Plans call for a Compass Bank within the 60,000-sf center, which was purchased from 7th Street Osco LLC of Phoenix by Compass Bancshares of Birmingham, AL. Compass has more than a dozen locations in the metro area. Rick Murphy, Bob Pearlstein and Max Bippus, all with CB Richard Ellis Inc.'s local office, represented the seller and the buyer.

Compass is enjoying a strong financial year. In the first six months of 2003, the company recorded its best-ever earnings. For the first six months, earnings increased 9% to $169.1 million in comparison to $154.7 million for the same period last year. The bank operates 358 offices, including 126 in Texas, 89 in Alabama, 66 in Arizona, 42 in Florida, 26 in Colorado and nine in New Mexico.

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