Atkins Companies and Denholtz Properties announce the acquisition of the Medical Offices at Chappaqua Crossing, a 490,000-square-foot, 59-acre healthcare facility located at 480 Bedford Road in Chappaqua, N.Y.
The investment will leverage Atkins Companies’ decades of experience creating and managing modern healthcare facilities geared to the needs of today’s users with Denholtz Properties’ extensive capital markets and development experience to create an unmatched healthcare destination in the heart of Westchester County.
Currently anchored by Northwell Health’s Northern Westchester Hospital, the Medical Offices at Chappaqua Crossing is an important piece of the region’s healthcare delivery network. Northwell Health is New York’s largest healthcare provider and private employer with more than 81,000 employees. In addition to Northwell Health, Optum’s CareMount Medical, a network of physicians and care teams across New York, New Jersey and Southern Connecticut also has a significant presence at the property.
The Medical Offices at Chappaqua Crossing is a key piece of Chappaqua Crossing, a visionary reimaging of the former Reader’s Digest global headquarters in Westchester County, N.Y., one of the most desirable counties in the United States. The dynamic, mixed-use community features an upscale retail village with a recently constructed Whole Foods Market and Life Time Fitness, a diverse slate of housing options including a luxury Toll Brothers townhome community currently under construction, and a wide array of amenities including the Chappaqua Performing Arts Center.
“Over our history, our hands-on asset management approach has fostered successful relationships with many of the region’s most respected healthcare networks,” said Bob Atkins, Managing Partner of Atkins Companies. “We are excited to work with our partner, Denholtz Properties, to tap into the tremendous potential of this unique asset and help Northwell Health, Optum CareMount Medical and every tenant at the Medical Offices at Chappaqua Crossing expand their networks in the region.”
Steven Denholtz, CEO of Denholtz Properties added, “Our success has always been defined by our unique ability to find value-add opportunities where we can deploy our proven management and investment strategy. Working with Atkins Companies provides us with a rare opportunity to combine our complementary skill sets to drive results for our investors while creating an unparalleled center of healthcare excellence in New York.”
Chappaqua is a hamlet within New Castle, N.Y. boasting favorable demographics with an average household income of over $330,000 and an average home value of nearly $1.2 million. The community offers direct access to New York City via MetroNorth’s Harlem Line and regional connectivity via the Saw Mill River Parkway, Interstate 684 and Taconic State Parkway. Westchester County also features a highly educated population with over 52% of residents over the age of 25 having a bachelor’s degree or higher. In addition, the area features headquarters spaces for companies such as IBM, Regeneron, Pepsico and Mastercard.