US-based investment banking firm Salem Partners has sold a Walgreens store in Honolulu, Hawaii, to a Korean investment firm for $42.25m.

Salem Partners is currently seeking entitlements to renovate the Kapiolani site, which was previously occupied by distressed properties.

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Despite the sale, Walgreens is set to continue operations at the 36,058ft² building under a long-term lease agreement.

“We are moving forward with the city and county planning department on an architecturally stunning project that will redefine the city’s skyline.”

Salem Partners managing director James Ratkovich said: “Walgreens is a great company and we are pleased it will continue to be our neighbour as part of a new hotel/condominium project we are proposing for the adjacent site.”

“We are moving forward with the city and county planning department on an architecturally stunning project that will redefine the city’s skyline.”

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Walgreens is a drugstore chain with more than 8,000 stores in all 50 states across the US, the District of Columbia, Puerto Rico, and the US Virgin Islands.

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In December 2014, the company merged with Alliance Boots to form Walgreens Boots Alliance, which resulted in a pharmacy-led, health and wellbeing enterprise.

In June, the company agreed to acquire 2,186 stores from Rite Aid for $5.175bn, after plans to take over the company fell apart due to antitrust concerns.