Downtown L.A. is gearing up for another mixed-use development. Statewide Acquisition, a development company based in Newport Beach, purchased a six-story building at 443 South San Pedro Street for $20.1 million, according to CoStar.
Records show the seller of the 92,538-square-foot facility in the Toy District was a trust connected to Debra and Roger Cowan of Beverly Hills-based landlord company Rockdyne Enterprises.
Statewide, which focuses primarily on residential facilities, plans to turn the building into a complex with 78 apartments and office space. It has set its sights on a historical restoration for the 1923-built structure known as the Catalina Building, including the removal of a stucco on the ground floor to highlight its original terra cotta.
The buyer also plans to add a rooftop gym.
Investment Real Estate Associates’ William and Clark Everitt represented both the buyer and seller in the deal, according to L.A. Downtown News. [LADN] — Cathaleen Chen