Market Pricing Summary
New Braunfels Commercial Land — Current Benchmarks
$140–$200K
Avg. $/Acre — General Commercial (Landsearch, 2026)
$12–$20 PSF
QSR / Hard Corner Pad Sites (Crexi, 2025–26)
$183K/ac
Watson Ln Industrial/Commercial Comp (17.8ac, 2024)
5.5–6%
QSR NNN Cap Rates, Central TX (Terry Dale, 2025)
Comparable Land Transactions — NB / Comal County
| Property | Size | Price / Acre | Date | Status | Notes |
|---|---|---|---|---|---|
| Kohlenberg Rd Tract Loopnet listing (subject area) |
~30 ac Hard corner |
Subject Property | 2026 | Subject | Hard corner adjacent to Costco/Mayfair. BBM acquisition target. |
| Watson Lane Tract New Braunfels, TX 78130 |
17.775 ac | $182,841/ac ~$3.25M total |
2024 | Closed | Industrial/commercial zoning. Strong industrial demand in NB corridor validates land basis. |
| Stone Crossing Retail Pad A1 Loop 337, New Braunfels TX 78132 |
2.67 ac | ~$555K/ac $12.75 PSF listed |
2025–2026 | Active | Anchored retail pad site. Comparable to Kohlenberg individual pad exit pricing. |
| New Braunfels City Land Acquisition City Council approved June 2024 (Community Impact) |
Up to 100 ac | $200K/ac $20M for ~100ac |
June 2024 | Closed | City paid $200K/ac for economic development land — sets a floor for institutional land values in NB. |
| IH-35 Commercial Corridor Listings KW Commercial SA / LandAndFarm |
Various 1–5 ac | $250K–$600K/ac IH-35 NB corridor |
2024–2026 | Active | Prime IH-35 frontage commands a premium. Kohlenberg Rd with Costco adjacency should approach upper range. |
| 9800 FM 812, Austin TX SE Austin ETJ corridor (LoopNet) |
5.47 ac | ~$384K/ac Listed $2.1M, Jul 2025 |
July 2025 | Active/Comp | Austin ETJ near Tesla/ABIA. Comparable suburban growth corridor pricing — supports $300–500K/ac for entitled NB commercial. |
| Mayfair Master Plan Commercial New Braunfels — Costco anchor (MySA, Feb 2026) |
Multiple pads | $400K–$800K/ac Estimated implied |
2025–2026 | Comp | $37M Costco broke ground Sept 2025. Adjacent commercial pads in Mayfair command premium multiples as anchor validates corridor. |
Sources: Loopnet, Landsearch, Crexi, Community Impact NB, MySA, KW Commercial SA, Land and Farm. $/acre estimates are based on listed prices and published closed transactions. Actual closed comps from CoStar/CAPCOG not available without subscription.
QSR & Retail Tenant Expansions — New Braunfels / Central TX
🐔 Chick-fil-A
Actively Expanding NB
New drive-thru location announced Jan 2026 at 2808 Sophie Lane, NB. Construction targeting completion Nov 2026. 5,271 SF. Chick-fil-A requires ~1.5–2ac pads.
☕ Dutch Bros
National Expansion 2026
Dutch Bros grew revenue ~30% in 2025 and has aggressive 2026 expansion plans across Central TX. Small footprint (~0.5–0.75ac) at hard corners near rooftops — ideal fit for Kohlenberg.
🍗 Raising Cane's
100+ New Locations 2025
Raising Cane's opened 118 locations in 2024 and plans 100+ in 2025. Building new $2.5M Austin location at Great Hills Trail. NB growth corridor is a strong fit for their suburban strategy.
🛒 Costco
Under Construction, NB
$37M Costco broke ground Sept 2025 in Mayfair master plan. On track for 2026 opening. Confirms Kohlenberg corridor's retail critical mass. Traffic generation will benefit adjacent hard corners.
🏘️ NRP Group
Adjacent MF Buyer
Institutional MF developer active in Austin/NB region. BBM relationship established through Slaughter Park transactions. Potential buyer for any MF component at Kohlenberg.
🍔 7Brew / Others
Expanding TX
7Brew Coffee (acquired by Blackstone) and other drive-thru concepts actively expanding in growth corridors. Small pad requirements (0.5–0.8ac) fit Kohlenberg's retail pad program.
⛽ QT (QuikTrip)
✅ Confirmed Interest
QT has confirmed interest in a Kohlenberg pad site. Ideal for Lot 1 (Hard Corner, 2.0ac, $52/SF) or Lot 2 (I-35 frontage). QT stores drive strong traffic and premium pad values.
🚗 Big League Car Wash
✅ Confirmed Interest
Big League Car Wash confirmed interest. Ideal fit for Lot 3 (I-35 Frontage, 1.2ac, $40/SF, Car Wash use). Car wash operators actively seeking I-35 corridor sites near traffic generators.
🛁 Bubble Bath
✅ Confirmed Interest
Bubble Bath confirmed interest in Kohlenberg. Service retail operator for the I-35 frontage lots. Strong tenant demand validates the retail pad thesis.
Key Market Intelligence
New Braunfels is One of TX's Fastest-Growing Cities
New Braunfels has ranked among the fastest-growing cities in the US multiple years running. Population growth of 50%+ over the last decade. The Mayfair master plan (1,900 acres) is entering its critical build-out phase in 2026, with Costco as anchor.
Costco Effect — Retailer Validation Drives Land Values
The "Costco Theory" is well-documented — Costco anchors drive rapid appreciation in adjacent commercial land. Black Label Real Estate Advisors notes "massive growth" for NB following the Costco announcement. Kohlenberg's hard-corner position within the Mayfair influence zone captures this premium.
Cap Rates Compressing in Central TX Retail
Prime Central TX retail deals are trading at 5.5–6% cap rates. NNN QSR pads (Chick-fil-A, Dutch Bros) command sub-5% in prime locations. This supports strong exit pricing for individually-sold pads within a Kohlenberg development program.
Infrastructure Investment Validating NB Corridor
City of New Braunfels paid $200K/acre for up to 100 acres of economic development land in June 2024. Municipal investment of this magnitude at public land auction pricing confirms institutional-grade demand for NB commercial sites.
Kohlenberg Valuation Thesis
Entry basis: At the deal model's ~25ac basis, and assuming $140–200K/ac current land value for raw commercial ground in New Braunfels, the land basis appears attractive relative to market. However, the real value creation is in the entitlement and pad subdivision — comparable QSR pads in NB trade at $12–$20 PSF ($520K–$870K/acre equivalent), implying a 2.5–4x value creation multiplier through entitled pad delivery.
Hard corner premium: Kohlenberg sits directly across from the new Costco (235 Kohlenberg Rd), making this one of the best-positioned commercial sites in New Braunfels for QSR and neighborhood retail. Comparable Costco-adjacent pads nationally command 20–40% premiums vs. similar-distance non-anchored sites.
Exit strategy: Individual pad sales to QSR tenants (land lease or fee simple), bulk MF land sale to institutional buyer, or phased retail development. All three exit options have active buyer pools in the NB market as of Q1 2026.