Avistone buys Richardson industrial park in Dallas-Fort Worth

Avistone has acquired Renaissance Tech Centre, an 81,805-square-foot industrial park in Richardson, Texas, adding to its Dallas-Fort Worth footprint. The deal gives the firm 92% leased income on day one and a value-add plan tied to upgrades and suite reconfigurations.

Why it matters: - The acquisition expands Avistone’s Dallas-Fort Worth portfolio in a market with strong job growth and rapid population growth. - Renaissance Tech Centre’s 92% occupancy provides immediate cash flow from a diversified tenant base. - The property sits in a shallow-bay submarket with limited new supply, which can support rent growth and higher occupancy over time.

What happened: - Avistone acquired Renaissance Tech Centre, an 81,805-square-foot shallow-bay industrial park in Richardson, Texas. - The property is in the Dallas-Fort Worth metro, along the US-75 corridor north of Dallas. - The asset is 92% leased to 20 tenants at closing. - The deal adds another Richardson property to Avistone’s local playbook.

The details: - Renaissance Tech Centre is in Richardson, one of the most established business hubs in the corridor. - Avistone plans exterior updates that include new paint, signage and landscaping. - The firm also plans to reconfigure suites as they turn over. - Avistone will convert excess office space to warehouse space to fit shallow-bay users better. - The company has already used the same strategy at Central Park Business Center in Richardson. - Avistone said the property was bought at a meaningful discount to replacement cost. - Debt placement was arranged by JLL Capital Markets. - Wells Waller and Jack Britton led the financing effort for Avistone. - Avistone said the financing structure supports conservative leverage and long-term stability. - Avistone’s LinkedIn page is available for more information.

Between the lines: - Avistone is leaning into a familiar value-add model instead of a pure lease-up story. - The focus on shallow-bay industrial space reflects demand from small-business tenants that often need flexible, functional space. - Limited new supply in the corridor may give the company room to improve pricing and leasing terms after renovations.

What's next: - Avistone will begin exterior improvements and suite reconfigurations as tenants turn over. - The firm aims to make Renaissance Tech Centre more competitive in the Richardson submarket. - The acquisition is part of Avistone’s broader push in industrial assets across select U.S. growth markets.