Medical Offices at Chappaqua Crossing in Chappaqua, New York — Courtesy: Atkins Cos./Denholtz Properties
By Joshua Burd
Atkins Cos. and Denholtz Properties have teamed to acquire a 490,000-square-foot health care and medical office campus in Westchester County.
Located in the Chappaqua section of New Castle, around 25 miles from northeast Bergen County, the property at 480 North Bedford Road is anchored by Northwell Health’s Northern Westchester Hospital. The 59-acre campus is also home to Optum’s CareMount Medical, a network of physicians and care teams across New York, New Jersey and Southern Connecticut, adding to the appeal for the two New Jersey-based real estate firms.
They now plan to maximize their investment by leveraging Atkins’ longtime expertise in health care and medical office space and Denholtz’s capital markets and development experience, according to a news release. The joint venture did not disclose the purchase price.
“Over our history, our hands-on asset management approach has fostered successful relationships with many of the region’s most respected health care networks,” said Bob Atkins, managing partner of Atkins Cos. “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.”
The firms added that the property, the Medical Offices at Chappaqua Crossing, is a key piece of a plan to reimagine the former Reader’s Digest global headquarters. The mixed-use community has an upscale retail village with a recently built 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 range of amenities such as the Chappaqua Performing Arts Center.
They also cited the property’s role in the region’s health care delivery network, noting that Northwell Health is New York’s largest health care provider and private employer, with more than 81,000 employees. Additionally, they pointed to Chappaqua’s average household income of more than $330,000 and an average home value of nearly $1.2 million, while the hamlet has 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.
Other prominent employers and corporate tenants in Westchester County include IBM, Regeneron, PepsiCo and Mastercard.
“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,” said Steven Denholtz, CEO of Denholtz Properties. “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 health care excellence in New York.”