TBI ACQUIRES THREE CAMPBELL BUILDINGS

Toeniskoetter & Breeding, Inc. Development has acquired three adjacent office buildings located between Winchester Boulevard and Camden Avenue in Campbell. The three one-story buildings at 743, 745 and 747 Camden Ave. total 61,056 square feet and were acquired from a partnership owned by the family of the late Howard J. White III, Vice President Dan Amend of TBI Development announced.

DAN AMEND NAMED DIRECTOR OF CHILDREN’S DISCOVERY MUSEUM

Daniel T. Amend, Vice President of Toeniskoetter & Breeding, Inc. Development (TBI Development), has been appointed to the Board of Directors of the Children’s Discovery Museum. Mr. Amend also has joined the museum’s Committee on Exhibits & Programs, which is developing the “Art Loft,” a new art studio for children 4 to 10 years old for which TBI is making a significant contribution.

TBI DEVELOPMENT SEEKS GROCER FOR COCHRANE ROAD PROJECT
Morgan Hill Approves 8-Acre Madrone Village Retail Center

MORGAN HILL — Toeniskoetter & Breeding Inc. Development (TBI Development), is seeking a specialty grocer such as Trader Joe’s or Whole Foods Market to anchor the new 75,000-square-foot Madrone Village retail center in Morgan Hill. President Brad Krouskup said TBI Development representatives and Cornish & Carey Commercial’s retail team have begun discussions with several major retailers. In addition to the grocer, they consider an office products store, other specialty retailers and a restaurant to be appropriate for the location at the intersection of Cochrane Road and Madrone Parkway, one block west of Highway 101.
Morgan Hill Mayor Dennis Kennedy heartily endorsed the Madrone Village
site.

“There continues to be overwhelming community support in Morgan Hill for a specialty grocery store like Trader Joes or Whole Foods Market,” the mayor said. “In fact, many, many local citizens recently participated in a mailing campaign to Trader Joe’s to try to persuade them to open a Morgan Hill store. There is phenomenal growth on the north side of the city due in part to the development of Coyote Valley, and Madrone Village would be a wonderful location for a specialty grocery store. This location will certainly provide an excellent opportunity for many other retailers as well."

Trader Joe's, based in Monrovia, California, operates more than 200 specialty stores in some two-dozen states and is expanding rapidly. Its stores of 10,000 to 12,000 square feet are known for private-label foods and other goods and low prices. Whole Foods Market, based in Austin, Texas, says it is the world's largest retailer of natural and organic foods, with164 stores throughout North America and the United Kingdom. Its stores comprise 45,000 to 55,000 square feet.

“Cochrane Road is a strong retail area with the potential for considerable growth,” Krouskup said. “The demographics are extremely favorable. The daytime population within a mile of this location is nearly 10,000. The average household income within a five-mile radius is $120,000. Each day 105,000 cars drive by the intersection on the freeway, and 26,000 cars use Cochrane Road.

“The big box discount centers located at the Gilroy outlets and retail stores at Highways 152 and 101 provide large-scale destination-oriented consumer-goods shopping. However, there are few opportunities to serve Morgan Hill residents and the growth areas north of Morgan Hill in Coyote Valley.”

Cornish & Carey brokers working on the retail center include James Randolph, Sean O’Carroll and Danielle Bromstead. All are in the Santa Clara office.
“Strong demand for additional retailers still exists along Cochrane Road on the highly desirable west side of the freeway,” O’Carroll said. “The City would certainly like a specialty grocery store. What’s even more important, the city can support it.”

The retail center will be located on land now vacant at the northwest corner of Cochrane Road and the Madrone Parkway at the entrance to TBI Development’s 110-acre Madrone Business Park. The Madrone Village retail center is a joint venture of TBI Development and Madrone Land Corp., the historical owners of the property.

Returning a specialty grocer to Cochrane Road would be in keeping with Morgan Hill history, for fruit and vegetable stands used to line the street when it served through traffic by connecting Monterey Road with the freeway that had been built only from Morgan Hill south.
A Courtyard by Marriott and a Marriott Residence Inn have been built on the northeast corner of the intersection of Cochrane Road and Madrone Parkway. A Chevron service station is also located there, and an In-N-Out Burger restaurant is scheduled to open there in the spring.

The 110-acre Madrone Business Park is located on the north side of Cochrane Road between Highway 101 and Monterey Highway. Madrone Business Park is a development of TBI-Mission West LLC, an entity formed by TBI development in conjunction with Berg & Berg Enterprises and Mission West Properties, a publicly traded real estate investment trust (REIT).

Founded in 1983, Toeniskoetter & Breeding, Inc. Development has developed some 2.5 million square feet of buildings, manages a portfolio of two million square feet and serves as managing general partner for a number of diversified real estate properties throughout Santa Clara and Santa Cruz counties. Previous projects include the 30-acre Cochrane Business Ranch, which is adjacent to the Madrone Business Park; 450 West Santa Clara Street, the O’Connor Health Center and the western headquarters for Integrated Circuit Systems, all in San Jose; Gateway Square in Campbell and Granite Creek Business Center in Scotts Valley.