Molina Healthcare closes on sale leaseback deal
Molina Healthcare completes $158M sale and leaseback of corporate headquarters, other building
LONG BEACH, Calif. (AP) -- Molina Healthcare 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.
Shares of Molina Healthcare Inc. gained 57 cents to $37.56 in morning trading.
