A large industrial property that was once the manufacturing heart and largest employer in Carlisle may soon have a new owner.
CB Richard Ellis, a commercial real estate firm, announced Thursday that the vacant 48-acre International Automotive Components property on Spring Road is now under a sale agreement.
The sale of the complex, which includes more than 873,000 square feet of usable building space and rail access, isn't expected to close until at least mid-October, according to Joe McDermott, the firm's senior vice president.
He would not comment on who is buying the former Lear and C.H. Masland & Sons plant, a site that opened in 1919 and employed as many as 3,500 people during World War II.
IAC spokesman David Ladd said the company expects to know by mid-November whether or not there is a deal. He also would not disclose any details about the prospective buyer.
The Masland family, the original owner, sold the plant to Lear Corp. in 1996. IAC then acquired it in April 2007 and announced its plan to close the plant in October 2008.
The facility employed more than 600 people as recently as February 2007. IAC closed the doors in Carlisle for the final time on Dec. 12, 2008.
Anthony Amadure, business development specialist at Cumberland County Economic Development, has fielded a number of inquiries regarding the IAC property over the past two years.
He also said Thursday that he couldn't release the name of the buyer, because of a confidentiality agreement signed by all parties.
However, he did say there are "multiple" companies interested in partnering with the "local organization" buying the property to redevelop the site in the future.
"We're excited that it's about to close," said Amadure, who expects the sale to close by the end of this month.
At the county level, he said, Recovery Zone bonds are still available through the economic stimulus package to help with redevelopment of the site.
The Recovery Zone bond program was set up by the federal government to promote job creation and investment within distressed and underutilized areas.
State and local financing may also be available, he said.
"There are no definite plans in place," Amadure said about redevelopment of the site.