Investment Thesis
Central Park Business Center offered a rare opportunity: a well-located infill industrial asset in one of the country’s most dynamic industrial markets, trading at a meaningful discount to replacement cost. At acquisition, the property was just 59.2% occupied and showed the hallmarks of deferred ownership — a misaligned suite mix, neglected exteriors, and significant upside left on the table.
Avistone saw what others didn’t. Rather than a troubled asset, we identified a repositioning opportunity with a clear path to value creation through targeted capital investment and a leasing strategy built around what tenants in this submarket actually want: functional, warehouse-oriented space.
Before
After
Before
After
Value-Add Execution
Investment Thesis
Central Park Business Center offered a rare opportunity: a well-located infill industrial asset in one of the country’s most dynamic industrial markets, trading at a meaningful discount to replacement cost. At acquisition, the property was just 59.2% occupied and showed the hallmarks of deferred ownership — a misaligned suite mix, neglected exteriors, and significant upside left on the table.
Avistone saw what others didn’t. Rather than a troubled asset, we identified a repositioning opportunity with a clear path to value creation through targeted capital investment and a leasing strategy built around what tenants in this submarket actually want: functional, warehouse-oriented space.
Results
59.2% → 81.2%
Occupancy increased across the asset
20% → 40%
Warehouse composition of the portfolio
↑
Accelerated leasing velocity and meaningfully improved tenant quality
↑
Asset repositioned as a higher-quality, institutional-caliber operating property
Accelerated leasing velocity and meaningfully improved tenant quality
Before
After
Investment Takeaway
The Avistone Playbook
Buy below replacement cost. Reposition with purpose. Drive occupancy.
Central Park Business Center is a clear demonstration of Avistone’s core competency: identifying underperforming industrial assets, executing disciplined value-add improvements, and driving measurable occupancy and income growth. Located directly across the street from Renaissance Tech Centre, Central Park also validates our conviction in the broader Richardson submarket. The playbook proven here — buy below replacement cost, reposition with purpose, drive occupancy — is the same approach we bring to every acquisition.
Property Details
Location
Richardson (Dallas), TX
Size
74,769 SF
Acquired
May 2024
Submarket
Richardson / Dallas
At-a-Glance
Acquisition Discount
~25% below replacement
Occupancy at Entry
59.2%
Current Occupancy
81.2%
NOI Growth
+20%
Suites Reconfigured
6 office → warehouse
Warehouse Mix
20% → 40%
Interested in how Avistone creates value through industrial repositioning?