One of the nation’s most prominent real estate investors has agreed to purchase Toyota Music Factory in Irving, TX.
Irving City Council unanimously authorized the sale of Toyota Music Factory to national New York-based property firm Brookfield Properties on May 17.
“The City Council, therefore, gives consent to the assigning of the entertainment center rental and the economic growth bonus agreements from ARK Group of Irving Inc. onto Music Factory Portfolio LP, upon conclusion of the sale,” Irving officials said.
Toyota Music Factory is a 17-acre mixed-use development on Carpenter Freeway. It was built by North Carolina-based ARK Group, which received financial incentives from the city to develop it as part of an ambitious strategy to revitalize the region. The city’s new Westin Hotel and conference center are just a few blocks away.
The $180 million facility opened in 2018, complete with an open-air pavilion where popular acts such as the Barenaked Ladies, Third Eye Blind, and the Backstreet Boys are scheduled to perform this summer.
Its 50,000-square-foot event plaza has an indoor concert hall of 4,000 seats and an outdoor amphitheater that sits 8,000.
Another 206,756 square feet is dedicated to restaurants, while office and retail space comprise 100,000 square feet. It houses an Alamo Drafthouse Cinema, a Mama Tried bar, and restaurants like Yard House, Bar Louie, and Gloria’s Latin Cuisine.
The purchase agreement for the Toyota Music Factory may also include the Charlotte, North Carolina-based AvidXChange Music Factory. Both Brookfield and ARK Group executives have declined to comment on the ongoing deal, which is set to close this week.
Brookfield is a major player in the North American real estate market as both a developer and an investor. The company has over 50 million square feet of projects currently under construction.
Among Brookfield’s facilities in North Texas are the Stonebriar Centre retail in Frisco, downtown Dallas apartments, and industrial properties totaling millions of square feet.