Atkins, Denholtz Pick Up 490 KSF Health-Care Asset

Medical Offices at Chappaqua Crossing. Image courtesy of Atkins Cos.

Atkins Cos., in partnership with Denholtz Properties, has acquired Medical Offices at Chappaqua Crossing, a 490,000-square-foot health-care facility in Chappaqua, N.Y. Summit Development sold the asset.

The property previously traded in 2005 when Summit bought it from Trusted Media Brands for $57.2 million, CommercialEdge data shows. The health-care facility also became subject to a $20 million loan in 2021, provided by Wells Fargo Bank.

Situated on a 59-acre plot, the facility originally came online in 1939 as Reader’s Digest headquarters and was most recently renovated in 2018. The Class B, four-story building is part of Chappaqua Crossing, a mixed-use community that also comprises residential units and retail space. Amenities include an on-site cafeteria, conference center, auditorium with 300 seats and a private executive dining club. The medical office component is currently anchored by Northwell Health’s Northern Westchester Hospital, while Optum’s CareMount Medical is also part of the roster.

The property is located at 480 Bedford Road, in the White Plains market, providing access to New York City through MetroNorth’s Harlem Line, Saw Mill River Parkway, Interstate 684 and Taconic State Parkway. Other medical facilities in the surrounding area include South Bedford Oral and Maxillofacial Surgery, Mt. Kisco Pediatric Dentistry and Northern Westchester Hospital.

According to CommercialEdge data, a total of 886,942 square feet, pertaining to 14 properties that are medical offices or include health-care facilities, traded across the White Plains market in the last 12 months. Atkins Cos. recently expanded its New Jersey footprint with a 70,140-square-foot medical office building, purchased from Gordon Realty Management.