Magic Johnson Grabs Intracoastal Mall

An affiliate of Los Angeles-based Canyon Johnson Realty Advisors, led by NBA Hall of Famer Earvin “Magic” Johnson and Bobby Turner, scooped up the Intracoastal Mall in North Miami Beach in the year’s biggest retail foreclosure.

First, Canyon Johnson purchased the mortgage from Bank of America . Then it reached a deal with Woolbright Development to give back the property in a $59.8 million deed in lieu of foreclosure.

Source:  SFBJ