The first four buildings at 121 Technology Park in Allen have a new owner.
Meritex Co., a Minneapolis real estate investment firm, bought the roughly 371,000-square-foot industrial complex from an affiliate of Dallas-based Stillwater Capital Investments, which developed it, CRE News reported Oct. 2. Terms were not disclosed. The buildings, about two years old, sit on a 58-acre site.
The Dallas Business Journal, which reported the sale Oct. 1, said Meritex plans a significant expansion of the park. Details of that plan were not public as of Friday morning.
What is there now
121 Technology Park sits along the Sam Rayburn Tollway, with direct access to State Highway 121 about half a mile from U.S. 75. Stillwater has marketed the site as Class A flexible industrial and technology manufacturing space, with units ranging from about 20,000 to 148,000 square feet and ceilings 28 to 32 feet high.
The developer's plans called for the park to grow beyond the first phase. Marketing materials for the project describe a build-out of more than 735,000 square feet across seven buildings, roughly double what Meritex just bought.
