Twelve investors brought bids to the table, but a Chicago investment firm's ability to close the deal wins it title to the Alexan at Frank Lloyd Wright. The 200-unit townhouse property sells for $23 million in cash.

TUCSON, AZ-The Foothills Mall, one of the biggest shopping draws in the city, will undergo a major facelift to add 16,300 sf and revamp the 15-screen Cineplex. Archon Financial provided the owners with $54.8 million in a five-year, interest-only package.

GLENDALE, AZ-A $5.3 million offer along with a promise of a quick closing delivers the 118-unit Oregon Oasis Apartments to a Phoenix investor. The deal helps both parties accomplish their 1031 Exchanges.

DALLAS-Neiman Marcus exchanges space in another Pinnacle Park development for 202,500 sf in the recently built Pinnacle Park West I to double the size of its catalogue operation. A 90% tax abatement from the city solidified the transaction.

TEMPE, AZ-An 11.2-acre parcel near the junction of the Loops 101 and 202 will be developed into a 95,000-sf distribution center for Federal Express next year. The Tempe site changed hands in a $4.4 million transaction.

CHANDLER, AZ-A Tempe furniture store that wanted better visibility inks a five-year lease for space along one of Chandler's busiest streets. Next month, the tenant moves into a 6,000-sf building at Alma School Village shopping center.

PHOENIX -Pharmacy giant CVS will build eight new stores in the East Valley now that the firm's developer has sealed deals on more than 40 acres of land in Mesa and Chandler. Gustine Properties of Pittsburgh, PA picked up the parcels in a two month shopping spree.

PHOENIX-The Valley's office market showed signs of improvement in the third quarter with net absorption reaching its highest level in the last three years while vacancies declined. The city's long-suffering Uptown Market, however, continues to battle for tenants.