Chevron to Sell Off California Properties : Real estate: Sale by San Francisco oil giant includes more than 4,300 acres in Orange County.

Chevron Corp. said Friday it will sell all its remaining California real estate holdings and refocus business on its oil interests, a move that will result in the sale of notable properties in Huntington Beach, La Jolla and Ontario.

Chevron said it has begun marketing its 40,000 acres of California real estate as well as a number of office and industrial buildings, and hopes to sell them by the end of the year if it can obtain satisfactory prices.

The San Francisco-based oil giant refused to disclose the value of its real estate holdings, but said the properties generated $184 million in revenue last year.

Up for sale is more than 4,300 acres of Orange County real estate, including its 450-acre master-planned Seacliff/Seagate community in Huntington Beach. Other Southern California properties include Torrey Pines Science Park, an 85-acre research park for the biotech industry in La Jolla, and the Ontario Center, former site of Southern California’s Ontario Motor Speedway and now a retail, hotel and residential development.

All of the properties are held by Chevron Land & Development Co., Huntington Beach Co., Pacific Coast Homes and a number of affiliated companies.

“Our land and development group is a successful business that has recorded a profit every year since its inception in the mid-1960s,” said Chuck Hartquist, Chevron Land’s president. “However, we believe this business may not fit with the long-term strategy of the corporation, which is to grow Chevron’s oil and gas businesses.”

Two-thirds of the company’s real estate portfolio is located in Orange County, where it owns about 900 acres in Huntington Beach, 2,400 acres of undeveloped land in Coto de Caza and 1,000 undeveloped acres in Coyote Hills.