New Jersey-Based Firms Acquire Chappaqua Medical Complex
Real Estate In-Depth | April 11, 2023
CHAPPAQUA—Atkins Companies of West Orange, NJ and Denholtz Properties of Red Bank, NJ announced recently 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.
The firms stated 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. No financial details of the transaction were disclosed.
The property is currently anchored by Northwell Health’s Northern Westchester Hospital. 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 complex.
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.
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.”
On March 29, Atkins Companies announced the acquisition of the Washington Medical Arts Building, a 70,000-square-foot medical office building located at 405 Hurffville Cross Keys Road in Washington Township, N.J.
Located in the heart of Gloucester County, the Washington Medical Arts Building is a two-story, Class-A building that is currently leased to a variety of healthcare and wellness tenants including Weisman Children’s, Rowan Medicine, Select Surgical Center and Jefferson Health.