Flint Hills Holdings Group, a Kansas City-based development group, has purchased a 111-year-old building south of downtown Dallas from SkyWalker Property Partners. SkyWalker Property in Arlington was planning to convert the five-story building, bought just one year ago, to residential units when Flint Hills Development Group made an offer to buy the site. Christopher Gibbons of Venture Commercial represented the buyer; terms of the deal and a sale price were not disclosed.
"The location and robust redevelopment activity in the Cedars neighborhood clearly worked to our investors' advantage," said Clint Holland, acquisitions director for SkyWalker Property Partners. "The offer was such that it made sense to sell."
The property at1401 S. Ervay St., is in the Cedars neighborhood on the south side of downtown Dallas, was originally built in 1903 for $50,000 and served as the Hughes Brothers Candy Factory until the company's demise during the Great Depression. In 1940, Gulf Cone Products paid $30,000 for the factory, where it produced ice cream cones at the site until 1997. The original owner's name, Hughes, is embedded into the lintel above the main entrance of the red brick building, part of a once-affluent neighborhood of Victorian homes developed in the late 1870s as Hughes Circle. The factory is the only structure still standing in Hughes Circle, now Sullivan Drive.
"Flint Hills Development Group has experience redeveloping projects with national and state historic tax credits and wanted to take on this project," added Holland. "We are pleased the buyer appreciates and understands preservation."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment