DIG Sells Two Laguna Beach Industrial Buildings for $22M
Dornin Investment Group (DIG) has sold a pair of light industrial buildings for $22 million in a rarely traded section of Laguna Beach, CA. The assets, totaling just under 30,000 square feet are located on Laguna Canyon Road, just minutes from the city’s commercial district on the Pacific Ocean.
The CBRE team of Anthony DeLorenzo, Sammy Cemo and Bryan Johnson represented DIG in the sale to an international investor, and achieved 46% leveraged IRR and 2.45x Equity Multiple. Cemo noted in a news release, “Laguna Canyon Industrial is the best and most functional industrial incubator project along the Canyon. The project’s clear superiority allowed DIG to achieve such incredible rents, and why we were able to push pricing to an unprecedented level.”
In addition to DIG’s recent renovations such as parking lot and power upgrades, the facility is well known in the community for the Wyland whale mural that has been on the property since 1987.