DTLA - Downtown has seen another big transaction, this time in the Toy District. Statewide Corp., a Newport Beach-based real estate management and development company, bought the six-story, 92,538-square-foot building at 443 S. San Pedro St. from an undisclosed private owner for $20.5 million.

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Statewide will turn the 1923 building into 78 live/work lofts, with improvements including new bathrooms and kitchens. The edifice, also known as the Catalina Building, was designed by architect William Douglas Lee, who designed the Chateau Marmont. Work will include removing stucco from the ground floor façade to reveal original terra cotta, adding a rooftop gym and possibly putting up a sign for the Catalina Swimwear Company as a way of honoring the structure’s history. Statewide is currently doing a seismic survey of the site, and no launch date for the redevelopment has been announced. William and Clark Everitt of Investment Real Estate Associates represented both the buyer and seller in the deal.

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