Toeniskoetter Development Partners with Silicon Valley Glass on Morgan Hill Build-to-Suit Project
Toeniskoetter Development, Inc. has formed a joint venture partnership with Silicon Valley Glass to build the new headquarters and manufacturing facility for the Morgan Hill-based glazing company in the Madrone Business Park. This is one of several recent moves that Toeniskoetter Development has made at their 109-acre development in the past year.
Partnering with a tenant, Silicon Valley Glass, is a unique approach to joint ventures, but it is one with which Toeniskoetter has found success throughout its 37-year history. In this case, a long-term lease meant an equity stake in the project for Silicon Valley Glass, as well as a new headquarters built to suit their specific needs.
“We’re always looking for creative ways to partner with our clients to help them bring their vision to life,” says Toeniskoetter Development president and CEO Brad Krouskup.
“We’ve never worked with anyone like this before,” adds Linda Goyette, Silicon Valley Glass CFO. “We really appreciated Toeniskoetter’s positive, can-do attitude.”
Construction has begun on the 31,172-square foot build-to-suit development, which will house both office and manufacturing space. Designed by ARC TEC, the building will bring a sleek, modern look to the Madrone Business Park. Silicon Valley Glass will be showcasing their expertise as they will provide and install the building’s glass, insulated metal panels, and roof system. Toeniskoetter Construction is the general contractor on the project.
In addition to the development of the Silicon Valley Glass site, Toeniskoetter has sold three other parcels of land in the Madrone Business Park in the past year, which is indicative of the strong real estate market—as Silicon Valley becomes saturated, companies are looking further south for greater opportunities. Nowhere is that more evident than in the Madrone Business Park, where Toeniskoetter has been overseeing development and construction for the past 20 years. Toeniskoetter’s recent activity there includes:
- Sale of a 2.42-acre parcel to Applied Motion Products, Inc. Toeniskoetter Development has been retained as a third-party developer to entitle and develop a 20,170 SF industrial building. AMP plans to relocate their company headquarters from Watsonville.
- Sale of a 2.25-acre parcel to California Dental Arts.
- Sale of a 4.92-acre parcel to the Carpenters Union of Northern California. The parcel is slated to become a 50,000 SF training center for the union.