Blue Cross sells Eagan headquarters in leaseback deal
Blue Cross Blue Shield and Blue Shield of Minnesota has sold its Eagan headquarters to a New York investment firm for $152.9 million, according to a Star Tribune story posted today.
The complex comprises six buildings, though the deal with W.P. Carey and Co. also includes properties in Aurora and Virginia. BCBS will then lease back the properties, the W.P. Carey said in an announcement on Jan. 30.
“The acquisition of these properties represents what we believe will be a solid income producing addition to the CPA:17 – Global portfolio,” said W.P. Carey Managing Director Gino Sabatini in a press release.
Pamela Sedmak, chief financial officer for BCBS of Minnesota, said in the release that “a long term sale-leaseback was the logical financing option for redeploying the illiquid capital tied up in our real estate holdings” to “enable us to improve the health and wellness of our members and all Minnesotans.”
Neither W.P. Carey nor BCBS would confirm the sale price, the Star Tribune story said, but that reporter acquired the value from Finance and Commerce, which cited records from the Dakota County assessor’s office.
-Aaron Vehling, Thisweek Newspapers