The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 1, 2023
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
South OC Industrial Asset Sells for Over $700/sf


Laguna Canyon Industrial, a two-building, 29.8k sf light industrial property in south Orange County, traded for $21.6 mil, or $724/sf. The buyer was an international high net worth investor.

The property is located at 2133-2147 and 2171-2183 Laguna Canyon Rd. It is just minutes away from Laguna Beach’s famous commercial district and is well known in the community for the Wyland Whale mural that has been at the property since 1987.

The buildings were sold by Dornin Investment Group (DIG), who recently completed renovations such as exterior painting, parking lot, three-phase power, awnings, tenant improvements, and landscaping upgrades. DIG acquired 2171-2183 Laguna Canyon Rd in August 2019 in an off-market transaction and then acquired the adjacent 2171-2183 Laguna Canyon Rd property in April 2021 through another off-market transaction for a combined purchase price of $11.85 mil.

Anthony Delorenzo, Sammy Cemo and Bryan Johnson with CBRE represented DIG in the deal. Mark Nicoletti of Allen Matkins was also involved in closing these sales. Ryan Harman, Kevin Bayless, and Jesse Knight of Lee & Associates Irvine, who sourced both the acquisitions, were landlord representatives for leasing and consistently maintained occupancy at or near 100% throughout the hold period while driving lease rate increases of nearly 70%. DIG achieved a 46% Leveraged IRR and 2.45x Equity Multiple with the property.

Cemo noted “Laguna Canyon Industrial is the best, and most functional industrial incubator project along the Canyon. DIG’s improvement program included modernizing the exterior, reconfiguring the suites to maximize the industrial functionality, and adding Phase 3 power to the project. The project’s clear superiority allowed DIG to achieve such incredible rents, and why we were able to push pricing to an unprecedented level.”

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2023 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media