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.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.