Magic Johnson Enterprises is an American investment company owned by retired
NBA Hall of Fame legend
Magic Johnson. In 1995, after some criticism that he only invested with other people's money, Johnson took an equity stake along with what was then the
Loews chain in the 12-screen multiplex movie theater in
Baldwin Hills (now owned by
Cinemark). The
Beverly Hills
Beverly Hills is a city located in Los Angeles County, California. A notable and historic suburb of Greater Los Angeles, it is in a wealthy area immediately southwest of the Hollywood Hills, approximately northwest of downtown Los Angeles. ...
–based Magic Johnson Enterprises formerly owned
Magic Johnson Theatres Magic Johnson Theatres is a chain of movie theaters, originally developed in 1994 by Johnson Development Corporation, the business holding of basketball player-turned-entrepreneur Magic Johnson, and Sony Pictures Entertainment through a partnership ...
in four cities, 31
Burger King restaurants in the Southeast, and 13
24-Hour Fitness/Magic Johnson Sport health clubs. Over the years, Magic Johnson Enterprises has continually invested ownership in many lucrative businesses such as the
Los Angeles Lakers,
movie theaters and
restaurants in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
, including
T.G.I. Friday's,
Sodexo, and
Burger King locations.
In March 2008, Johnson signed a multi-year marketing deal to help electronics retailer
Best Buy Co. bolster sales in urban neighborhoods.
In October 2010, Johnson sold his interest in 105
Starbucks licenses back to the company.
The next day he sold his 4% interest in the Los Angeles Lakers for an estimated $27 million to
Patrick Soon-Shiong
Patrick Soon-Shiong (born July 29, 1952) is a Chinese-South African transplant surgeon, billionaire businessman, bioscientist, and media proprietor. He is the inventor of the drug Abraxane, which became known for its efficacy against lung, bre ...
.
Johnson's urban investments were formed in 2001 as the Canyon-Johnson Urban Fund, an alliance with
Canyon Capital. The alliance has financed 31 real estate developments in 13 states and the
District Of Columbia
)
, image_skyline =
, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...
. 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.
The Canyon-Johnson fund was involved in the $100-million purchase of the 32-story former Transamerica Center complex in downtown
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...
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.
In the summer of 2006, the company made headlines for concluding a deal with
Sodexo, one of the largest
food services
The foodservice (US English) or catering (British English) industry includes the businesses, institutions, and companies which prepare meals outside the home. It includes restaurants, school and hospital cafeterias, catering operations, and many ...
and
facilities management
Facility management or facilities management (FM) is a professional management discipline focused on the efficient and effective delivery of logistics and other support services related to real property and buildings. It encompasses multiple dis ...
companies in the world. The initiative includes a marketing agreement and the formation of SodexoMAGIC, LLC, a new joint venture that is 51 percent owned by Johnson.
References
External links
*{{official website, http://www.magicjohnsonenterprises.com
Canyon-Johnson Funds
Companies based in Los Angeles County, California
Enterprises
Privately held companies based in California
Real estate companies of the United States