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Life Health > Health Insurance > Health Insurance

Molina to sell, leaseback offices

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LONG BEACH, Calif. (AP) — Molina Healthcare (NYSE:MOH) said Monday it completed a $158 million sale and leaseback of its corporate headquarters in Long Beach, Calif.

The corporate office was purchased in 2011 and includes two conjoined 14-story office towers on about five acres of land. The towers also include subsidiary Molina Health Care of California.

The deal with Angelo, Gordon & Co. also includes a Columbus, Ohio, office building acquired last year that serves as the principal health plan operations of subsidiary Molina Healthcare of Ohio.

Molina, a Medicaid coverage provider, had discussed possible sale and leaseback transactions in February.

The agreement with Angelo, Gordon & Co. gives Molina long-term leases for both properties. Angelo, Gordon & Co. will serve as the landlord and Molina as the tenant.

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