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BIRMINGHAM, ALA. — Children’s of Alabama’s new $400 million, 760,000-square-foot Benjamin Russell Hospital for Children (BRHFC), has opened for patients. The hospital, which is the largest single medical facility expansion project in Alabama’s history, is located one block north of the existing facility in Birmingham. The completion makes Children’s of Alabama the third-largest pediatric hospital in the U.S. in terms of square footage. Children’s is also the state’s only freestanding pediatric hospital. BRHFC is named after Alabama entrepreneur Benjamin Russell (1876-1941), whose grandson and grandson’s wife, Ben and Luanne Russell, recently provided a $25 million endowment to the hospital. BRHFC’s opening allows Children’s to increase its licensed bed total from 275 to 332, with an additional 48 neonatal intensive care unit (NICU) bassinets. The combined bed/bassinet count ranks Children’s of Alabama in the Top 10 pediatric medical centers in the U.S. based on bed count. The new hospital offers something new to Children’s: all-private rooms in critical care units. These rooms feature a sleeper sofa, large wardrobe, safe and a special patient education/entertainment system. The new hospital also offers private, acute care rooms that are 30 percent larger than the rooms in the existing Children’s building. Each patient floor offers …

RICHMOND, VA. — Apartment Trust of America (ATA) has arranged a $536.5 million recapitalization that includes the acquisition of 21 apartment communities, valued at $485 million, as well as the issuance of $50 million of preferred stock and $1.5 million of common stock. Elco Landmark Residential Holdings (ELRH) and its affiliates and partners, including DeBartolo Development and the Florida Value Funds, are contributing the multifamily properties in exchange for $187 million of partnership interests in ATA’s operation partnership, $16 million in cash and the assumption of $282 million in debt on the properties. “Over the past six years, we have worked to create a high-quality portfolio that produces strong returns for stockholders and a fiscally prudent balance sheet,” says Stanley Olander, CEO of ATA, a publicly registered, non-traded real estate investment trust. In conjunction with the transaction, the company has been renamed Landmark Apartment Trust of America (LATA). Joseph Lubeck, CEO of ELRH, will become the executive chairman of LATA’s board of directors. Upon completion of the 6,100-unit portfolio, LATA will own a total of 36 properties totaling 10,000 units in the southern U.S. “We are pleased that our investors will now also benefit from the larger, more diverse group …

LOS ANGELES — Los Angeles-based developer G.H. Palmer Associates has retained Peak Campus Management as the property manager for the $250 million Lorenzo, a student housing development located less than a mile from the University of Southern California in Los Angeles. “The Lorenzo is an exciting addition to our portfolio of top-tier student housing communities,” says Bob Clark, president of Atlanta-based Peak Campus Management. “Our focused customer service will complement this world-class property, ensuring that each resident’s experience is unparalleled.” The project, which is currently under construction, will deliver approximately 2,000 beds in the summer of 2013 and another 1,658 beds by the summer of 2014. The apartments will be fully furnished with granite countertops, stainless steel Energy Star appliances including washers and dryers and wood plank flooring in the living room and bedrooms. Community amenities will include four resort pools with cabanas, three heated Jacuzzis, a three-story fitness center, five rooftop sundecks, two indoor basketball courts and a sand volleyball court. Additionally, the property will contain a virtual gaming and arcade room, a theater room, five libraries with computers and study rooms, an outdoor amphitheater and athletic field and a full service café. Maid service and dry cleaning will …

IRVING, TEXAS — Catlyn Capital Corp. and TDI Real Estate Holdings have closed on a $500 million joint venture platform to develop properties in the states of Texas, Arizona and Colorado. According to TDI, the platform “seeks to capitalize on the compelling market dynamics primarily in the multifamily sector created by the renter base, strong job growth and limited new supply.” The venture will focus exclusively on Class A investments in core markets. Recently, the two companies closed on a $50 million, 444-unit apartment development in Allen, Texas and a $65 million, 388-unit development in Scottsdale. The venture is finalizing construction plans on four additional communities, totaling 1,323 multifamily units, with a total cost of $185 million in the Phoenix, Dallas and Austin metro areas. “There are exceptional opportunities in the market for organizations with the experience and bench strength to identify and execute in this highly competitive field,” says Mark Bryant, TDI's president and CEO. “Our management team's 30-year track record of success will be an important factor in identifying and capitalizing on the best opportunities,” he adds. In addition to the joint venture, TDI currently has 800 units under construction valued at $200 million. Based in Irving, Texas, …

COVINGTON, GA. — Baxter International, a developer and manufacturer of healthcare products, has broken ground on a $1 billion biotechnology manufacturing facility located in Covington. The first phase of development will encompass more than 1 million square feet. The facility, which will employ approximately 1,500 people, will be used to manufacture plasma-based therapies that treat chronic and life-threatening illnesses. The integrated campus will include three main manufacturing buildings as well as support components such as a warehouse, utility buildings, administrative facilities and laboratories. “In a few years, Baxter team members working in facilities located on the ground where we are standing today will produce lifesaving biological treatments for patients around the world,” says Robert Parkinson Jr., chairman and CEO of Baxter International. The first phase of construction is expected to begin in the first quarter of 2013, with completion of the first buildings slated for 2015. Additional phases are expected to continue into 2016, and the plant is anticipated to begin commercial production in 2018. “Georgia supports Baxter’s mission to save lives, and this occasion is one of many milestones we look forward to celebrating with the company as it establishes a presence in Georgia,” says Gov. Nathan Deal. “Baxter’s …

BEDFORD, MASSACHUSETTS — An affiliate of Phoenix-based Cole Real Estate Investments has purchased 174 and 176 Middlesex Turnpike, a 328,232-square-foot trophy office complex located in Bedford, for $93.5 million. The buildings are fully leased to RSA Security, a division of EMC Corp. (NYSE: EMC), a global network security provider. Bedford is located in Middlesex County, 15 miles to the northwest of Boston. Robert Griffin and Edward Maher of Cushman & Wakefield’s Capital Markets Group and Luis Alvarado of the firm’s Corporate Occupier & Investor Services Group represented the seller, Real Estate Capital Partners USA Capital Trust, in the transaction, and procured the buyer. Robert Corry of Cushman & Wakefield’s Office & Industrial Acquisitions group represented the buyer. The office complex is used as a research and development facility and is located on 54.5 acres. The complex features the two office buildings connected by a glass-enclosed sky bridge. The Gutierrez Company developed the office complex in December 2001. The complex was built with the bridge to allow RSA Security employees to move quickly between areas in order to collaborate with fellow engineers and designers. REITs, such as Cole Real Estate Investments, have been targeting areas outside of the core Boston market …

NEW YORK CITY — American Realty Capital Healthcare Trust (ARC Healthcare) has acquired three medical office buildings located in Two Rivers, Hartford and Neenah, Wisconsin, for $63 million. The properties total 226,046 square feet and are fully leased to Aurora Health Care. “We are very pleased to complete the acquisition of these three high-quality, recently constructed medical office buildings leased and operated by one of the largest and most reputable healthcare systems in the state of Wisconsin, Aurora Health Care,” says Tom D’Arcy, CEO of New York City-based American Realty Capital Healthcare Advisors. Aurora Health Care is a not-for-profit healthcare system that operates 15 hospitals in Wisconsin and Illinois. The properties included in the sale provide various outpatient services, such as urgent care, pharmacy services, clinical space, rehabilitation and physical therapy. With the acquisition of the Aurora portfolio, ARC Healthcare’s portfolio now includes 34 properties. Since the end of the first quarter of this year, the trust has closed on 15 properties for an aggregate purchase price of $214.5 million. “As we effectively deploy our capital, these properties add to our diversified portfolio, focused on healthcare assets leased to strong national and regional operators on a long-term basis,” D’Arcy says. …

LOS ANGELES — Kilroy Realty Corp. has paid more than $200 million for two West Coast office properties in San Francisco's SOMA district and Seattle's Bellevue community. In downtown Bellevue, the Los Angeles-based publicly traded real estate investment trust purchased Bellevue's 24-story Skyline Tower for $186 million. The purchase price includes the assumption of an in-place mortgage of approximately $84 million. The loan bears a 6.37 percent interest rate and matures on April 1, 2013. The 417,000-square-foot Skyline Tower is located at 10900 NE 4th St. Two of the largest tenants are online travel booking service Expedia and Valve, a gaming company. The building is 92 percent leased. Kilroy says it plans to “significantly enhance” the property with a capital improvement and modernization program. The building is also located two blocks from Kilroy's 23-story Key Center office tower, which the firm acquired last year. According to local reports, Kilroy is on its way to becoming one of Seattle's largest office landlords, having entered the market two years ago. The company has since acquired more than 1 million square feet of office space in the area. In a separate deal in San Francisco, the company purchased a development site and parking …

ASHBURN, VA. — The joint venture between Miller and Smith and NORTH AMERICA SEKISUI HOUSE has broken ground on Phase I of the 1 million-square-foot Downtown One Loudoun, a mixed-use development located in Ashburn in Loudoun County. “Downtown One Loudoun will become the new economic focal point for commerce in Loudoun County with a dense, pedestrian-oriented mix of uses and public amenities,” says Bill May, vice president of Miller and Smith. The first phase will include 210,000 square feet of retail, restaurant and office space, including an Alamo Drafthouse Cinema, which is scheduled to open in 2013. The second phase will include a hotel, additional shops and offices, luxury townhomes and multifamily residences. Potomac Development Group has been retained to lease the retail portion of Downtown One Loudon and Cassidy Turley will lease the office space. The demographics of Loudoun County are very strong. The population in Loudoun County in 2011 was 325,405, up from 312,311 in 2010, according to the U.S. Census Bureau. From April 2010 to July 2011, the county saw a 4.2 percent increase in population. Additionally, the median household income is approximately $120,000 a year, an 8 percent increase from four years earlier. “We have designed …

ROOTSTOWN, OHIO — SIGNET Development has broken ground on a student housing village for Northeast Ohio Medical University (NEOMED), located in Rootstown. The on-campus community is the first student housing project for the university and is part of a $130 million expansion plan. “Given SIGNET’s depth of experience, innovative ideas, and collaborative approach, they are the ideal partner for NEOMED and the successful execution of the university’s first residential housing offering,” says John Wray, vice president of administration and finance at NEOMED, which is co-headquartered in Akron, Ohio, and Jacksonville, Florida. “We’re excited to see construction begin.” The expansion plan will more than double NEOMED’s existing 450,000-square-foot campus. SIGNET will direct and oversee the design, construction, finance and management activities for the project. The 270,000-square-foot student housing village will include three, four-story buildings located on the northwest corner of NEOMED’s campus. The development will include paved walkways, private parking, group study areas on each floor, a recreation area and game room in the main building. Each of the 185 units will be fully furnished with living room furniture, kitchen appliances and a washer-dryer, and will include a private study area and walk-in closet. “We’re proud to partner with NEOMED to …