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Blue Cross buildings in downtown Helena sold, proceeds to health care foundation

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HELENA, Montana — A group of California investors have purchased three downtown Helena buildings.

The buildings were owned by Blue Cross and Blue Shield of Montana until the insurer was purchased by the Chicago-based Health Care Services Corp. in 2013. Under state law, when a nonprofit is sold, the proceeds must go to a nonprofit foundation with a similar mission.

The Montana Healthcare Foundation received $40.2 million from the sale of the company.

The buildings were listed at $8.4 million, but broker Mike Casey tells the Independent Record (http://bit.ly/1xuJskJ ) that the buyers didn't want to release the purchase price. The money from the sales also will go to the foundation, to provide grants for health care programs.

Blue Cross will lease two of the buildings for two more years until its new building east of Helena is completed. The state leases the other building.


Information from: Independent Record, http://www.helenair.com

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