Downtown LA's Catalina swimwear building trades for $20,050,000

As reported by Karen Jordan @BisnowLA

After receiving multiple offers and only being on the market for two weeks, the Catalina Building downtown (443 San Pedro St) in the Toy District sold for $20M. We spoke with Investment Real Estate Associates SVP William Everitt to get the exclusive story on the deal.

Statewide Corp paid $20M for the building, or $217 per SF, which William calls a tremendous bargain. The property is eligible for adaptive reuse, he says. The new owners plan to take the existing combination of work lofts and live/work lofts and turn them into 80 live/work lofts by adding bathrooms and kitchens to the property. The goal is to restore the former headquarters of Catalina Swimwear, which was built in 1923, to its original glamour.

The property, across the street from the Little Tokyo Lofts, was originally designed by William Douglas Lee, noted for designing the Chateau Marmont. Encapsulated terra cotta stonework under the building's stucco will be restored to its “original downtown luster," William says.

William, along with his brother, Clark repped the buyer and seller of the Catalina Building.