Molina Healthcare, Inc.
Western Reserve served as a co-advisor and placement agent to Molina Healthcare, Inc. (NYSE: MOH) in its sale and lease back of its corporate headquarters in Long Beach, California and satellite office in Columbus, Ohio. Molina closed the transaction on June 13, 2013, conveying both properties to AG Net Lease Acquisition Corp., the dedicated net lease group of Angelo, Gordon & Co., for $158.6 million in proceeds. The transaction was led by Managing Director Victor Faris, supported by Associate Matthew Reus and Analyst Andrew Foster.
Molina Healthcare, Inc., a FORTUNE 500 company, provides quality and cost-effective Medicaid-related solutions to meet the health care needs of low-income families and individuals and to assist state agencies in their administration of the Medicaid program. Molina’s licensed health plans in California, Florida, Michigan, New Mexico, Ohio, Texas, Utah, Washington, and Wisconsin currently serve approximately 1.8 million members, and Molina’s subsidiary, Molina Medicaid Solutions, provides business processing and information technology administrative services to Medicaid agencies in Idaho, Louisiana, Maine, New Jersey, and West Virginia, and drug rebate administration services in Florida. More information about Molina Healthcare is available at www.molinahealthcare.com.
“We were delighted to represent Molina and to work with McKinney Advisory Group and Molina’s management team on this transaction,” said Mr. Faris. “This partnership allowed Molina to cost-effectively monetize the value of its real estate and is a great outcome for both parties.”
“We thoroughly enjoyed working with Western Reserve Partners, McKinney Advisory Group and Molina on this sale lease back. We look forward to a long and mutually beneficial relationship with all of the involved parties,” said Fort Parker, a Director at Angelo, Gordon & Co.
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