SAN RAMON — Sunset Development paid more than $170 million to grab the vast Chevron Park complex in the East Bay, a deal that keeps Chevron’s headquarters in San Ramon, public records show.
Chevron USA sold its campus on Bollinger Canyon Road in San Ramon for $174.5 million to Sunset Development, the principal owner and developer of Bishop Ranch Business Park, documents filed on Sept. 28 with the Contra Costa County Recorder’s Office show.
As part of the deal, Sunset Development, acting through affiliate BR6001, also obtained a $157 million loan from Chevron USA to help finance the purchase of the 92-acre property, according to the county public documents.
“This is an amazing opportunity for Sunset Development,” said Edward Del Beccaro, an executive vice president with TRI Commercial, a real estate firm. “Some of it could be life sciences. It could be housing.”
Plus, the location is ideal, experts say, noting that the property is near a major freeway interchange.
“There is nowhere else in Contra Costa County where you can develop 92 acres right next to the freeway,” Del Beccaro said.
Residential development might even wind up being preferable to modern offices since the office vacancy rate is 17.2% in San Ramon and 14.6% in the overall Tri-Valley region, according to Jeffrey Weil, an executive vice president with Colliers, a commercial real estate firm.
“Housing makes the most sense,” Weil said. “Even if people can’t afford to buy homes with the…