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IRVINE, CA-Lennar Homes of California Inc. and LNR Property Corp. have closed on their previously reported $650 million purchase of four parcels at the 3,718-acre former El Toro Marine Corp. base, according to Colliers Seeley International. A Colliers Seeley team led by W. Bret Hardy and Patrick C. Remolacio acted as the marketing agents for the US General Services Administration and the Department of the Navy in the disposition of the base property.

The former military property is now known as Heritage Fields and is slated to be the site for 3,400 homes, 2.6 million sf of R&D space, two retail commercial centers, a college campus, the city’s first cemetery, a golf course and 1,375 acres of public land that are expected to be developed at the former military facility. The Lennar-LNR acquisition set the record for the highest price ever paid for a closed military installation.

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 as the GSA’s marketing agent.

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