision of furthering the development of urban markets, and look forward to working with them in urban redevelopment projects throughout other markets with which Gulfside Development is involved."
"Downtown Dadeland is a project which clearly meets Canyon-Johnson's goals of providing equity capital for urban redevelopment," says Bobby Turner, co-managing partner of the Canyon-Johnson Fund. "We looked at numerous opportunities throughout the state, and are extremely confident that Gulfside Development is the appropriate partner, and Downtown Dadeland the appropriate project through which we will enter the Florida market."
"The Canyon-Johnson Fund's investment strategy is to identify, enhance and capture value through the development, redevelopment, acquisition and repositioning of urban real estate; we are believers in the Downtown Dadeland project and realize the tremendous potential it has to offer," said Earvin "Magic" Johnson.
"This is an absolute win/win for all," concluded Kenneth Lombard, co-managing partner of the fund. "Canyon-Johnson's interest in South Florida is a testament to the maturity and value of our real estate market."
About the Partners
The Canyon-Johnson Urban Fund is a special purpose closed-end real estate fund managed by Canyon-Johnson Realty Advisors LLC, a partnership between Canyon Capital Realty Advisors LLC and Johnson Development Corporation. The Fund's investment strategy is to identify, enhance and capture value through the development, redevelopment, acquisition and repositioning of urban real estate and the origination of mortgages secured by urban real estate. In addition to meeting its investment objectives, the Fund intends to provide and foster economic opportunities for the under served residents of the urban neighborhoods in which it invests.
Canyon-Johnson Urban Fund's project summary includes:
- Midtown Center, Milwaukee, WI - 606,000 square feet of retail space
- Severance Town Center, Cleveland Heights, OH - 650,000 square foot retail center redevelopment
- Sunset & Vine, Hollywood, CA - 625,000 square foot mixed-use project consisting of 300 loft-style apartments, 87,000 square feet of retail, a parking garage and 20 signage opportunities
- Park Place Condominiums, Brooklyn, NY - Mixed-use project consisting of 47 residential condominiums, 4,500 square feet of ground-level retail space, and a 25 stall underground parking structure
- Transamerica Center, Los Angeles, CA - Joint venture with New Pacific Realty Corp. to re-develop the 1.3 million square-foot complex comprised of three office buildings, plus an additional 5.48 acres of land, converting it into a premier office and residential complex
- State Place, Chicago, IL - Mixed-use project consisting of 237 residential condominiums, 61,500 square feet of ground-level retail space, and a 500 stall parking structure.
Canyon Capital Realty Advisors LLC and its affiliates are money management firms and registered investment advisors headquartered in Los Angeles, California, with over $4.5 billion in assets currently under management. Canyon Capital Realty Advisors specializes in (i) providing equity capital for event-driven real estate transactions (ii) providing bridge and mezzanine mortgage capital to established real estate investors/owners/operators, and (iii) investing in real estate mortgages, mortgage related instruments, and corporate finance related real estate securities. Since 1990, the principals of Canyon have invested over $1.6 billion in transactions involving more than 160 real estate and mortgage assets. These investments encompass a diverse mix of property types including retail, entertainment, multi-family, industrial, office, hospitality, mobile home, and mixed use. Canyon's principals have deployed over $400 million in more than 50 urban real estate investments in the past ten years.
Johnson Development Corporation was founded in 1992 by Earvin "Magic" Johnson. Through real estate investment and development, the company strives to serve as a business stimulus, foster local economic growth, actualize economic development goals and create financial empowerment in long neglected minority urban and suburban neighborhoods.
Since its inception, Johnson Development Corporation has formed a series of strategic corporate relationships, including partnerships with Loews Cineplex Entertainment (Magic Johnson Theatres), Starbucks Coffee Company (Urban Coffee Opportunities) and T.G.I. Friday's (Magic Johnson Friday's) to develop commercial properties in urban markets and spur economic growth within these communities.
Gulfside Development Company, Inc., is a real estate investment and development company focusing on value-added investments. Headquartered in Miami, Florida, Gulfside has developed more than five million square feet of prime retail and commercial space throughout the Southeast U.S. during the past seven years. The fully integrated firm has in-house expertise in acquisition, development, construction management, asset management, and dispositions and financing. Its principals have longstanding relationships within the real estate and investment arenas, and share a passion and particular expertise in urban redevelopment.
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Israel Kreps or Julia Brown
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