121 Technology Park, a 58-acre industrial park in Allen, has a new owner that is looking ahead to the development’s next phase of growth.
Minneapolis-based industrial real estate firm Meritex announced the acquisition of the Class A industrial park Oct. 1. 121 Technology Park is slated to see another phase of development kick off in 2027, per a company news release.
The specifics
The industrial park, which was developed by Stillwater Capital, currently includes four buildings that span a total of about 371,000 square feet. The spaces accommodate a variety of light industrial uses including high-tech manufacturing, assembly, distribution and logistics.
The existing buildings are about 55% leased, the release states. Current tenants include Amphenol Fiber Systems International, Acis, Comba, Globe Life and Xtera. Leasing efforts are underway to fill remaining spaces, per the release, and are being led by Josh Barnes and Blake Troiani of commercial real estate company Holt Lunsford Commercial.
“121 Technology Park’s location, quality, and growth potential make it an excellent fit for our portfolio,” Meritex Regional Director Ben Lieser said in the release. “We look forward to supporting the existing and future tenants through a local, hands-on approach and delivering the responsive and professional customer service that Meritex is known for.”
A second phase of development on the property is slated to begin in early 2027 and will add three more buildings. Once built out, the industrial park will include about 740,000 square feet of space across seven buildings, according to the release.
The context
The industrial park is located along the SH 121 corridor between Allen and McKinney, an area that is slated to see ongoing investment and development of commercial and residential projects as well as entertainment and hospitality uses. The area is the focus of 121 North, a joint initiative of the Allen Economic Development Corp. and the McKinney Economic Development Corp. that launched in May to highlight growth, development and major projects along the SH 121 corridor.
“121 Technology Park plays an important role in the continued evolution of the [SH] 121 corridor and in Allen’s ability to attract innovative employers and quality jobs,” AEDC President and CEO Dan Bowman said in the release. “The flexibility of this industrial park for advanced manufacturing, technology and industrial users complements the tremendous mix of office, residential, retail and entertainment investment taking shape around it.”
Other major projects along the corridor include The Farm in Allen, Sloan Corners and Kalahari on the Allen side, as well as Cannon Beach, 121 Commerce Park and the VENU Sunset Amphitheater on the McKinney side.
“121 Technology Park is a great fit for our investment strategy and our continued growth in North Texas,” Meritex Director of Acquisitions Drew Evans said in the release. “We look for high-quality, multi-tenant industrial properties in dynamic markets with strong long-term fundamentals. … Allen’s growth, skilled workforce and extraordinary momentum along the 121 corridor made this a compelling investment for Meritex.”
With the property acquisition and planned second phase of development, the company’s Dallas-Fort Worth portfolio grows to 1.6 million square feet, the release states.