Magic Johnson-led real estate fund buys building in popular South Florida area

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An affiliate of the Canyon-Johnson Urban Fund acquired a building on downtown Delray Beach’s hot Atlantic Avenue for $18.01 million. The Los Angeles-based fund was founded by former Los Angeles Lakers star player Earvin “Magic” Johnson and K. Robert Turner. It has invested billions of dollars in urban areas across the country. Now add downtown Delray Beach to that list. SunTrust Bank (NYSE: STI) sold its ground lease for the 13,902-square-foot building on 0.61 acres at 302 E. Atlantic Ave....

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