STAR-ADVERTISER / FEB. 2015
The Walgreens Honolulu flagship store at the corner of Kapiolani Blvd. and Keeaumoku St. opened in Feb. 2015. Haeri Hacienda Plaza LLC is the new owner of land under the store.
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A Korean real estate investment firm has paid $42.3 million to become the landlord for a flagship Walgreens store in Honolulu.
Haeri Hacienda Plaza LLC is the new owner of land under the store at the corner of Kapiolani Boulevard and Keeaumoku Street, according to property records.
The company is managed by Dong Rok Oh and based out of Los Angeles.
An affiliate of Los Angeles-based Salem Partners LLC, Manaolana 1488 LLC, was the seller and announced the transaction Thursday.
Salem retained a parcel that contains a parking garage developed by Walgreens, and owns an adjacent office building previously anchored by Heald College.
Salem is trying to obtain city permits to build a roughly 35-story hotel and condominium tower on the old Heald building site, and has proposed to develop
68 affordable-housing units atop the Walgreens parking garage with EAH Housing. Walgreens retains use of some stalls in the garage.
Walgreens spent more than $39 million acquiring the two properties several years ago, and built its flagship store and parking garage, which opened in 2015. Salem later that year paid Walgreens $73.5 million for the combined sites with an agreement to lease back the store site to Walgreens. Haeri Hacienda now owns the store site minus the parking garage with the continuing lease to Walgreens.
