SCOTTSDALE, AZ-Time America Inc. moves into 13,017 sf of flex space at in the Chaparral Business Park, exiting Tempe and doubling the office size. The six-year deal puts $1.4 million in the pockets of building owner, Salt River Devco.

LEAGUE CITY, TX-The broadband products supplier will save 35% on real estate costs with the downsizing at 101 Courageous Dr., where it will occupy 25,500 sf under the new deal for a 25% smaller office with more efficient space use.

HOUSTON-This afternoon, University of Houston officials kick off work on the Cynthia Woods Mitchell Center for the Arts at the University of Houston. The project is part of the Wortham Theater Complex, now getting a $4.5-million expansion and renovation.

SCOTTSDALE, AZ-Legacy Partners Residential expands its portfolio in the Valley with the acquisition of the 151-unit Miramonte Apartments. More than 15 offers rolled through the door for the 95%-leased holding.

MESA, AZ-The Hewson Co. takes down 15.3 acres in Dover Industrial Park for office and industrial development. A three-building first phase, totaling 111,741 sf, will break ground in early 2005.

HOUSTON-During the third quarter, the region posted the highest level of quarterly absorption in three years, and demand for high-end apartments is the strongest it's been since 2001. However, occupancy rates continue to decline, and rental rates are flat.

PHOENIX-Stone New Inc. sets up shop in a 35,555-sf industrial building, spending $1.8 million for one of the few options on the market that met parking and power requirements. The firm's old operations base, a 7,500-sf structure, is up for sale.

PHOENIX-Refusing to take "no" for an answer, the Spokane, WA-based buyer comes up with a price that convinces Artemis Fortis to part with a 235,000-sf office building at 2355 E. Camelback Rd. The 40%-leased building sells for just under $32.5 million.