CABO SAN LUCAS, MEXICO-One of the last large parcels of undeveloped land on the southern tip of the Baja Peninsula has come on the market. An American investment group is selling 981 acres in Cabo Del Este on the east cape of Cabo San Lucas for $100 million.

Cabo San Lucas is becoming an increasingly exclusive destination for American tourists and second-home owners. A two-and-one-half hour flight from Los Angeles, the area draws visitors primarily from California, Texas, and Arizona. With a booming tourist industry, the amount of developable land has shrunk as luxury resorts and condominium developments have flourished.

Johnson Capital is marketing the Cabo Del Este parcel for its American owners, who had bought it in hopes of developing it three years ago. The current owners have a complete business plan in place for a low-density, high-end eco-friendly development. In addition, they secured all the necessary entitlements and permits from the local government, according to John Purvis, senior analyst with Johnson Capital Mexico. He tells Globest.com that a buyer could adopt that plan or devise a new one.

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