Local developer Greco has swept up another North Loop property.

Greco paid nearly $2.5 million for an industrial building and parking lot at 715 N. 2nd St. in Minneapolis, according to an electronic certificate of real estate value made available last week. The site’s seller was Precision Associates Holdings.

“We really bought it for the land. … The neighborhood is obviously very popular, very successful. It’s only getting better,” said Arnie Gregory, Greco’s president and owner.

Greco will have time to put together a plan for the site since the 77-stall parking lot is under contract until 2019.

Greco’s other North Loop properties include the ElseWarehouse luxury apartments, Heritage Landing apartments and the Copham. In addition, Greco and Opus Group are working on a 144-unit apartment building at the former ABC Electronics site.

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