Chevron Sells 1.7 Million Square Feet of Holdings

Chevron Corp. said Monday that it has completed the sale of 1.7 million square feet of its California land holdings to a real estate partnership controlled by Morgan Stanley Group.

Terms of the sale to Morgan Stanley Real Estate Fund II LP weren’t disclosed.

San Francisco-based Chevron announced last year that it had begun marketing real estate assets in order to focus on expanding its worldwide oil, gas and chemical operations. The holdings include Torrey Pines Science Park, an 85-acre research park in La Jolla.

More sales will be announced later this year, Chevron said.

Orange County home builder Christopher Gibbs teamed up with Morgan Stanley to purchase 450 acres at the master-planned Seacliff/Seagate community in Huntington Beach. Last week, Lennar Corp. of Miami bought 2,200 acres of Coto de Caza from Chevron Corp. and will take over as manager of the large gated community in South County.