COLUMBUS—CBRE research also just issued a report that shows the Columbus office market remained steady during the third quarter. The report finds that the suburban markets continue to remain hot; nearly 50% of net absorption for the suburban markets was concentrated in the Dublin area. Kirk Smith and Kym Tobin Lee, a tenant representation team at CBRE. “Companies that would not normally budget for the higher rent economics of these amenity-filled projects are finding ways to make it happen, knowing it will positively impact their work force. It can often be justified through its enhancement of recruitment and retention of top talent.” Meanwhile, downtown Columbus saw a slight increase in vacancy rates, however, lease rates continue to be strong. The report also finds that renovation strategies of multiple central business district office towers have paid off so far, which has sparked upcoming renovations for others, such as the Huntington Center, which is planning a multi-million-dollar renovation, including a rooftop patio.

ELGIN, IL—A limited inventory of listings spurred faster sales in the metropolitan Chicago housing market during the July-September quarter. According to an analysis by RE/MAX Northern Illinois, homes sold during the quarter averaged 68 days on the market, the lowest for any quarter since RE/MAX began tracking that statistic in 2005. Reflecting strong demand, the median sales price rose to $241,000, up 4.8% from the same period last year, while sales activity in the seven-county metro area totaled 32,418 units, down 3.1%. The 35,189 listed homes on the market on Sept. 30 was 6.9% fewer than a year ago and equaled a 3.25-month supply based on the pace of third-quarter sales. “Lower inventory levels clearly had an impact on third-quarter housing sales, helping boost prices and reduce market times, while leading to a small reduction in total sales,” says Chris Calomino, marketing communications manager for RE/MAX Northern Illinois. The home sales data used for the RE/MAX analysis is collected by MRED, the regional multiple listing service.

DEALTRACKER

SCHAUMBURG, IL—The Chicago offices of CBRE recently represented the American Academy of Dermatology in the sale of its 44,000-square-foot headquarters at 930 E. Woodfield Rd. in Schaumburg, IL, to the Emergency Nurses Association. The AAD will remain in the Schaumburg property through a short-term leaseback then relocate next spring to a new, 41,459-square-foot office at O'Hare Gateway Center, 9500 Bryn Mawr Ave. in Rosemont, IL. Peggy McTigue and Dan Bessey of CBRE represented the AAD in the marketing and disposition of the Schaumburg office building. McTigue and Paul Diederich represented the AAD in its lease negotiations at O'Hare Gateway, which was represented by Dan Svachula and Jim Ward of Cushman & Wakefield. The ENA was represented by Terry Mostrom and Jon Azuley of Savills Studley. The ENA plans to relocate in 2018 from its currently owned facility at 915 Lee St. in Des Plaines, IL. “The Rosemont area has greater mass transit options and in particular the O'Hare Gateway office building has amenities that will make a more comfortable working environment for staff and better meeting space for members,” says Dr. Henry W. Lim, president, AAD.

JOPLIN, MO— An investment sales team from Mid-America Real Estate Corp. recently brokered the sale of North Point Shopping Center in Joplin, MO. The 155,416-square-foot shopping center was purchased by Beachwood, OH–based Chase Properties. Located at the northwest corner of East 7^th St. and Range Line Rd., the center has a mix of national retailers including Ross Dress for Less, Ashley Furniture, Pet Smart, Party City and Dollar Tree. Mid-America's principals Ben Wineman in cooperation with Pace Properties' Scott Seyfried were the brokers in the transaction on behalf of the seller, New Hyde Park, NY–based Kimco Realty Corp.

KANSAS CITY—Berkadia has just completed the sale of Province of Briarcliff, a 120-unit, conventional multifamily community located in Kansas City, MO. Michael Sullivan and Brett Meinzer of Berkadia's Kansas City-based investment sales team, along with Alex Blagojevich of Berkadia's Chicago office, represented the seller, MO-based Maxus Realty Trust Inc. In addition, Berkadia's John Schorgl and Matt Schildwachter worked to obtain financing on behalf of the borrower, CO-based Forum Real Estate Group. “This is Forum's first acquisition in Kansas City,” says Meinzer. The company “has had their eye on Kansas City because of the strong growth and market fundamentals and were particularly attracted to this deal because of the quality of the real estate and Briarcliff submarket.” Province of Briarcliff operates as a 'lifestyle' community, given its proximity to major employers such as Cerner and North Kansas City Hospital, retail, dining, and recreation options, he adds.