Land-Play's playbook is a disciplined four-stage ground-up development cycle that Hari Pullakhandam has executed nine times across multiple U.S. states:

• Stage 1 — Site selection: identify under-supplied submarkets with demonstrated tenant demand and favourable zoning. Acquire parcel outright with sponsor capital.
• Stage 2 — Entitlements: pursue site-plan approval and zoning with local jurisdiction; commission civil engineering, architectural, and traffic studies.
• Stage 3 — Construction capital raise: with land owned and entitlements underway, raise construction capital (debt + equity) from institutional or accredited-investor sources.
• Stage 4 — Build and stabilise: commence ground-up construction; pre-lease where possible; stabilise with anchor and in-line tenants; position for hold or sale at stabilisation.

Both current projects — Hutto and New Braunfels — are entering Stage 3. Land is owned outright, entitlements are under way, and construction capital is the next step.

The New Braunfels development is a $30M industrial flex project, co-led by Hari Pullakhandam and partner Alec McElhinny (alec@land-play.com · (202) 774-7777), positioned on the I-35 corridor between Austin and San Antonio. Three elements differentiate this project in the submarket:

• Fully HVAC'd flex space — rare in the corridor. Most comparable product is unconditioned. HVAC conditioning expands the tenant pool to include office users, light assembly, service businesses, and tech-adjacent occupiers who cannot tolerate unconditioned space.
• 120,000 SF footprint — sufficient to offer both small-bay (2,000–5,000 SF) and mid-bay (10,000+ SF) configurations, capturing both small-business and regional-operator demand.
• 3-acre outdoor yard — supports tenants requiring material storage, fleet parking, or exterior staging — a shortage in the corridor.

Leasing pro-forma anchor: comparable product in the corridor is leasing at ~$19 NNN. At stabilisation, 120,000 SF at $19 NNN produces $2.28M in gross rent — supporting construction debt with meaningful equity yield.

Execution status: Land acquired. Site plans and entitlements under way. 3-month acquisition-to-construction-commencement timeline feasible post-close. Targeted capital deadline: January 1, 2026.

New Braunfels — Industrial Flex:

• Small-bay tenants (2,000–5,000 SF): local service businesses, tradespeople, light assembly.
• Mid-bay tenants (10,000+ SF): regional distributors, e-commerce fulfilment, light manufacturing.
• Outdoor yard users: fleet operators, material storage, equipment staging — premium rate.
• Target stabilisation: 80%+ leased by month 15 post-commencement at ~$19 NNN.