HOUSTON — Chevron Corp. (NYSE: CVX) will relocate its headquarters from San Ramon, a suburb of San Francisco, to Houston. The oil-and-gas giant, which already employs about 7,000 people in the Houston area, intends to relocate certain executives, including chairman and CEO Mike Wirth, to the Bayou City before the end of the year. Chevron’s existing office footprint in Houston includes multiple spaces in the downtown area and a presence in the Westchase District. The company also purchased 77 acres within the Bridgeland master-planned community in the northwestern suburb of Cypress last year with plans to construct a research-and-development campus.
HOUSTON — A partnership between Standard Real Estate Investments, a development and investment firm with offices in Los Angeles and Washington, D.C., and locally based firm Investment & Development Ventures (IDV) will develop Veterans Memorial Business Park. The 463,000-square-foot speculative industrial project will be located in northwest Houston and will consist of three front-load buildings that will span 219,000, 151,000 and 93,000 square feet. The buildings will feature 32-foot clear heights and will be able to accommodate users with requirements as small as 46,000 square feet. Construction is scheduled to begin in the fourth quarter. JLL arranged the partnership between the two developers.
SEABROOK, TEXAS — Green Courte Partners, a private equity real estate investment firm, has acquired Chesapeake Bay, a 348-unit active adult community in Seabrook, located just south of Houston. The property offers a mix of apartments and cottages. Amenities include a pool, fitness center, business center, craft room, game lounge, putting green, hair and nail salon, theater and a dog park. The firm’s wholly owned operating platform, True Connection Communities, will manage the property. The seller and sales price were not disclosed.
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $19.1 million construction loan for Villas at Bardin, a build-to-rent residential community that will be located in the central metroplex city of Grand Prairie. Homes will feature a mix of unit types and will be furnished with quartz countertops, stainless steel appliances, walk-in closets and full-size washers and dryers, as well as two-car garages and individual yards. The borrower is Dallas-based Republic Property Group. The number of units and a tentative completion date were not disclosed.
DALLAS — Law firm Cooper & Scully PC has signed a 47,900-square-foot office lease renewal at Founders Square in downtown Dallas. The seven-story 274,010-square-foot building at 900 Jackson St. was originally constructed in the early 20th century as a warehouse for the Higginbotham-Bailey-Logan Co. dry goods company and was converted to office use in 1984. Rhett Miller and Sam Bass of Stream Realty Partners represented the landlord, Charter Holdings Inc., in the lease negotiations. John Ellerman and Jeff Ellerman of CBRE represented the tenant.
NEW YORK CITY — Douglaston Development has received financing for a $190 million affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and house 277 units. The financing includes $83.4 million in tax-exempt bond proceeds and $17.4 million in subsidies allocated by The New York City Housing Development Corp. The New York City Department of Housing Preservation & Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is expected to be complete in 2027.
REVERE, MASS. — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $40 million loan for the refinancing of SpringHill Suites by Marriott Boston Logan Airport Revere Beach hotel. The 168-room hotel is located on the eastern outskirts of the city near the Wonderland MBTA public transit station. HREC Investment Advisors arranged the loan, which carried a two-year initial term with three one-year extensions. The borrower was not disclosed.
LOS ANGELES — Cityview and Wafra have acquired Silva, a newly constructed, Class A apartment community in the Silver Lake neighborhood of northeast Los Angeles. The seller and price were not disclosed. Silva is currently vacant and recently received a temporary certificate of occupancy. The new owners plan to lease the community as construction is finalized and a permanent certificate of occupancy is obtained. Located at 235 N. Hoover St., Silva offers 221 studio, one-, two- and three-bedroom floor plans featuring nine-foot ceilings and floor-to-ceiling windows with views of downtown Los Angeles, Griffith Park Observatory, the Hollywood Sign and the Santa Monica Mountains. Units feature full-size washers/dryers, smart thermostats, and kitchens with quartz countertops, high-end fixtures, high-end appliances and full-height tile backsplashes. Select units offer walk-in closets and private oversized balconies or patios. Community amenities include coworking space, a large deck, resort-style pool and spa, a club room with arcade games and a private screening room, programmatic outdoor space, a double-height fitness center and outdoor dining areas with firepits and barbecues. Additional amenities include a dog run, green space, secure storage areas and electric vehicle charging stations. Chris Tresp and Derrek Ostrzyzek of CBRE brokered the transaction. Westhome, an affiliate of …
ENGLEWOOD, COLO. — Libitzky Property Cos. has completed the sale of Rampart Center, a two-building asset in Englewood, just south of Denver. River Rise Capital acquired the asset for $18 million. Located at 7173 and 7245 S. Havana St., Rampart Center offers 100,455 square feet of office/flex space spread across two buildings. The single-story properties were originally built in 1999 and have gone through recent improvements, including the addition of a fitness center. At the time of sale, Rampart Center was 94 percent leased to five tenants in a variety of industries, including government services, healthcare, engineering and co-working. Larry Thiel and Sean Whitney of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.
SPARKS, NEV. — CapRock Partners has purchased two industrial properties totaling 177,100 square feet in Sparks, just east of Reno. An owner-user sold the assets for an undisclosed price in an off-market transaction. The 94,000-square-foot building at 120 Greg St. features eight dock-high doors and three grade-level doors. Initially constructed in 1995, the building is currently divided into four suites ranging in size from approximately 20,000 square feet to 27,000 square feet. Located at 250 Greg St., the second, 83,1000-square-foot building offers three dock-high doors and eight grade-level doors. Constructed in 1980, the building was expanded in 1995 and 2001 and offers suites ranging in size from 9,000 square feet to 36,000 square feet. CapRock plans to renovate the two buildings and implement extensive capital improvements to enhance functionality. Planned renovations include adding storefronts, building new offices, refreshing existing offices, installing LED lighting, new interior and exterior building paint, and improvements to the site’s parking lots and landscaping. Brian Armon, Tony Machabee and Derek Carroll with NAI Alliance facilitated the transaction.