Monster Walgreens store on Kapiolani Boulevard sells for a near-record price

HONOLULU (HawaiiNewsNow) - The Walgreens store on Kapiolani Boulevard has sold for a whopping $42.3 million.

It's one of the highest sales prices for a Walgreens store in the company's history.

Salem Partners has sold the store to a Korean investment firm based in Los Angeles.

Salem Partners plans to redevelop 1500 Kapiolani Blvd., a parcel adjacent to Walgreens.

The 36,000-foot freestanding drug store will remain a Walgreens (and is under a long-term lease).

Salem is also behind a project that will bring back the Mandarin Oriental Hotel to Honolulu.

The 36-story, mixed-use tower slated for Kapiolani Boulevard will have gardens and public plazas.