A managed care company is selling a satellite location and leasing the property back.

Health Net Inc., Los Angeles, says it has agreed to sell a 68-acre commercial campus in Shelton, Conn, to Dacourt Group Inc., Burlington, N.C., for about $90 million, then continue to occupy the property as a tenant rather than as an owner.

Under the terms of the sale-leaseback deal, Health Net will lease 327,000 square feet of office space on the campus for 10 years, Health Net says.