Aliso Viejo-based Lennar bought the El Toro land through Heritage Fields LLC, which it had formed for the acquisition. Besides Lennar Homes of California and LNR Property Corp., the LLC includes capital investment firms Rockpoint Group LLC of Boston and San Francisco, Blackacre Institutional Capital Management LLC of New York and MSD Capital LP of New York.
The former Marine Corps base was named Heritage Fields as part of an online auction in which the US Navy offered the property for sale in four parcels, with the General Services Administration's San Francisco office acting as the Navy's real estate sales agent and Colliers Seeley International as the GSA's marketing agent.
The sale of the former Marine base property comes nearly three years after Orange County voters in 2002 voted against turning the base into a commercial airport. The vote ended a fierce fight that had raged for years as some factions favored a commercial airstrip and others fought the idea. The base was closed in 1999.
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