MADRONE VILLAGE SHOPPING CENTER OPENING

Toeniskoetter & Breeding Inc. Development (TBI Development) will open the first phase of the 80,000-square-foot Madrone Village Shopping Center, President Brad Krouskup announced. The four initial businesses there will be South Valley National Bank, Peet’s Coffee & Tea, FedEx Kinko’s and Chipotle Mexican Grill. Together the four will occupy more than half the space in the four-building, 28,000-square-foot first phase.

TBI DEVELOPMENT NEARING COMPLETION OF BARRACUDA NETWORKS HEADQUARTERS

TBI Development is nearing completion of a new headquarters in Campbell for Barracuda Networks, a rapidly rising creator of spam firewalls and web filters. Founded in 2002 and operating in 43 countries, Barracuda is expected to move in June into a 61,424-square-foot building at 3175 Winchester Blvd. managed by TBI Development for the Bryan Family Partnership, reports TBI Development Senior Vice President Dan Amend.

TBI DEVELOPMENT’S MADRONE VILLAGE SHOPPING CENTER OPENING IN MAY WITH FOUR WELL-KNOWN BUSINESSES

MORGAN HILL – In May, Toeniskoetter & Breeding Inc. Development (TBI Development) will open the first phase of the 80,000-square-foot Madrone Village Shopping Center, President Brad Krouskup announced. The four initial businesses there will be South Valley National Bank, Peet’s Coffee & Tea, FedEx Kinko’s and Chipotle Mexican Grill. Together the four will occupy more than half the space in the four-building, 28,000-square-foot first phase.
“These four, well-known businesses will generate a great deal of activity from the day the center opens,” Krouskup said. “They also create a standard for the kind of high quality tenants that we seek. We and Cornish & Carey Commercial’s retail teams are negotiating with several other well-known retailers for space in the buildings.”

South Valley National Bank, which has existing branches on Santa Teresa Boulevard in Gilroy and on Tennant Avenue in Morgan Hill, will occupy a 5,200-square-foot building at the corner of Madrone Parkway and Cochrane Road one block west of Highway 101. South Valley National Bank is a subsidiary of Pacific Capital Bancorp, a NASDAQ-listed, multi-community bank holding company with 48 branches and $7 billion in assets. Other Pacific Capital banks are Santa Barbara Bank & Trust, First National Bank of Central California Valley, San Benito Bank, Pacific Capital Bank and First Bank of San Luis Obispo.

Peet’s Coffee & Tea (NASDAQ) is a specialty coffee roaster and marketer of fresh, deep-roasted whole bean coffee and hand-selected tea based in Emeryville. The company started in Berkeley in 1966, operates company stores in several metropolitan areas and sells products through gourmet stores and online.

FedEx Kinko’s is an office and printing services company owned by FedEx Corp., a NYSE-listed company that operates the Federal Express freight business. FedEx Kinko’s recently added online direct mail and online printing of documents to its business-oriented services.
Chipotle Mexican Grill, also NYSE-listed, opened its first upscale burrito and taco store in 1993 and today operates more than 570 of them. Based in Denver and operating in most states, Chipotle pioneered an industry category now called “fast-casual.” It is the fastest growing segment of the restaurant industry where customers expect food quality that’s more in line with full-service restaurants, coupled with the speed and convenience of fast food.

          Krouskup said the Cochrane Road location was so attractive and the shopping center design concept so sound that TBI Development started construction on a speculative basis without signed tenants. The locational benefits include frontage on a major corridor connecting Monterey Highway, downtown Morgan Hill and 101 and proximity to major business parks. Madrone Village Shopping Center lies adjacent to the Madrone Business Park and Cochrane Business Ranch, with 700,000 square feet of existing floor space and 1.1 million square feet at full development. Across Cochrane Road, the 400-acre Morgan Hill Ranch is the largest business park in Silicon Valley. Madrone Village Shopping Center is located across Madrone Parkway from the Marriott Residence Inn, Courtyard by Marriott, Chevron Station, In-N-Out Hamburgers and Denny’s.

          The first phase is opening on schedule, with construction provided by TBI Construction and Construction Management, Inc. of San Jose. Phase 2 will be a free-standing building of approximately 50,000 square feet constructed on a build-to-suit basis for a major grocery, drug store or other retailer of consumer goods.   

          In addition to the South Valley National Bank building, Phase 1 of Madrone Village consists of a 5,011 free-standing building at the corner of the Cochrane Road entrance, an 11,500-square-foot building at the corner of Cochrane and Madrone Parkway and a 5,875-square-foot building at the Madrone Parkway entrance.

          The design is early California with clay tile roofs. The architect is Arc Tec Inc. of Phoenix.  Cornish & Carey brokers working on the project include Sean O’Carroll, Danielle Bromstead and Lindsey Speaker. All are located in the Santa Clara office.

          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 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 the Granite Creek Business Center in Scotts Valley.