Majestic Realty Co., City of Industry, and the Bankers Life Co. have entered into an "exclusive right to negotiate" agreement with the City of Industry Urban Development Agency for the purchase and development of the 189-acre Fairway Business Center, located between Fairway Drive and Lemon Avenue.
The developers were selected from among more than 100 bid proposals submitted last October to the agency. Each of the bidders was required to submit a $100,000 deposit; purchase price was $27,778,365.
The City of Industry is in the process of signing a disposition agreement with Majestic Realty Co. and its partner that is expected to be ratified by Thursday. Plans for the new business park call for a wide range of tenants.