DALLAS –Arlington-basedSkyWalker Property Partners has sold the 111-year-old HughesBrothers Candy Factory to Flint Hills DevelopmentGroup in an unsolicitedoff-market transaction.

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The location, 1401 S.Ervay St., is in the Cedars neighborhood on the south side ofdowntown Dallas with access to Interstate 30. SkyWalker wasin the middle of a plan to convert the five-story building, boughtjust one year ago, to residential units when Flint Hills made anoffer to buy the site.

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"The location androbust redevelopment activity in the Cedars neighborhood clearlyworked to our investors' advantage," says ClintHolland, acquisitionsdirector for the investment group. "The offer was such that it madesense to sell."

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The Cedars is one ofthe city's oldest neighborhoods, with the shuttered factory sittingclose to several entertainment destinations and a handful ofproperties recently purchased by local and out-of-statedevelopers.

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The candy factoryopened in 1903 and closed during the Great Depression, laterbecoming a production site for ice cream cones. The brick structureclosed in 2000.

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The property'spotential for residential use became evident with the South Side'sgentrification into a bustling mixed-use corridor. Because it is ahistoric property, there is additional opportunity to tap into taxcredits, including the recently enacted Texas Historic PreservationTax Credit Program and a sales tax exemption on labor that'savailable for work on any building listed on the

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"Flint HillsDevelopment Group has experience redeveloping projects withnational and state historic tax credits and wanted to take on thisproject," Holland says. "We are pleased the buyer appreciates andunderstands preservation."

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Christopher Gibbons of Venture Commercialrepresented the buyer.

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Reps for Skywalkerwere unable to offer more details by press time.

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