Jones Lang LaSalle’s Capital Markets experts, along with Bermuda's luxury real estate experts Rego Sotheby’s International Realty, today announced the sale of a 32-acre resort development site on Bermuda’s South Shore. The South Beaches site was previously home to the iconic Sonesta Hotel and Beach resort. A family-owned international capital group led by Peter Green and his sons, Alexander and Andrew Green, has purchased the site from a United States-based financial institution. The Green family also purchased the Fairmont Hamilton Princess in 2012.
Executive Vice President Joshua D. Gleiber, Senior Vice President Scott Cullen and Vice President Justin Bates led the Jones Lang LaSalle team on this effort. The Rego Sotheby’s International Realty team was led by President Buddy Rego and Executive Vice President Penny MacIntyre.
The site attracted significant international attention during the marketing process. “The combination of the location of the site, its superior characteristics and the renewed interest by international investors in high-quality, resort development sites resulted in tremendous investor interest,” said Cullen.
Added Gleiber, “The focus by the Bermudian government on attracting the international development community and its renewed concentration on attracting international tourists assisted with our marketing efforts. We applaud the government’s efforts – both the prior administration and the current one – and thank them for their efforts in executing the transaction with the Green family.”
MacIntyre affirmed, “This is an exceptional acquisition as the only freehold hotel tourism property recently available in Bermuda and we are pleased the South Beaches site is in the hands of the Green family who continually demonstrate their commitment and dedication to Bermuda’s success.”
Andrew Green stated, “We were attracted to the long-term viability of the South Beaches site due to its location in Southampton and its natural beauty.”
The 32-acre site includes three private pink sand beaches tucked into bays protected by Bermuda’s distinctive rocky shoreline. The southern facing hillside and bluffs on the property’s peninsulas include building sites with elevated views of the Atlantic Ocean and direct access to the beach areas. The site is currently entitled for 88 residential units--47 of which are available for purchase by non-Bermudians--and a resort hotel.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Rego Sotheby’s International Realty
Established in 1949, Rego Sotheby’s International Realty is Bermuda’s oldest real estate firm and leader of Bermuda’s luxury real estate market. As a member of the elite Sotheby’s International Realty global network of more than 11,700 sales associates located in approximately 550 offices in 44 countries and territories worldwide, the team of Rego Sotheby’s International Realty enjoys referral opportunities and widened global exposure in top markets around the world, in addition to an association with the Sotheby’s auction houses and clientele. For further information, please visit www.regosothebysrealty.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.