SCOTTSDALE, AZ-AmeriVest Properties acquires its fourth asset in two years in metro Phoenix, taking over the Scottsdale Norte Building for $12.3 million. The 79,223-sf structure has 17 tenants occupying 82% of the class A space.

TORRANCE, CA-A developer overbid the seller's original asking price to snatch up an old Vagabond Hotel on Torrance's Pacific Coast Highway for $3.25 million. The new owner plans to demolish the hotel and replace it with condominiums.

CAMARILLO, CA-Faced with a developer's requirement for tilt-up construction and a city's demand for a well-designed architectural look, the builders of a two building project have come up with a new technique in tilt-up construction. The merger of the two requirements resulted in a Mediterranean-style building without all the boxy tilt construction features.

PHOENIX-Insurance giant Brown & Brown is planning a March move to the 16th floor of 2800 N. Central Ave., just blocks from its current location. The 10-year lease will put the firm into one of the city's most recognizable buildings.

PHOENIX-The bidding was competitive, but a New York management firm's strong presence in the Phoenix market helped it win the 280-unit Smoketree Apartments, its third multifamily purchase in Phoenix in just over a year.

SCOTTSDALE, AZ-Despite vocal opposition by a minority contingent, council gives its blessing for construction of the city's tallest buildings. The 11-building project includes 13-story twin towers, rising 143 ft into the air to break the city's 72-ft height barrier.

AVONDALE, AZ-Universal Technical Institute, one of the nation's leading automotive technical education training firms, breaks ground Thursday on a 25-acre campus tied to a 20-year lease. In mid-2004, the school will shift the main campus from Phoenix.

LOS ANGELES-For nearly 10 years, the landmark 22-story office tower on Wilshire Boulevard that was once headquarters to the Getty Oil Co. sat vacant. That all changed this week, however, when Upside Investments purchased the property for $21 million and began working on an ambitious $31 million plan to turn it into luxury apartments and an upscale retail center. <p>