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5/31/16
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Presson Corporation recently acquired Jackson Street Industrial, a 307.2k sf industrial property covering four city blocks in central Phoenix. The property was sold by Tiernay Properties Inc.
Built in the 1920s, the property was originally home to the Arizona Compress and Warehouse Co. Located at 1245-1555 E. Jackson St, the warehouse was built during the peak of Pima cotton production and is one of the few remaining in the Valley from that era.
Consisting of several original masonry structures, the property once had access to the rail line and includes a three-story cotton gin and a safe, originally used to store money for the cotton exchange.
Presson intends to improve the facility. Erik Marsh and Chris Strickfaden of NGKF Capital Markets represented both parties in the sale.
“Jackson Street Industrial is a true value-add opportunity for Presson Corp,” remarked Marsh, managing director at NGKF. “The properties’ rich history, infill location in the heart of central Phoenix, adjacent to downtown, high occupancy rate and low price per square foot creates exceptional appeal.” Originally used for cotton processing and warehousing, the three multi-tenant buildings have witnessed many uses over time and are currently 100% occupied. “Urban infill is in high demand and the upside potential for Presson Corp is great.”
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