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OUTFRONT Media debuts app-based billboard in Times Square; National Storage details recent acquisitions

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OUTFRONT Media debuts app-based billboard in Times Square; National Storage details recent acquisitions

This feature rounds uprecent property news from covered companies and highlights larger deal coveragealready published.


JetBlue billboard at 1500 Broadway
Source: OUTFRONT Media Inc.

* OUTFRONTMedia Inc. launched the first app-based billboard in New YorkCity's Times Square.

The company's 2,200-square-foot billboard at 1500 Broadwaybecame the first digital billboard in Times Square to deploy OUTFRONT's ONSmart Media platform's Liveboard and advertising.app technology, which consistsof connected, digital displays that run Android-based advertising applications.

* NationalStorage Affiliates Trust acquired 17 self-storage properties duringthe first quarter for about $89 million. The properties total about 1.1 millionrentable square feet over 7,600 storage units.

Since March 31, the company has added 22 self-storageproperties encompassing 1.7 million square feet and 15,600 units for about $174million. The purchases include a 14-property portfolio from parties related toHide-Away ofSarasota, Fla. Hide-Away is the company's seventh participating regionaloperator.

* One LibertyProperties Inc. agreed to acquire a 132,000-square-foot property inMinneapolis for $14.3 million.

* PhillipsEdison Grocery Center REIT II Inc. purchased four propertiesfollowing the end of the first quarter for an aggregate purchase price of $70.4million. The properties total 709,400 square feet.

* LightstoneValue Plus REIT III acquired the 127-room SpringHill Suites-GreenBay in Green Bay, Wis., for approximately $18.3 million, excluding closing andother acquisition related costs. Lightstone expects to complete about $500,000of renovations and improvements at the property.

Green Bay CS Hotel Group LLC was the seller.

* SterlingReal Estate Trust's operating partnership, Sterling MultifamilyProperties LLLP, acquired two multifamily properties in North Dakota.Garden Grove Apartmentsin Bismarck, which comprises three buildings with a mix of efficiency, studio,one-, two- and three-bedroom apartment units, was acquired for about $7.1million. WashingtonApartments in Grand Forks, comprising one building with 17one-bedroom apartment units, was bought for $744,000.

* TerrenoRealty Corp. bought a 25,000-square-foot distribution building inSeattle for approximately $4.7 million. The property is 100% leased to onetenant. The estimated stabilized cap rate of the property is 5.5%.

* DigitalRealty Trust Inc. said it will expand its colocation services tocustomers on its existing Ashburn campus in the third quarter.

The expansion follows the company's recent acquisition of126 acres within 1 mile of its existing Ashburn campus, which will support thedevelopment of more than 2 million additional square feet and 150 MW ofcritical IT load.

Additional coverage:

HCP Inc. execstout spinoff's flexibility in managing troubled tenant: The plannedspinoff will allow a new entity to manage its relationship with HCR ManorCarein ways that HCP Inc. cannot, executives said, without discussing manyspecifics.

American Homes4 Rent offloading the dregs of American Residential Properties' portfolio,execs say: Roughly 1,300 acquired properties that do not meet thecompany's quality standards will be sold, likely in bulk, executives said in anearnings conference call.

CanadianApartment Properties reports YOY FFO growth in Q1'16: The companyalso detailed a property transaction on Prince Edward Island.

AshfordHospitality Prime seeking new CEO, directors: The company alsoannounced that it signed a letter of intent to sell the Marriott CourtyardSeattle Downtown.

SL Green buysinto Manhattan, NY, residential property: The company acquired a20% stake in the newly built Sky residential tower.

AltisourceResidential beefs up rental portfolio, sheds nonperforming loans:The company picked up a portfolio of 590 single-family rentals during the firstquarter.

DiamondRockamends credit facility, closes $100M term loan, details pending hoteldispositions: The company said it is under contract to sell twohotels for a total price of approximately $200 million.