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News release

Jones Lang LaSalle Markets Calle Corazón for Sale in Playa del Carmen, Mexico

Mixed-use redevelopment opportunity brought to market in Mexico


PLAYA DEL CARMEN, MEXICO Sept. 12, 2011 – Jones Lang LaSalle has been retained to seek bids to acquire Calle Corazón, a mixed-use redevelopment site in the heart of Playa del Carmen. The 2,576 square-meter (27,727 square-foot) property is ideal for mixed use redevelopment.
Leading the Jones Lang LaSalle team on this assignment are Director of Jones Lang LaSalle Mexico, Hector Klerian and Vice President, Santiago Mancebo.

“This offering represents an exclusive opportunity for investors to capitalize on an unrivalled redevelopment opportunity in the heart of Playa del Carmen,” said Klerian. “Calle Corazón is zoned to accommodate a potential mixed-use renovation encompassing retail space, a 31 -key hotel and 27 condominiums. The directions the space can take are limitless.”

Calle Corazón is a landmark property located on the corner of 5th Avenue and 14th Street, in Playa del Carmen, Mexico. Just 60 kilometres (40 miles) outside of Cancun, Playa del Carmen’s unparalleled beaches, established retail district and rich history in the Mayan culture position it as a growing international tourist destination. The property currently operates 33 retail outlets, encompassing nearly 3,000 square meters (9,842 square feet) of prime retail space generating an attractive cash flow. The property’s potential will be fully realized when the redevelopment takes place, but it is expected that the disposition will generate upwards of $35M USD.
Jones Lang LaSalle has operated in Mexico for more than 28 years, with a regional headquarters office in Mexico City and additional offices in Monterrey and Tijuana. The firm’s service offerings in Mexico include: Consulting, Energy and Sustainability, Facility Management, Hotels, Industrial Services, Investment Management, Investment Sales and Acquisitions, Property Management, Resort and Development Consulting, Retail Services, Tenant and Landlord Representation and Valuation Advisory. Jones Lang LaSalle has approximately 1,500 employees providing real expertise throughout Latin America including Mexico. Jones Lang LaSalle operates out of the Caribbean Islands, Central and South America including: Argentina, the Bahamas, Brazil, Chile, Colombia, Costa Rica, Dominican Republic El Salvador, Guatemala, Haiti, Jamaica, Mexico, Panama, Peru, Puerto Rico, Trinidad and Tobago, Uruguay and Venezuela.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) 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 2010 global revenue of more than $2.9 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 1.8 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 $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.