HONOLULU — Colliers International has arranged the $42.3 million sale of a flagship Walgreens store located across from Ala Moana Center in Honolulu.
The single-tenant, net-leased property was sold by an entity affiliated with Salem Partners and Argosy Real Estate Partners. Tom Lagos of Colliers International spearheaded negotiations on behalf of the buyer, a Los Angeles-based Korean investment fund. The transaction was structured as a reverse 1031 exchange, which required the buyer to park a grocery-anchored property located in California with an Exchange Accommodation Titleholder (EAT). This enabled the buyer to purchase the Walgreens site now, and complete the sale of the grocery-anchored center — Hacienda Plaza — at a later date.