One of the country’s largest real estate investors has completed its deal to take over operations of Irving’s Toyota Music Factory restaurant, retail and entertainment venue.
The city – which owns the mixed-use development on Carpenter Freeway in Las Colinas – in May approved the sale of the longterm leasehold on the Music Factor by Ark Group of North Carolina.
Ark Group partnered with Irving to build the $180 million project which opened in 2018.
New York-based Brookfield Asset Management, a global real estate investor, has now taken control of the property.
The Music Factory includes a 4,000-seat indoor concert hall, an 8,000-seat outdoor amphitheater, 206,756 square feet of retail and restaurant space, and a 100,000-square-foot office building. There’s also a movie theater.
“We look forward to working closely with the city and community on ways to elevate the Toyota Music Factory experience,” Chase Martin, Brookfield senior vice president said in a statement.
Brookfield already owns and operates mixed use and entertainment developments in U.S. cities including Nashville and Montclair, New Jersey.
“Brookfield has significant experience managing premier properties, and Irving’s entertainment center will greatly benefit from Brookfield’s knowledge and resources to take the Toyota Music Factory to the next level,” Irving Mayor Rick Stopfer said in a statement. “We are excited to see Brookfield’s vision to enhance the development and drive visitors and residents to enjoy the full experience that the Toyota Music Factory has to offer, from concerts and special events to a variety of high-caliber restaurants.”
Brookfield is one of North America’s biggest real estate investors and developers. The property firm has more than 50 million square feet of projects under development worldwide.
In North Texas, Brookfield’s holdings include more than two dozen properties, including Frisco’s Stonebriar Centre mall, downtown Dallas apartments and millions of square feet of industrial space.