New Jersey-based Matrix Development Group has signed an agreement to purchase 200 acres in the United Business Park off Interstate 81 near Shippensburg, according to the Cumberland Valley Regional Development Corp., a subsidiary of the Chambersburg Area Development Corp.
The 363-acre business park off Exit 24 in Southampton Township, Franklin County, has been on the market since 2002.
“We’ve gone through many ups and downs — mostly downs — but we’re beginning to see the payoff,” said David Sciamanna, CADC’s executive director, citing the last recession as a major development challenge.
Four land deals have fallen through over the last year in the business park.
Georgia Pacific, one of the world’s leading manufacturers of tissue, paper, pulp and packaging products and related chemicals, was considering the tract last year for a distribution facility before selecting ProLogis Park, near Exit 29.
CADC said it is hopeful this $14 million deal, which includes the land and some infrastructure, will close in August.
Matrix is planning two distribution centers on the tract. Both would be built on a speculative basis, according to CADC.
One lot is approved for up to 1.5 million square feet and the other lot is approved for up to 1 million square feet. Development is expected to take five to 10 years, according to CADC.
Matrix is currently marketing 75,000 square feet in Silver Spring Township, Cumberland County. It also owns the I-81 Logistics Center in Greencastle.
In addition to Matrix, Sheetz is under contract for land in the park. The convenience store chain is in the permitting phase and could settle on property in the second quarter of 2016, according to CADC.