Avistone has closed on Renaissance Tech Centre, an 81,805-square-foot shallow-bay industrial park in Richardson, Texas. We acquired it 92% leased to 20 tenants, at roughly 35% below what it would cost to build today, with a business plan we have already executed a few miles down the road.
Income from day one, a basis that protects the downside, and a playbook with a track record: that is the combination we look for in every acquisition. Here is a closer look at the property, the market, and how we plan to grow its value.
Renaissance Tech Centre sits in Richardson, one of the most established business hubs on the US-75 corridor north of Dallas. Its suites house a diverse roster of local businesses, so no single tenant drives the property’s results.
| Metric | At acquisition |
| Size | 81,805 SF |
| Tenants | 20 |
| Leased | 92% |
| Historical occupancy | 91% |
| Basis vs. replacement cost | ~35% below |
The occupancy figures matter as much as the rent. A park that has held around 91% over time tells us demand for this kind of space is steady, not cyclical. Buying well below replacement cost means new construction would need far higher rents to compete with us.
Shallow-bay industrial is the small-suite end of the warehouse market: spaces built for the electricians, distributors, service companies, and light manufacturers that make up a local economy. It is our focus for three reasons.
Dallas-Fort Worth is a priority market for Avistone, and the US-75 corridor from Richardson through Plano to McKinney checks every box. “It has strong job growth, some of the fastest population growth in the country, and very little new shallow-bay supply,” said Brett McPherson, Vice President of Acquisitions. “Quality space for small-business tenants in Richardson is scarce, and our reinvestment will make Renaissance Tech Centre one of the most competitive properties in the submarket.”
We see more than 20% upside between current rents and market rents, and our plan is built to capture it in two steps.
This isn’t a theory. We ran the same plan at Central Park Business Center, also in Richardson, where occupancy rose from 59% to 81%.
“Renaissance Tech Centre is the kind of asset where hands-on ownership makes a measurable difference,” said Dan Culler, Chief Executive Officer of Avistone. “We acquired a well-leased industrial park at a meaningful discount to replacement cost, and we’re bringing a business plan we’ve already proven in Richardson. That gives us durable income from day one and a clear path to growing it for our investors.”
Renaissance Tech Centre is our second shallow-bay park in Richardson, and it reflects a pattern we intend to repeat: buy well-located, well-leased properties below replacement cost, then improve them with a plan we’ve already tested. Each acquisition sharpens our knowledge of the market, the tenants, and what it takes to win in this asset class.
Dallas-Fort Worth remains a priority, and we continue to evaluate opportunities that fit the same profile. We’ll share progress on Renaissance as the business plan unfolds. To follow along and hear about what comes next, subscribe to Avistone updates or reach out to our Investor Relations team.