A Minneapolis industrial real estate firm has purchased a 58-acre industrial park in Allen and plans to nearly double its size.
Meritex announced Thursday, Oct. 1, that it acquired 121 Technology Park, a Class A industrial park along State Highway 121, as first reported by Community Impact. The privately held firm plans to begin a second phase of construction in early 2027, according to a company news release.
No sale price was disclosed.
What's there now
Stillwater Capital developed the park's existing four buildings, which span about 371,000 square feet. The buildings are roughly 55% leased, according to the Meritex release. Current tenants include Amphenol Fiber Systems International, Globe Life, Xtera, Acis and Comba.
The spaces serve high-tech manufacturing, assembly, distribution and logistics users. Josh Barnes and Blake Troiani of Holt Lunsford Commercial are leading leasing efforts to fill the remaining space.
What's coming
Phase two will add three buildings. Once complete, the park will total about 740,000 square feet across seven buildings.
"Allen's growth, skilled workforce and extraordinary momentum along the 121 corridor made this a compelling investment for Meritex," Director of Acquisitions Drew Evans said in the release.
The acquisition grows Meritex's Dallas-Fort Worth portfolio to 1.6 million square feet.
Corridor context
The park sits along the SH 121 corridor, the focus of 121 North, a joint marketing initiative the Allen Economic Development Corporation (AEDC) and the McKinney Economic Development Corporation launched in May. More than 20 projects were actively under development or being planned along the corridor at the time of that launch, Community Impact reported.
AEDC President and CEO Dan Bowman said in May that the corridor represents about 5% of Allen's land mass but holds large economic potential. Other major Allen-side projects along SH 121 include The Farm in Allen, Sloan Corners and Kalahari.
Bowman called the Meritex acquisition a fit for the corridor's direction. The park's "flexibility … for advanced manufacturing, technology and industrial users complements the tremendous mix of office, residential, retail and entertainment investment taking shape around it," he said in the Thursday release.
