Jones Lang LaSalle’s Capital Markets experts, along with Bermuda's luxury real estate experts Rego Sotheby’s International Realty, today announced they are marketing a 32-acre resort development site for sale on Bermuda’s South Shore. The South Beaches site was previously home to the iconic Sonesta Hotel and Beach resort.
Executive Vice President Joshua D. Gleiber and Senior Vice President Scott Cullen are leading the Jones Lang LaSalle team on this effort. The Rego Sotheby’s International Realty team is led by President Buddy Rego and Executive Vice President Penny MacIntyre.
“As the only freehold hotel and tourism property available in Bermuda, the South Beaches site is positioned to be the best resort development opportunity on the island,” said MacIntyre.
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.
The site is expected to attract significant international attention. “The international market for superior resort development sites is tracking the trend of Class-A product in other classes,” said Cullen.
Added Gleiber “Bermuda’s position as both a resort vacation destination and an international business center distinguishes it from other island nations. With close proximity to and short flights from key eastern U.S. and Canadian markets including New York, Boston, Washington, D.C., Toronto and Atlanta, Bermuda is especially popular with travelers and businesses from those locales.”
The Government of Bermuda also is keen on remaining a favored location for new international investment. Bermuda’s Minister of Business Development and Tourism Wayne Furbert conveys the view of the Government of Bermuda regarding the development of South Beaches, “We are fully committed to working with potential developers and investors who can contribute to the development, growth and sustainability of [Bermuda’s] Tourism industry, which is one of the critical pillars of our economy.”
In addition to business and beaches, Bermuda offers more world-class golf per mile than any other place on earth. “We are excited about the potential of the South Beaches site. It has a rich history of tourism activity and visitor satisfaction. The location is perfect for a first-class, modern tourism resort,” Minister Furbert added.
Additional information in this development opportunity can be found at www.southbeachesdevelopment.com.
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 is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.