The Ceresota brand (a combination of Roman goddess of agriculture and Minnesota?) dates to 1891, but the building here is a relative new comer being built as recently as 1908. It operated as a mill until the 1950s, when it was converted to light industrial and manufacturing. Today it's rental office space.
Once again, the Historical Society has some interesting images, in particular of old ads for the Ceresota brand. I'll just highlight an interesting interior shot of the bagging operation from 1940, an undated exterior showing the industrial nature of the area that's quite a contrast to today, and an undated shot of some women holding Diamond and Ceresota brand bags (I tried but failed to resist the temptation to point out that the one on the left looks a lot like Marty Feldman).
The mill and the sign are near the river on S. 2nd St.