Salem Sells Flagship Walgreens in Hawaii
A Korean investment firm purchased the retail asset for $42.3 million. Salem is pursuing entitlements to redevelop the adjacent site to the store into a hotel/condominium project.
By IvyLee Rosario
Salem Partners sold its flagship Walgreens in Honolulu to a Korean investment firm for $42.3 million. This sale marks one of the highest prices for a store in Walgreens history.
The company is pursuing entitlements to redevelop the adjacent site to the store, located at 1500 Kapiolani Blvd. Walgreens will continue to occupy the 36,058-square-foot space under a long-term lease.
Future Development
Salem Partners is utilizing the city’s new Interim Transit-Oriented Development ordinance with two new projects. In addition to the adjacent Walgreens development, the company is working on the nearby Mana’olana Place, a 36-story mixed-use tower with extensive gardens and public plazas, located at 1695 Kapiolani Blvd.
“We are moving forward with the city and county planning department on an architecturally stunning project that will redefine the city’s skyline,” said James Ratkovich of Salem Partners, in prepared remarks.
Photo courtesy of Salem Partners
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