That's exactly what I wanted to say, thank you very much Ray.

As I understand it there is no direct translation in the context of the expressions. However, in English I would interpret them as :- The fire occurred on Serrano Street by (at the location of) the Pharmacy. You should leave this road at the exit road (location) for the next town. Por esto entiendo que 'la altura' significa un lugar preciso, un localidad o punto.