Historic Phoenix Cotton Gin Buildings Trade Hands
Phoenix-based Presson Corp bought the old Arizona Compress and Warehouse Co buildings from California-based Tiernay Properties. The 307k SF complex dates from the 1920s and was originally used to process and transport cotton. Newmark Grubb Knight Frank's Erik Marsh and Chris Strickfaden brokered the deal.
Presson plans to improve the property, which is on four city blocks at 1245-1555 E Jackson St in Downtown Phoenix, though it hasn't unveiled specific plans yet, the Phoenix Business Journal reports. The buyer did say that demand for urban infill is high and the upside potential of the property is great. [PBJ]