The historical building called the Hotel Monroe has been bought by a Minnesota-based developer, according to AZ Central.

Built in 1931, the vacant structure in downtown Phoenix was recently acquired by the Minneapolis-based CSM Corp for $7.85 million. This was according to Tempe-based commercial property research firm Vizzda, the report detailed.

Located at corner Monroe Street and Central Avenue, the 12-storey tower has been gone through bankruptcy and foreclosure processes, the report said. In 2005, the building was bought by developer Grace Communities in a bid to restructure it into a 150-room boutique hotel. In 2007, Grace took out a $27-million loan with Mortgages Ltd for the renovation of the said building, the report explained.

CSM, headed by chief executive Gary Holmes, owns a total of 37 hotels mostly located in the Midwest. The firm also owns and develops office buildings, retail centers, and apartments, according to AZ Central. The company bought the vacant building from ML Manager, a receivership firm that has been selling properties held by the now-bankrupt Mortgages Ltd. The Hotel Monroe has been on sale since its foreclosure in 2010, the report said.

CSM has yet to comment on the said purchase, AZ Central reported.