The new owner of a North Loop warehouse building plans to convert the five-story building into lofts and commercial space.
That’s according to Minneapolis-based commercial real estate firm Assembly, which listed the 1897 building at 200 N. Second St. for sale. A certificate of real estate value has not yet been made public, but Assembly reports the buyer, Minneapolis-based Iron Store LLC, acquired the property for just shy of $2.3 million.
The sellers were the family that operated Industrial Lighting Supply out of the building for more than 55 years. The business has closed, and its remaining inventory was sold at auction in February 2020, according to posts on the business’ Facebook page.
In a written statement relayed by Assembly, Industrial Lighting Supply President Todd Stegora-Peterson said the company was founded by his father, Ray, and had employed three generations of his family members.
No additional details on the new owner’s plans for the building were immediately available.