CBRE
Saxon Woods Medical Buildings
Westchester County, NY
Two-property, Value-Add Opportunity Anchored by White Plains Hospital (Moody’s Baa3) in Premier Westchester County, NY
THE OFFERING
Offer Price: Best Offer
Properties: 2
Total Size: 232,357 SF
Leased: 79%
Health System Tenancy: 3 (Of Portfola NRA)
WALT: 9.3 Years
In-Place NOI: Stabilized (Year 3) NOI:
Ownership: Leasehold
CBRE U.S. Healthcare Capital Markets is pleased to exclusively offer the opportunity to acquire the leasehold interest in the Saxon Woods Medical Buildings (the “Portfolio”, “Properties”, or “Buildings”), a two-property, 232,357 rentable square foot value-add investment opportunity located directly off the Hutchinson River Parkway in Harrison, New York. The Buildings are currently 79% occupied, with medical tenants making up 68% of the in-place occupancy. White Plains Hospital anchors the Portfolio tenancy in which they occupy 30% of the Portfolio NRA and 56% of the in-place medical tenancy with leases expiring in 2043. Saxon Woods is a leading off-campus medical location in the affluent and densely populated Westchester County, where there are high barriers to entry for medical competition. The property is highly visible and accessible from the busy Westchester artery, Hutchinson River Parkway, and Interstate 95, providing convenient access for the affluent patient base to make Saxon Woods their one-stop medical location.
Saxon Woods presents investors with a stable cash flow platform from existing leases, with an average remaining term of 9.3 years. Medical tenancy has significantly increased over the years and a new owner will have the opportunity to capitalize on recent medical leasing momentum and benefit from the continued healthcare demand in the region. Since 2022, more than $3.8 million has been invested in improvements to the Buildings, positioning the newly upgraded assets competitively in the market. The Saxon Woods Medical Buildings present an opportunity to acquire instant scale in the highly sought after Westchester County and #1 MSA in the U.S.
INVESTMENT HIGHLIGHTS
Anchored by Market-Leading Health System
Proximity to Market-Leading Hospital with Exceptional Financial Strength
Value-Add Opportunity to Capture Driving Outpatient Services and Medical Demand
Attractive Investment Basis Well Below Replacement Cost
Significant Recent Capital Investment
Growing Roster Of Synergistic Medical Uses
Highly Visible, Amenity Rich Location
Excellent Healthcare Demographics and Payor Mix
CBRE U.S. Healthcare Capital Markets
INVESTMENT SALES
Brannan Knott
+1 443 983 6039
brannan.knott@cbre.com
Chris Bodnar
+1 720 635 2653
chris.bodnar@cbre.com
Cole Reethof
+1 404 504 7864
cole.reethof@cbre.com
Corra John
+1 404 923 1528
corrarose.john@cbre.com
DEBT & STRUCTURED FINANCE
Zack Holderman
+1 858 337 9412
zack.holderman@cbre.com
Jesse Greshin
+1 860 808 4810
jesse.greshin@cbre.com
CBRE Greater New York City Metro Area
CAPITAL MARKETS
Jeffrey Dunne
+1 201 712 5841
jeff.dunne@cbre.com
Steven Bardsley
+1 203 352 8933
steven.bardsley@cbre.com
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