The acquisition of the Kerry Technology Park is to be completed over the coming weeks.
The announcement was made by Chief Executive of Kerry County Council Moira Murrell.
The purchase of the Technology Park from Shannon Commercial Properties by the local authority and IT Tralee has been in the pipeline since 2015.
The park was locally managed under Shannon Development but after the latter’s abolition two years ago passed into the ownership and management of Shannon New Co.
There were previous unsuccessful solo bids by IT Tralee to buy the park.
The deal forms a major part of Kerry County Council’s remit to promote economic and community development.
The council also plans to progress the three Greenway projects in the county along with the redevelopment of the former Denny’s site at the Island of Geese, Tralee and to redevelop the former Pretty Polly site in Killarney and Neodata site in Listowel.