Industrial Park Development in Lewisville
Site preparations are underway for the second phase of Lewisville 121, a 1.8 million square foot industrial park north of DFW International Airport.
The project’s developer, Houston-based Transwestern, began construction on the first phase in the fall of last year. It promises to deliver three buildings totaling 1.1 million square feet — the lion’s share of the development — early next year.
The city of Lewisville paved the way for Transwestern to begin site preparation for the second phase in May, and the developer anticipates receiving the necessary permits to begin construction later this month.
“We have a great partner in the city of Lewisville, who has really gotten behind this project, and we’re developing for long-term success,” said Denton Walker, Texas regional partner with Transwestern Development Co.
D-FW Real Estate News
Project Overview
Four smaller buildings totaling 795,000 square feet will comprise the project’s second phase. The project is slated to finish in late 2026 or early 2027.
Marketing materials tout the development’s proximity to DFW Airport, access to Highway 121 and a large potential workforce as major draws.
Related: Developer Transwestern eyes new McKinney industrial park
Phased Development
Walker said the project’s two phases are intended for different tenants.
“Phase one is designed for larger tenants, while phase two will be for more medium-sized to smaller tenants,” he said. “They’ll lag each other 6-12 months, but the reason we’re building both is we’re taking advantage of good construction and material pricing.”
While land pricing has remained stubbornly flat in the Dallas market, Walker said the developer is taking advantage of declines in the price of steel and other materials.
Industrial Market Trends
Data from commercial real estate firm Cushman and Wakefield shows Dallas’ industrial market is recovering from frenetic post-pandemic supply and demand.
Although construction rates surged between 2022 and 2024, delivering over 140 million square feet of new inventory, only around 85 million square feet was nabbed by tenants during that time.
Walker said Transwestern is strategically building new industrial product in anticipation of a spike in demand.
“We’re building inventory for the perfect time to deliver in 2026 and 2027,” he said.
Transwestern’s Footprint in DFW
Walker noted the first phase of the developer’s McKinney project is 100% leased, with construction on the second phase beginning to wrap up.
Together with its project in North Fort Worth, Transwestern boasts a footprint in some of Dallas-Fort Worth’s hottest industrial markets.
As of the first quarter of 2025, the DFW Airport submarket currently has just under 3 million square feet of industrial real estate under construction — the highest figure for the Dallas market — with 2 million square feet absorbed so far and 11.7 million square feet of space currently available.
McKinney currently shows 1.3 million square feet under construction — the second highest rate in the Dallas area. Together, North Fort Worth and Alliance have 5.5 million square feet under construction.
Conclusion
In conclusion, the Lewisville 121 industrial park is a significant development in the DFW area, with its two phases catering to different types of tenants. The project’s proximity to DFW Airport, access to Highway 121, and large potential workforce make it an attractive option for businesses. With Transwestern’s strategic building of new industrial product, the company is well-positioned to capitalize on the anticipated spike in demand in 2026 and 2027.
FAQs
Q: What is the total size of the Lewisville 121 industrial park?
A: The total size of the Lewisville 121 industrial park is 1.8 million square feet.
Q: How many phases does the project have?
A: The project has two phases, with the first phase delivering three buildings totaling 1.1 million square feet and the second phase comprising four smaller buildings totaling 795,000 square feet.
Q: What is the expected completion date of the project?
A: The project is slated to finish in late 2026 or early 2027.
Q: What are the major draws of the development?
A: The development’s proximity to DFW Airport, access to Highway 121, and large potential workforce are major draws.
