Real Estate
Buyer Pays $4.25M For Aging Bankers Hill Office Properties
The two-property office portfolio is located at 4th & Redwood in Bankers Hill.
February 27, 2023
A two-property office portfolio, 4th & Redwood in Bankers Hill, has been sold for the combined sale price of $4.25 million, according to a real estate brokerage.
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Nick Totah, senior vice president, investments of the Totah Group in Marcus & Millichap’s San Diego Downtown office, represented the seller of the property at 3115 Fourth Ave., the David and Janice Stevens Revocable Trust.
The 3131 Fourth Ave. property was listed by Eric Jones of Pacific Sotheby’s International, on behalf of the seller, the KAC Trust. Totah procured the buyer, Charles Jadallah, who purchased the portfolio.
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The two-story, 2,650-square-foot office building at 3115 Fourth Ave. was built in 1980 on a 4,986-square-foot parcel. Previously occupied by a law office, it sold for $2.15 million.
The other structure, built in 1951, is a single-story, 2,238-square-foot office building on a 5,002-square-foot parcel. Fully occupied by the seller as an insurance and law office, the second property sold for $2.1 million.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.
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