Hari-P Capital · Land-Play is a commercial real-estate development sponsor led by Hari Pullakhandam, targeting two supply-constrained Texas submarkets with shovel-ready developments. The current capital raise of $51M is split across two fully-owned sites — the $40M+ Hutto retail-medical development (Austin MSA) requesting $32M, and the $30M New Braunfels industrial flex development (I-35 corridor) requesting $19M.

The investment thesis rests on three pillars: (1) Texas submarket velocity — Hutto and New Braunfels are among Austin's and San Antonio's fastest-growing edge markets, with medical office, retail, and HVAC-conditioned flex space all tenant-demand constrained; (2) execution readiness — the sponsor already owns both parcels outright, entitlements and site plans are in progress, and the target construction commencement is within 3–6 months of close; and (3) sponsor track record — nine completed industrial, flex, and retail projects across multiple states with individual project sizes ranging from $1.2M to $8.9M, giving Land-Play an established playbook for executing on schedule and on budget.

The combined $70M+ development pipeline is positioned to deliver stabilised cash-flowing assets in two of the strongest Texas growth corridors with a conservative development timeline and demonstrated sponsor execution.

Land-Play (land-play.com) is the commercial real-estate development brand of Hari Pullakhandam. Over the course of nine prior completed projects, the firm has operated in industrial, flex space, and retail development — across several U.S. states — with individual project sizes ranging from $1.2M to $8.9M.

Land-Play's operating model is deliberately ground-up development with full ownership and control: the firm acquires the target parcel outright, pursues entitlements through local jurisdictions, commissions civil and architectural design, and then raises construction capital against a fully de-risked land position. Both current pipeline projects — Hutto and New Braunfels — are at this exact stage: land acquired, entitlements under way, construction capital being structured.

The Texas commercial real-estate market, particularly along the Austin-San Antonio I-35 corridor and in Austin's outer-ring suburbs, has remained one of the most resilient CRE markets nationally through the 2023–2025 repricing cycle. Key structural drivers underpin both projects:

• Population migration — Hutto and New Braunfels rank among the top U.S. suburbs for population growth, driven by intra-Texas moves and out-of-state relocations.
• Medical office shortage — the Austin MSA is structurally undersupplied for specialty and multi-tenant medical office space, with ambulatory care networks expanding aggressively into outer-ring suburbs.
• Industrial flex demand — fully HVAC'd flex bays (combining office, light industrial, and small-bay warehousing) are in acute shortage along I-35, with small-business occupiers unable to find move-in-ready space.
• Retail absorption — Hutto's residential growth has outpaced retail development, leaving local consumers driving 10–15 minutes for basic needs.
• Exit market liquidity — both submarkets support institutional buyer demand at stabilisation (Class-B retail trades at 6.5–7.5% cap rates; flex trades at 7–8%).