- Magic Johnson Enterprises
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Magic Johnson Enterprises is a company owned by former basketball superstar Magic Johnson. It owns various movie theatres and restaurants in the United States, including several Starbucks, Sodexo, T.G.I. Friday's and Burger King locations. The company is affiliated and partnered with Carlson Companies.
The Beverly Hills-based Magic Johnson Enterprises has AMC Magic Johnson Theatres in four cities, 116 Starbucks in 14 states and Washington, 31 Burger King restaurants in the Southeast, and 13 24-Hour Fitness/Magic Johnson Sport health clubs. Johnson owned a nearly 5% share of the Lakers, until its sale to Patrick Soon-Shiong in 2010. In March 2008 Johnson signed a multiyear marketing deal to help electronics retailer Best Buy Co. bolster sales in urban neighborhoods.[1]
Johnson's urban investments were formed in 1998 as the Canyon-Johnson Urban Fund, an alliance with Canyon Capital. The alliance has financed 31 real estate developments in 13 states and Washington. The first Canyon-Johnson Urban Fund struggled for two years to raise $300 million to invest in urban neighborhoods. A subsequent fund raised $600 million while the third and biggest investment fund was started in April 2008 and drew $1 billion from pension funds and other investors.[1]
After some criticism that he only invested with others money, in 1995 Johnson took an equity stake along with what was then the Loews chain in the 12-screen movie theater in Baldwin Hills. Three years later, he opened a Starbucks coffee shop in South L.A. and remains the Seattle-based coffee company's only joint-venture partner.[1]
The Canyon-Johnson fund was involved in the $100-million purchase of the 32-story former Transamerica Center complex in downtown Los Angeles that subsequently was renovated and sold for $205 million. The fund also had a stake in Sunset+Vine in Hollywood, which was built for $125 million and sold for $160 million.[1]
Johnson's son Andre works at Canyon-Johnson Urban Funds and manages business development for Magic Johnson Enterprises.[1]
External links
References
- ^ a b c d e Bresnahan, Mike; Johnson, Greg (June 30, 2008), "For Magic Johnson, the NBA was only halftime" ([dead link] – Scholar search), Los Angeles Times, http://www.latimes.com/business/la-fi-magic30-2008jun30,0,4325408,full.story
Categories:- Privately held companies based in California
- Companies based in Los Angeles County, California
- Real estate companies of the United States
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