Bankers Hill Development..

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.

Nicholas Totah, first vice president of investments in Marcus & Millichap’s San Diego office, represented both parties in the sale.

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