HSRE Hub — Kohlenberg

📍 Current Status

🔴 No PSA yet — Deal in negotiation. No signed purchase agreement.
🟡 Next step: Gissler (Brett/Bryce) call to landowner rep (Chris) — week of April 6. BBM preparing for that outreach.
🟡 Site: Adjacent to new Costco at 235 Kohlenberg Rd. ~34.6 acres, Parcel 71705. Strong retail/MF fundamentals.
🟢 Waterfall model built — 3-tier milestone-based waterfall with landowner (T1 70/30, T2 10/90, T3 50/50). No preferred return. Landowner proposal draft filed to OneDrive.
🟢 BBM returns (mid case) — $7.587M total | 14.53× equity multiple | ~1,130% IRR on $522K soft costs.
🟢 Active tenant interest: QT (confirmed), Big League Car Wash, Bubble Bath.

✅ Action Items

John/Brett Gissler call to landowner rep (Chris) — week of April 6. Prepare Scenario A materials.
Atlas Confirm identity of "Chris" (landowner rep) with Brett Gissler
John ALTA + topo survey authorization — needed to advance diligence once PSA signed

👥 Key Contacts

Brett Gissler	Edge RE (landowner rep)	bgissler@edge-re.com · 512-632-2753
Bryce Gissler	Bridge Realty Partners	bg@bridgerealtypartners.com · (469) 560-4423
Jeff Hopkins	Edge RE	jhopkins@edge-re.com
Craig Biggar	BBM Partner	cbiggar@highside-re.com
Kent McNeil	BBM Partner	kmcneil@highside-re.com

💰 Deal Economics (F&F)

Entity: BBM 2025, LLC (John Burns / Kent McNeil / Craig Biggar — 33.33% each)
Structure: 3-tier milestone-based JV waterfall — NO preferred return
JV Basis: $9,522,000 ($9M land + $522K BBM soft costs)
Tier 1 (70/30 BBM/LO): Until BBM earns 2.5× its capital ($1,305,000 pool)
Tier 2 (10/90 BBM/LO): Until landowner earns 1.2× land value ($10,800,000 pool)
Tier 3 (50/50): All remaining proceeds split equally
Net profit (mid case): $14,989,212
BBM return: $7,587K total | 14.53× equity multiple | ~1,130% IRR
Landowner return: $15,944K total | 1.77× multiple | ~41.4% IRR
Active tenants: QT (confirmed interest), Big League Car Wash, Bubble Bath

📬 Recent Activity

Mar 31 Gissler call TODAY 9am CT — Brett + Bryce + Jeff Hopkins confirmed
Mar 30 Bryce Gissler asked for formulated spreadsheet version
Mar 30 John directed Atlas to update pro forma after promote split feedback from Kent/Craig
Mar 30 Brett Gissler confirmed call, reviewed materials
Mar 31 Promote split sensitivity (5 scenarios) completed and sent to Kent/Craig
Mar 31 Landowner proposal draft + waterfall timeline filed to OneDrive