A vacant Bankers Hill commercial building has been sold for nearly $2.2 million with plans to tear it down to make room for a new multifamily project.
Charles Jadallah, a private investor from the San Francisco Bay Area, bought the 5,000 square-foot building at 3100-3106 5th Ave. from The Lillian A. Mallen Family Trust.
Until last year, the two-story building was home to The Caliph Bar.
The Buyer plans to develop the property along with adjoining parcels into multifamily project.
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Nicholas Totah, first vice president of investments in Marcus & Millichap’s San Diego office, represented both parties in the sale.
