Superior Development, which invests in land developments, RV parks and gaming properties, has executed a binding agreement to sell its majority interest to World Associates Inc. The company will acquire no less than 80% of Superior's stocks, according to World Associates' president, Randall Prouty. The transaction is valued at approximately $8 million, Prouty adds.
Once the transaction is completed, Superior's operations will continue to be handled by the company's current chairman, Howard Palmer, as well as Robert O'Leary, the firm's director and secretary. Company officials plan to build upon Superior's portfolio, which contains $7.5 million in real estate assets. Superior's current holdings include Heritage Gardens, a 177-unit housing development in Rosamond; Miracle Lake, a Rosamond site that is being developed into a 525-unit recreational vehicle park; and Valley Vista, a 96- unit multifamily project in Yucca Valley.
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