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HOUSTON—First-time partners Canyon-Johnson Urban Funds, based in Los Angeles, and local Midway Cos. joined forces to acquire Houston Pavilions, a 500,000-squarefoot-plus asset in the CBD. The JV bought the project from Transwestern, which took receivership of the property in 2011.

With dust from the closing of the mixeduse project settled, Canyon-Johnson managing director Neville Rhone says the next step is to develop upgrade plans for Houston Pavilions, at 1201 Fannin St. He didn't provide specifics, but did say plans would be unveiled and launched within months.

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