The Medical Offices at Chappaqua Crossing is sold
The Medical Offices at Chappaqua Crossing, a 490,000-square-foot, four-story, 59-acre healthcare facility at 480 Bedford Road in Chappaqua, has been acquired for $40 million.
The property is based at the former headquarters of Reader”™s Digest and is anchored by Northern Westchester Hospital, part of Northwell Health. The financial terms of the transaction were not disclosed; Atkins Companies and Denholtz Properties acquired the property from Summit Development, which itself purchased the property for $57.2 million from Trusted Media Brands in 2005.
“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.”
“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,” added 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 healthcare excellence in New York.”