Sterling Capitol and Marshalls CDP aim to transform the 12.5acre site at Capitol Park at Junction 37 of the M1.
The joint venture partners are working on a masterplan which will be launched on to the market within two months, they say.
The development, which has outline planning permission, will comprise industrial, warehouse and logistics units.
Mike Heydecke, director of Sterling Capitol, said: “We are delighted that a company of the calibre and pedigree of Marshalls CDP has decided to form a joint venture with us. This is a ringing endorsement of the potential of Capitol Park, Barnsley, which is now proving to be a popular location for quality businesses.
“As developers we have a proven track record in delivering highly successful business parks in prime motorway locations in Yorkshire.
“Capitol Park Leeds has revitalised its community and have created more than 1,600 jobs. I am delighted that Capitol Park Barnsley is proving equally successful.
The site features an office building, One Capitol Court. Tenants include Finance Yorkshire, Hargreaves Industrial Services and Kelda, a division of Yorkshire Water.
The scheme also includes a hotel, a pub and seven occupied units.
The site is part of Sheffield City Region Enterprise Zone, which offers incentives including enhanced capital allowances, business rate relief, fast-track planning and superfast broadband.