A national real estate investor is queued up to become the new owner of Toyota Music Factory in Las Colinas.
Real estate sources confirm that Irving’s 17-acre mixed-use development—which includes the 50,000-square-foot event plaza, several restaurants (Yard House, Bar Louie, Gloria’s Latin Cuisine), bar Mamma Tried, an Alamo Drafthouse Cinema, and the 8,000-person capacity open-air pavilion where acts such as the Barenaked Ladies, Third Eye Blind, and the Backstreet Boys are scheduled to perform this summer—will be purchased by national real estate company Brookfield Partners in a deal that reportedly closes this week.
The transaction is said to also include the AvidXChange Music Factory in Charlotte, North Carolina, according to multiple sources close to the transaction.
Noah Lazes, president of The ARK Group and developer of the property, declined to comment on the impending sale due to a confidentiality agreement.
Jonathan Zizzo
The Irving City Council unanimously approved the sale of the Toyota Music Factory at its May 17 meeting, according to a city spokesperson. The transaction first appeared on a May 5 executive session agenda. A public information request by D CEO submitted on May 10 has yet to be fulfilled.
The Toyota Music Factory was developed as a public-private partnership by Charlotte, North Carolina-based The ARK Group, which signed a master agreement with the City of Irving in summer 2013. In the agreement, Irving owns the land and buildings but granted Lazes and The ARK Group a 99-year deal to operate, lease, and promote the facility. The ARK Group connected with Live Nation to operate and book the music venue.
After several delays, including a lengthy legal battle with the original developer Billy Barnett (formerly of Billy Bob’s Texas in Fort Worth) and a series of earthquakes in mid-2015 that delayed construction on the venue and forced the City of Irving to buy earthquake insurance, the Toyota Music Factory officially opened its doors in September 2017, hosting ZZ Top as its first act.
After-hours calls and e-mails to the City of Irving, the Greater Irving-Las Colinas Chamber of Commerce, and Brookfield seeking comment were not immediately returned on Monday.
Global asset management company Brookfield has $725 billion in assets under management across the globe. Its real estate subsidiary, New York-based Brookfield Properties, owns several logistics, retail, and multifamily properties around the metro, including The Wilson, The Merc, and The Element.
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Brandon J. Call
Brandon J. Call is the executive editor for D CEO magazine. An award-winning business and data journalist, Call previously served…
