X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.