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OAKLAND, CA-Locally headquartered Embarcadero Pacific has acquired a Downtown property here that holds a 30,000-sf building but is entitled for an eight-story condominium building. Located at 311 2nd St. near Jack London Square, the property was previously tied up by Olson Co. of Seal Beach, CA, which brought the planned development through the approval process before opting not to close.

Embarcadero Pacific, which is led by Mike Reynolds, acquired the site for approximately $5 million. The seller is 311 2nd St. LLC, a single-purpose entity controlled by the family trust that owns American Plumping Supply and Myer Plumbing Supply, both based in Oakland.

The sale was brokered by Greig Lagomarsino and Ken Meyersieck, senior vice presidents with Colliers International. Meyersieck tells GlobeSt.com that after Olson Co. punted late in the game, Reynolds made the fair catch and now plans on scoring with his own project.

The site was approved for a 111-unit building. Reynolds is planning one that has 108 units but is otherwise within the scope already approved, Meyersieck says. The project is called City Lofts. Reynolds could not be reached Tuesday for comment.

Whether it will be for rent before it’s for sale was not immediately clear. A few blocks down the street at 125 2nd St., Reynolds earlier this year completed Aqua Villa, a 100-unit property that was developed as condos but is currently being operated as a luxury apartment property. Reynolds reportedly plans to convert the property to condos when market conditions for condominiums are more favorable.

The Jack London Square area has gained several new apartment developments recently, and some 300 condominium units are under construction. Reynolds’ property is adjacent to Ellis Partners $300 million, 15-year redevelopment of Jack London Square.

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