MINNEAPOLIS—United Properties has acquired andrenovated several downtown properties, and has now nearly completedthe revival of a historic structure in the North Loop warehousedistrict. The Loose-Wiles building at 701 Washington Ave. N. wasvacant when the Minneapolis-based company bought it in the summerof 2012, but after signing nine new leases in 2014, UP has broughtit to more than 90% occupancy.

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MarketingLab and Ovative/groupsigned up for the most space, at about 10,000-square-feet each.Other new leases recently signed include: Family SolutionsLaw Group, J.R. Paddon, LogisticsPlanning, North Loop Capital,Straight Line Theory, Thorsen/PostNet and Waterstone Mortgage. Only7,000-square-feet of the 120,000-square-foot building remainavailable.

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“Loose-Wiles is in a great location with many dining and transitoptions nearby. And the space gives tenants the true convertedwarehouse aesthetic,” says Jim Montez,Cushman & Wakefield/NorthMarq, who representedUnited Properties in the transactions.

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The Freehouse, a restaurant and brewhouse, islocated on the first floor. Other tenants include FieldsLaw, LHB and RJMConstruction. Once a commercial bakery, the seven-storybuilding was constructed in 1910, and was soon purchased by theLoose-Wiles Biscuit Co. Listed on theNational Register of Historic Places, it formspart of a district filled with commercial buildings that date fromthe late nineteenth and early twentieth centuries when the citybegan its ascent as the region's manufacturing hub.

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Over the past four years, UP has increased its investment anddevelopment activity in Minneapolis. Its projects include therenovation of the historic Ford Center and thesale of the 10th and Nicollet site to the TargetCorporation. United Properties also bought NeimanMarcus' shuttered downtown store at 505 Nicollet Mallbefore selling it to Centerpoint Energy, Inc.which will renovate 100,000-square-foot, four-story building intomostly office use.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.