Updated April 14, 2026 from live pro forma. No LP investors — BBM/Landowner JV only. Active tenants: QT, Big League Car Wash, Bubble Bath. No PSA yet — negotiating via Brett/Bryce Gissler.
| Lot | Use | Acres | $/SF | Net Proceeds |
|---|---|---|---|---|
| 1 — Hard Corner | QSR/Gas/C-Store | 2.0 | $52 | $4,349K |
| 2 — I-35 Frontage | QSR/Drive-Through | 1.5 | $45 | $2,823K |
| 3 — I-35 Frontage | Car Wash | 1.2 | $40 | $2,007K |
| 4 — I-35 Frontage | QSR/Coffee | 1.5 | $40 | $2,509K |
| 5 — Kohl. Frontage | Multi-Tenant Strip | 2.5 | $30 | $3,136K |
| 6 — Kohl. Frontage | Hotel/Hospitality | 2.0 | $24 | $2,007K |
| 7 — Interior | Medical/Office | 3.0 | $20 | $2,509K |
| 8 — Interior | Large Format/Gym | 4.0 | $17 | $2,844K |
| 9 — Interior/Rear | Multi-Tenant/Flex | 2.3 | $14 | $1,347K |
| Gross Sale Proceeds | $24,511K | |||
| Tier | Landowner | BBM / HSRE | Notes |
|---|---|---|---|
| Tier 1 (70/30 BBM/LO) | 70% | 30% | Until BBM earns 2.5× its capital ($1,305K pool) |
| Tier 2 (10/90 BBM/LO) | 10% | 90% | Until LO earns 1.2× land value ($10,800K pool) |
| Tier 3 (50/50) | 50% | 50% | All remaining proceeds — equal split |
The new Costco adjacent to this parcel is one of the strongest demand generators in retail real estate. Retail follows Costco — pad sites and out-parcels near Costco locations command significant premiums over comparable non-anchored locations.
Market data: Texas suburban Costco-adjacent retail pad transactions, 2023–2026 comparables. New Braunfels and Kyle among fastest-growing Texas metros on I-35 corridor.