The acquisition marks the latest in a series of Houston purchases for Canyon-Johnson Urban Funds, which bought the property in partnership with Houston-based Midway Companies. Neville Rhone is a managing director for Canyon-Johnson.
“The building is fantastic. It’s hard to find four acres of improved property in a city as dense and diverse as Houston. And we believe that with our partner Midway, we can, with a little bit more investment, really ultimately make the Pavilions an attraction for the greater population and for downtown Houston as a whole.”
Canyon-Johnson’s portfolio already includes the Hotel Icon downtown and the Marq*E Center in West Houston. Houston Pavilions went into receivership late last year.