Cumberland County IDA to sell Summerdale tract to Connecticut developer
The Cumberland County Industrial Development Authority has inked a deal to sell the Summerdale tract in East Pennsboro Township to Connecticut-based New England Retail Properties Inc. for mixed-use commercial and residential development.
New England Retail Properties could develop the 45-acre tract near Exit 65 of Interstate 81 with retail, office, and multifamily residential units after the sale closes sometime in the next couple months, said Jonathan Bowser, the economic development director for the Cumberland Area Economic Development Corp., which oversees the authority.
The authority didn’t yet have a closing date on the sale because the company was still doing its due-diligence on the property at the corner of Valley Road and First Street, Bowser said. The asking price was about $3.7 million, he said.
“They’ve already started to market the property, which is a good sign,” he said.
The Summerdale tract’s prospects as a private commercial property go back to 2004, but the state owned it until 2011 when it was sold to the industrial development authority for $2 million. In 2012, the authority renewed its search for developers, but the market was still soft for large-scale retail development.