The 300-acre site close to the village of Appleby Magna would be built out with 3.6m sq ft of space.
It is estimated the scheme could create up to 170 construction jobs per annum during the build.
The plan involves five zones with construction expected to start on the first next year and finish in 2021.
The Midlands developer has amassed a land bank capable of delivering 17m sq ft of logistics and manufacturing space.
Still in the early stages, the new pipeline includes a number of significant strategic sites along the M42, including Peddimore, for which IM Properties was named preferred development partner by Birmingham City Council.