Salem Capital Partners forms joint venture to purchase and finance property in Honolulu, Hawaii

Client(s) Salem Capital Partners

Jones Day represented Salem Capital Partners in connection with the formation of a joint venture with Argosy Real Estate Partners, and the acquisition and financing by the joint venture of a property in Honolulu, Hawaii, from Walgreens of Hawaii. A portion of the property was leased back to Walgreens, pursuant to a long term lease. The balance of the property will be re-entitled for future development. Jones Day also represented the client with respect to a private placement conducted to fund a portion of its capital commitments to the joint venture.