Chevron Sells Katy Acreage as Former Growth Plans Fade
HOUSTON – (Realty News Report) – Chevron USA has sold 103 acres at Clay Road near the Grand Parkway to Landmark Industries of Houston. Chevron acquired the property about five years ago during the go-go days of the oil business.
The buyer, Landmark, a group affiliated with Kent Brotherton, subsequently sold 78 acres of the property to Indianapolis-based Duke Realty, which plans to build more than 1 million SF of industrial space on the site.
The Katy sale isn’t the only retreat by Chevron, which has laid off hundreds of employees in recent years. Chevron is also selling its 30-acre Bellaire complex on Loop 610. Chevron’s Bellaire employees have been relocated to downtown. Chevron has been a major force in downtown Houston where it is housed in two buildings that were formerly occupied by Enron. When the downtown Houston office market struggled following the evaporation of Enron, Chevron’s move to occupy former Enron space was the key to the CBD office market recovery.
The Chevron buildings in Bellaire are expected to be placed on the market by the incoming buyer, SLS Properties, as multi-tenant space for lease.
Sept. 10, 2018 Realty News Report Copyright 2018