The Meritex Company Acquires 121 Technology Park, a 371,000-Square-Foot Class A Industrial Asset in Allen, Texas
ALLEN, Texas — The Meritex Company, a privately held industrial real estate investment and management firm, has acquired 121 Technology Park, a 58-acre, Class A industrial park located at 859 State Highway 121 near Chelsea Boulevard in Allen, Texas. The acquisition was made in conjunction with Meritex Industrial Fund V, the company announced Oct. 1.
The park currently comprises approximately 371,000 square feet across four buildings and is approximately 55% leased to five tenants, including Amphenol Fiber Systems International and Xtera. Meritex plans to break ground on three additional buildings in early 2027, bringing the park to approximately 740,000 square feet across seven buildings at full buildout.
Deal Details and Leasing
Josh Barnes and Blake Troiani of Holt Lunsford Commercial are leading leasing efforts at the property, with additional leasing activity already underway. At the current occupancy level, roughly 204,000 square feet is leased and approximately 167,000 square feet remains available within the existing four buildings.
The property offers access to U.S. Highway 75 and the broader North Texas transportation network. The park is designed to accommodate high-tech manufacturing and assembly, distribution, logistics and other light industrial uses — a tenant profile that typically requires higher power capacity, modern clear heights and proximity to a skilled labor pool.
Amphenol Fiber Systems International holds an anchor position under a 10-year lease, and Xtera occupies approximately 21,200 square feet at the property.
Meritex Executives on the Acquisition
"121 Technology Park is a great fit for our investment strategy and our continued growth in North Texas," said Drew Evans, Director of Acquisitions for Meritex. "We look for high-quality, multi-tenant industrial properties in dynamic markets with strong long-term fundamentals. It is rare to find a project of this scale that offers existing cash flow, leasing upside and meaningful near-term development potential. Allen's growth, skilled workforce and extraordinary momentum along the 121 corridor made this a compelling investment for Meritex. We're actively looking for additional opportunities across North Texas that share these characteristics."
Ben Lieser, Regional Director at Meritex, added: "121 Technology Park's location, quality, and growth potential make it an excellent fit for our portfolio. 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."
Corridor Growth and Local Context
The acquisition comes as the State Highway 121 corridor through Allen and neighboring McKinney draws significant investment across commercial, residential, entertainment and hospitality uses. Earlier in 2026, the Allen and McKinney economic development corporations launched 121 North, a joint initiative to promote business growth and development along the corridor. Nearby projects include Sloan Corners and The Farm in Allen.
Dan Bowman, President and CEO of the Allen Economic Development Corporation, said the park plays a role in the city's ability to attract technology and manufacturing employers. "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," Bowman said. "We are pleased to welcome Meritex as a long-term investor in the City of Allen and look forward to working with their team as they launch the second phase of the park."
DFW Industrial Market Backdrop
The transaction takes place against a Dallas-Fort Worth industrial market that has moved from an exceptionally tight leasing environment toward a more balanced but still active one. DFW industrial vacancy declined for seven consecutive quarters from a peak of 11.1% in the third quarter of 2024 to 9.3% at the end of the second quarter of 2026. A separate market report placed second-quarter 2026 vacancy at 8.1%, down 20 basis points from the prior quarter and 110 basis points year over year, while estimating average industrial sales pricing at $147 per square foot and the average industrial cap rate at 6.2% in the first quarter. Average asking rents reached approximately $8.99 per square foot in the second quarter of 2026.
For Meritex, the acquisition provides immediate operating cash flow from the existing tenanted space while preserving the ability to capture lease-up and development upside as Phase II moves forward. Higher interest rates and elevated construction costs have made fully speculative development more difficult to underwrite across the market, making assets with existing tenants and developable land an increasingly sought-after combination.
With the addition of 121 Technology Park and the planned Phase II development, Meritex's portfolio across the Dallas-Fort Worth market grows to 1.6 million square feet.
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