Loose-Wiles building 90 percent leased
- Blog Post by: Janet Moore
- June 10, 2014 - 11:42 AM
The historic Loose-Wiles building in the North Loop has added nine new commercial tenants since the beginning of this year -- meaning the structure is now 90 percent leased, according to owner United Properties.
MarketingLab and Ovative/group are the two largest of the new leases, with each occupying about 10,000 square feet.
Other new leases signed this year include: Family Solutions Law Group, J.R. Paddon, Logistics Planning, North Loop Capital, Straight Line Theory, Thorsen/Post Net and Waterstone Mortgage
Located at 701 Washington Av. N., about 7,000 square feet of the 120,000 square-foot building remains available for lease, United Properties said. The Bloomington-based firm purchased the building in 2012.
“Loose-Wiles is in a great location with many dining and transit options nearby. And the space gives tenants the true converted warehouse aesthetic,” said Jim Montez, a broker with Cushman & Wakefield/NorthMarq, who represented United Properties in the transactions.
The Freehouse, a restaurant and brewhouse, is located on the first floor of the building. Other tenants include Fields Law, LHB and RJM Construction
Listed on the National Register of Historic Places, the one-time commercial bakery was home of the Loose-Wiles Biscuit Co. (later Sunshine Biscuits) for many years.
According to city documents, the building was designed by prominent local architect Edwin Hewitt, and constructed as a speculative venture by investor George Christian, who leased it to the Loose-Wiles Biscuit Co.
The company purchased the building in 1914. When the Loose-Wiles company opened the facility, the Minneapolis Tribune reported that “the new Loose-Wiles Minneapolis bakery is considered one of the most modern and up to date in the United States. It is equipped with the latest machinery and is capable of turning out enough biscuits to supply every man, woman, and child in Minneapolis with 35 every day."
The newspaper reported that the biscuit ovens were located on the highest floor, above the "fly zone, and away from the dust that blows into the windows nearer the streets.” (Flies were were apparently a pest in many bakeries, and by locating the ovens on the sixth and seventh floors, they were over the “fly zone.")
© 2014 Star Tribune