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APPRAISAL REPORT

VALUATION OF

The Average per Acre Land Value of High-Density Residential, Medium-Density Residential,

Commercial/Retail, and Industrial Properties Located in the

Three Existing Zip Codes (95050, 95051, and 95054)

City of Santa Clara, California

Santa Clara County

PREPARED FOR

Mr. James Teixeira, Director of Parks and Recreation

City of Santa Clara

1500 Warburton Avenue

Santa Clara, CA 95050

PREPARED BY

Matthew D. Watson, Senior Appraiser

Frank E. Schmidt, MAI, SRA

The Schmidt-Prescott Group, Inc.

EFFECTIVE DATE OF VALUE OPINION

August 20, 2015

Frank E. Schmidt, MAI, SRA Matthew D. Watson Wayne F. Prescott, MAI, CCIM Nancy Bigham

Christine Pham

Kate Levesque

2010 North First Street, Suite 390, San Jose, CA 95131 (408) 255-6840 FAX (408) 255-1788 email: [email protected]

September 14, 2015

Mr. James Teixeira, Director of Parks and Recreation

City of Santa Clara

1500 Warburton Avenue

Santa Clara, CA 95050

Re: Appraisal Report

Average Value of Four Hypothetical 1-Acre Lots, One for Each Zip Code Comprising

95050, 95051, and 95054

Santa Clara, California

Santa Clara County

Dear Mr. Teixeira:

In response to your request, we conducted an investigation, gathered data, and made the

analyses necessary to enable us to fulfill the purpose of our assignment, which was to estimate

the fair market value of a hypothetical 1-acre lot comprising components of high-density

residential, medium-density residential, commercial and industrial, to form and report the

average value per acre of land in the three existing Zip Codes in the City of Santa Clara

consisting of 95050, 95051, and 95054. The average value was estimated based on the

weighted average of these different property uses, based on the total number of sold

transactions in the City of Santa Clara in the 12 months prior to the date of value. We

understand that this report is intended for use by the Client, City of Santa Clara, to assist the

City in determining park impact fees.

Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, California

The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 2

Hypothetical Conditions, Extraordinary Assumptions, and Contingencies

Hypothetical Condition is defined as “a condition, directly related to a specific assignment,

which is contrary to what is known by the appraiser to exist on the effective date of the

assignment results, but is used for the purpose of analysis.”1 We supposed the following

hypothetical condition:

The fair market value was estimated based on four value components applied to a

hypothetical lot. It was a hypothetical condition of this appraisal that the subject lot was

a finished lot and rated average in all other physical, locational, and legal aspects.

Since the hypothetical lot will be comprised of four value components, it was necessary

to apply a hypothetical condition that each of the following uses would be allowed on

the subject lot: high-density residential, medium-density residential, commercial, and

industrial.

The use of these hypothetical conditions might have affected the assignment results. We did not

apply any contingencies.

Extraordinary Assumption is defined as “an assumption, directly related to a specific

assignment, as of the effective date of the assignment results, which, if found to be false, could

alter the appraiser’s opinions or conclusions.”2 We did not apply any extraordinary

assumptions.

There are general assumptions and limiting conditions set forth in this report.

Based on our site visit and the investigation and analyses undertaken, we formed the opinion

that the average value per acre on August 20, 2015, the effective date of opinion, for each zip

code was:

1 Uniform Standards of Professional Appraisal Practice (USA, The Appraisal Foundation, 2012) 2 Ibid



The reader should note that no low-density residential land sales were included in this analysis

as that was beyond the scope of our appraisal. The values reflected above were based on an

average value of high density residential, medium density residential, commercial, and

industrial land sales for each zip code. Had low-density residential land sales been included,

the values may have been different.

Sincerely,


California Certified General Real Estate Appraiser No. AG040050

Frank E. Schmidt, MAI, SRA


Zip Code

95050

95051

95054

$5,150,000

$4,930,000

Average Value per Acre

$4,900,000



TABLE OF CONTENTS

EXECUTIVE SUMMARY ................................................................................. 5

GENERAL ASSUMPTIONS AND LIMITING CONDITIONS ..................................... 6

CERTIFICATION ............................................................................................ 8

CERTIFICATION ............................................................................................ 9

SCOPE OF THE ASSIGNMENT ......................................................................... 10

DEFINITIONS ............................................................................................... 12

REAL PROPERTY, REAL ESTATE, AND PERSONAL PROPERTY APPRAISED ........ 13

PREVIOUS APPRAISALS ................................................................................ 15

REGION & CITY DESCRIPTION ....................................................................... 15

MARKET CONDITIONS .................................................................................. 18

LAND USE ORDINANCES ............................................................................... 36

HIGHEST AND BEST USE ............................................................................... 37

APPRAISAL PROCESS .................................................................................... 37

AVERAGE VALUE ESTIMATE IN 95050 ZIP CODE ............................................. 38



RECONCILIATION AND OPINION OF AVERAGE VALUES .................................. 60

ADDENDA ................................................................................................... 61



EXECUTIVE SUMMARY

CLIENT : City of Santa Clara

LOCATION : City of Santa Clara, California

PROPERTY TYPES : High Density Residential, Medium Density

Residential, Commercial, and Industrial land

SITE AREA : Three Hypothetical One-Acre Lots

PRINCIPAL IMPROVEMENTS : None

FLOOD HAZARD STATUS : Zone X; the hypothetical lots are outside any

flood zones

EARTHQUAKE FAULT ZONE : The hypothetical lots are not located in an

Earthquake Fault Zone as designated under the

Alquist-Priolo Earthquake Fault Zoning Act.

GENERAL PLAN, &

HIGHEST AND BEST USE :

EFFECTIVE DATE OF VALUE : August 20, 2015

PROPERTY RIGHTS APPRAISED : Fee Simple Estate

AVERAGE VALUE CONCLUSIONS :

Use of Hypothetical Lot General Plan Highest & Best Use

High Density Residential High Density Residential High Density Residential

Medium Density Residential Medium Density Residential Medium Density Residential

Commercial Regional Commercial Commercial Building

Industrial Light Industrial Light Industrial Building

Zip Code

95050

95051

95054

$5,150,000

$4,930,000

Average Value per Acre

$4,900,000



GENERAL ASSUMPTIONS AND LIMITING CONDITIONS

This appraisal and report were made applying these general assumptions:

1. No responsibility was assumed for the legal description or for matters including legal or title considerations.

Title to the property was assumed to be good and marketable and free and clear of all liens, encumbrances,

easements and restrictions except those specifically addressed in the appraisal and discussed in the report;

2. The property was appraised or evaluated free and clear of any or all liens and encumbrances unless

otherwise stated;

3. Responsible ownership and competent property management were assumed;

4. The information furnished by the Client and others was believed to be reliable. However, no warranty is

given for its accuracy;

5. All engineering was assumed to be correct. Plot plans or any other illustrative material in this report were

included only to assist the reader in visualizing the property;

6. It was assumed that there are no hidden or unapparent conditions in the land or structures that render it more

or less marketable or valuable. No responsibility is assumed for such conditions or for arranging for

engineering studies that may be required to discover them. We recommend that trained professionals be

engaged to ascertain compliance with ADA, and to identify any physical or environmental conditions that

could affect market value. The results of these investigations should be revealed to us so we can consider

them in our valuation;

7. Unless otherwise stated in this report, the existence of hazardous material, toxic waste, and/or other

environmental impairments which may or may not be present on or in the property, was not investigated by

this consultant. The Client should identify any known or suspected environmental impairments;

As real estate consultants, we are not qualified to properly investigate this property for any discharge,

spillage, uncontrolled loss, seepage, filtration or storage of hazardous substances which may adversely affect

the value of this property. Neither are we qualified to detect the presence of substances such as asbestos,

urea-formaldehyde foam insulation, nor other materials that could create an environmental impairment to the

subject property or to other property caused by conditions present at the subject property. Our opinion(s)

were predicated on the assumption that there is no such material on or in the property that would affect

market value. No responsibility was assumed for any such conditions or for any expertise or engineering

knowledge required to discover and/or correct them;

8. It was assumed that there is full compliance with all applicable federal, state, and local environmental

regulations and laws unless non-compliance is stated, defined, and considered in the report;

9. It was assumed that all applicable zoning and use regulations and restrictions have been complied with,

unless a nonconformity has been stated, defined, and considered in the appraisal and reported in the report;



10. It was assumed that all required licenses, certificates of occupancy, consents, or other legislative or

administrative authority from any local, state, or national governmental or private entity or organization

have been or can be obtained or renewed for any use on which the value estimate or other opinion contained

in this report are based;

11. It was assumed that the utilization of the land and improvements are within the boundaries or property lines

of the property appraised and that there is no encroachment or trespass unless noted in the report;

12. We will not appear or give testimony in court in connection with this appraisal unless prior arrangements

have been made.

This report has been made with the following limiting conditions:

1. Any allocation of value between land and improvements was made at the request of, and to assist the Client,

and does not constitute a separate market value for either land or improvements;

2. Possession of the report, or a copy thereof, does not carry with it the right of publication or use. It may not

be used for any purpose by any person other than the Client(s), for the Intended Use specified in the

engagement agreement and/or report;

3. The consultant is not required to give further consultation, testimony, or attend court for matters involving

the subject property unless arrangements have been previously made;

4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of

the Consultant, or the firm with which the Consultant is connected) shall be disseminated to the public

through advertising, public relations, news sales, or other media without prior written consent and approval

of the Consultant.

Reader Note:

There may be other appropriate and more specific limitations on our opinions or conclusions identified in the

cover letter or report as Hypothetical Conditions, Extraordinary Assumptions, or Contingencies.



CERTIFICATION

Version.MW.2015.02

I certify that, to the best of my knowledge and belief:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting

conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report and no personal interest

with respect to the parties involved.

4. I previously appraised the subject of this report for the same Client in 2014.

5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this

assignment.

6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. My compensation for completing this assignment is not contingent upon the development or reporting of a

predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the

attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this

appraisal.

8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the

Uniform Standards of Professional Appraisal Practice (USPAP).

9. I have not made a personal inspection of the property that is the subject of this report since the subject lot is

hypothetical.

10. No one provided significant real property appraisal assistance to the person signing this certification. Christine

Pham verified some of the comparable data and wrote/updated the first draft of some sections of the report.

11. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity

with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the

Appraisal Institute.

12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly

authorized representatives.

13. As of the date of this report, I have completed the Standards and Ethics Education Requirement of the Appraisal

Institute for Candidates of the Appraisal Institute.

September 8, 2015

Matthew D. Watson, Senior Appraiser Date

California Certified General Real Estate Appraiser, No. AG040050



CERTIFICATION

Version.AI.14.06

I certify that, to the best of my knowledge and belief:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting

conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report and no personal interest

with respect to the parties involved.

4. I previously appraised the subject of this report for the same Client in 2014.

5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this

assignment.

6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. My compensation for completing this assignment is not contingent upon the development or reporting of a

predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the

attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this

appraisal.

8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the

Uniform Standards of Professional Appraisal Practice (USPAP).

9. I have not made a personal inspection of the property that is the subject of this report since the subject lot is

hypothetical.

10. No one provided significant real property appraisal assistance to the person signing this certification. Christine

Pham verified some of the comparable data and wrote/updated the first draft of some sections of the report.

11. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity

with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the


12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly

authorized representatives.

13. As of the date of this report, I have completed the continuing education program for Designated Members of the


September 8, 2015

Frank E. Schmidt, MAI, SRA Date

California Certified General Real Estate Appraiser, No. AG005421



SCOPE OF THE ASSIGNMENT

Information Provided to the Appraisers

At the time of a previous appraisal, the Client provided an Inter-office Memorandum which

included excerpts from a statistical analysis completed by a local Realtor of all property sales

in 2013. Additionally, excerpts from the Parks and Recreation Facilities Fee Study completed

by Willdan Financial Services were provided. The wording of the new Park Impact Fee

Ordinance (No. 1928) was also provided, with excerpts displayed in the Addenda.

Extent of Research into Physical Factors

We drove several major streets throughout Santa Clara in the months of August and September

2014, and July and August 2015, noting both changes that are occurring or have occurred,

particularly with regard to new development. We gathered data about land use ordinances for

each hypothetical lot and comparables from the websites of the appropriate municipalities.

Extent of Research Into Economic Factors

We gathered, analyzed, and applied macro-economic information gleaned from many sources,

including:

The Wall Street Journal

12th District Beige Book

GlobeSt.com

DataQuick

The Kiplinger Letter

CoreLogic

We gathered, analyzed, and applied data about market conditions and other micro-economic

information from:

Web Sites of Commercial Brokerage Houses

Commercial and/or residential multiple listing services

Silicon Valley Business Journal

San Jose Mercury News

Discussions with agents active in the subject market



We talked to the buyers, sellers, and agents whose names we discovered on signage in the

neighborhood. We learned about additional market data from these people.

Extent of Comparable Data Research

We used a variety of subscription and Web-based services to gather comparable data,

including:

Schmidt-Prescott Group Verified Data Files

CoStar Group

First American Real Estate Solutions (RealQuest.com)

Loopnet.com

MLSlistings.com

The Registry

Various Commercial Real Estate Brokerage Web sites

Verification

The most appropriate data that we discovered was verified with a party to the transaction.

When that was not possible, we discussed the extent of verification, using public record data,

in the Analysis section.

Among the comparables selected we studied copies of the assessor’s parcel maps, public record

summary, aerial maps, and other data such as structural, geological, or environmental reports,

subdivision maps, title reports, etc.

Type and Extent of Analysis Applied

The data is summarized on spreadsheets displayed in the Analysis sections following. The

analysis was comparative, iterative, qualitative, and quantitative.



Compliance

It was the intent of this appraisal to comply with the requirements of:

The Uniform Standards of Professional Appraisal Practice (USPAP) including the

Ethics and Competency Provisions as promulgated by the Appraisal Standards Board of

the Appraisal Foundation.

The Code of Professional Ethics and Standards of Professional Appraisal Practice of

the Appraisal Institute.

DEFINITIONS

According to the California Code of Civil Procedure, Section 1263.320 defines Fair Market

Value as:

“(a) the highest price on the date of valuation that would be agreed to by a seller, being

willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell,

and a buyer, being ready, willing, and able to buy but under no particular necessity for so

doing, each dealing with the other with full knowledge of all the uses and purposes for

which the property is reasonably adaptable and available.

(b) The fair market value of property taken for which there is no relevant, comparable

market is its value on the date of valuation as determined by any method of valuation that is

just and equitable.”

Revised federal definitions in the Uniform Act identify the definitions of “market value” and

“fair market value” as one and the same. These terms are used interchangeably in this report.

Central Tendency means “the central point, or representative value, around which items

cluster in a frequency distribution. Measures of central tendency (called averages) are the

mean, the median, and the mode.” 3

Weighted Average means an average resulting from the multiplication of each component by a

factor reflecting its importance or contribution.

3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed., (Chicago: Appraisal Institute, 2010)



Average Value means a value that is calculated by adding values together and then dividing

the total by the number of values.

Fee Simple Estate means “a freehold (ownership interest) where the possessory interest has

been granted to another party by creation of a contractual landlord-tenant relationship (i.e., a

lease).”4

REAL PROPERTY, REAL ESTATE, AND PERSONAL PROPERTY APPRAISED

Real Property is defined as all of the interests, benefits, and rights in the ownership of the

physical real estate, that is, the bundle of rights with which the ownership of the real estate is

endowed. Real estate is defined as physical land and appurtenances attached to the land.

Real Property Rights Appraised

The subject properties are hypothetical unimproved lots and the fee simple estate was

appraised.

Real Estate Appraised

It was an assumption of this appraisal that the subject’s hypothetical finished lot is graded and

level, all utilities and services are stubbed to the site, is ready for building improvement, and

defined as follows:

Area : One acre

Shape & Frontage : Shape is rectangular with typical frontage along one

street.

Topography : Level, at street grade

Drainage : Adequate

Utilities & Services : The municipality provides water, electrical and sewer

service. A private contractor provides garbage service.

4 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed., (Chicago: Appraisal Institute, 2010)



Local utility companies provide telephone and cable. All

utilities are piped and wired onto the hypothetical lots.

Easements : Typical public utility easements along frontage presumed.

Soil Conditions : It was a general assumption of this appraisal that the

hypothetical site is suitable for any legally permissible and

physically possible use.

Environmental

Impairment Issues : It was a general assumption of this appraisal that there are

no environmental issues that affect market value. If such

were known to have been present on the effective date of

opinion, our value opinions would probably have been

less.

Off-Site Improvements : Street is fully improved and maintained by the City; it is

asphalt paved with streetlights, curbs, gutters, and

sidewalks.

Street Access : Rated average in comparison to competing properties.

Exposure/Visibility : Rated average in comparison to competing properties for

each hypothetical use.

Flood Hazard Status : Each hypothetical lot is presumed to be within Zone X,

which denotes areas of minimal flood hazard, usually

depicted on FIRMs as above the 500-year flood level.

Earthquake Fault Zone : The hypothetical lots are not located in an Earthquake

Fault Zone as designated under the Alquist-Priolo

Earthquake Fault Zoning Act.

Improvements : None

Personal Property Appraised

We did not appraise any personal property.



PREVIOUS APPRAISALS

The writers previously appraised the subject(s) of this report for the City of Santa Clara in an

Appraisal Report transmitted November 17, 2014 and having an effective date of opinion of

September 15, 2014.

REGION & CITY DESCRIPTION

The County of Santa Clara is located at the southern end of San Francisco Bay. It encompasses

449 square miles of land with 15 incorporated cities and towns, and is among the 20th most

affluent counties in the United States. According to California Department of Finance (CDF),

on January 1, 2015, the county had a population of 1,889,638. Based on figures from the

state’s Employment Development Department (EDD), the county had a labor force of about

1,033,200 and an unemployment rate of 4.0% in June 2015, down from 5.2% reported a year

prior. Santa Clara County, which makes up the bulk of Silicon Valley, is highly dependent on

technology employment. The two largest employers in the City of Santa Clara are Applied

Materials and Intel, which combined represented 13% of all employment in the City in 2013.

Other high-tech companies, such as Nvidia, Palo Alto Networks, GlobalFoundries, Agilent

Technologies, and its recent spin-off Keysight Technologies, have headquarters in the City.



City Aerial and Surrounding Areas

The City of Santa Clara covers about 19.3 square miles and is surrounded by San Jose on the

north, east, and south, and adjacent to Sunnyvale and Cupertino on the west. The City of Santa

Clara’s population estimate was 120,973 in January 2015, according to the CDF.

Levi’s Stadium, the home of the San Francisco 49ers, opened over the summer of 2014 in the

northern portion of the city, adjacent to Great America Theme Park and the existing 49ers

practice facility. The stadium was built at an estimated cost of $1.3 billion with a current

seating capacity of 68,500. It is scheduled to host Super Bowl 50 on February 1, 2016.

The opening of the stadium has spurred an increase in demand for nearby properties. There are

several proposals in progress that could add thousands of square feet of new retail, office and

residential. The largest proposal, from Related California, as reported in the San Jose Mercury

news, calls for a massive $1.5 billion “city center” project combining retail, entertainment,

residential, hotel and office. It would be located on 215 acres of city-owned land across from

the street from Levi Stadium that is now the site of the Santa Clara Golf & Tennis Club and a

bicycle-motocross track. The project would include a cinema, market, restaurant and 886,000

SF of retail. The total project would include 1.4 million SF of retail and entertainment, 2.2

million SF of office space, 200 hotel rooms and 530 residential units. Related recently acquired

about 5.5 acres in the vicinity of the stadium.



The City’s median household income from 2009-2013 was estimated by the U.S. Census to be

$91,583. The 2013 United States Census indicated the following demographics in Santa Clara:

Owner-Occupied Housing Units 19,079

Renter-Occupied Housing Units 23,264

Total Households 42,343

Total Housing Units 44,632

Median Age 34.4 Years

Average Household Size 2.63

Average Family Size 3.18

The City of Santa Clara and Santa Clara County benefit from a number of freeways, arterials,

and expressways that provide access to most areas of the region, including three interstate

highways, I-280, I-880, and I-680 in addition to several federal and state highways, US-101,

CA-85, CA-87, CA-17, and CA-237. CalTrain, Amtrak, and ACE rail transportation, light

rail, and VTA bus services provide mass transit for the city, connecting Santa Clara to the

greater Bay Area. Located adjacent the City’s eastern border is the Norman Y. Mineta San

Jose International Airport.

The City of Santa Clara is the supplier for the City’s water and electric power, which it claims

can save small industries almost 50% on their utility costs.

There are three primary zip codes within the city, which are shown on the following map as

the color coded areas within the red-outlined city limit boundaries. Note that the 95053 zip

code applies to Santa Clara University, which is located within the Santa Clara city limits, but

was not included as part of this appraisal.



Source: city-data.com

Conclusion

All locations within Santa Clara are proximate to nearby job centers, retail, housing, and

linkages, contributing to the long-term demand for sites within the city.

MARKET CONDITIONS

The latest Allen Matkins UCLA Anderson Forecast Commercial Real Estate Survey indicated

that Silicon Valley developers remain optimistic for office, industrial and multifamily. The

Survey uses a sentiment index rating from 1-100, with an index rating above 50 suggesting an

optimistic market and vice versa. The office-market sentiment index rating was about 70. For

industrial it was 68.75 and for multifamily the sentiment index was 64.53. The above average

job opportunities and low unemployment have helped sustain increases in retail and housing

prices over the last few years.



Following we present some statistics and comments regarding the market conditions for each

use. Land market conditions for each of these uses are not tracked by any firms that we are

aware of; it has been our experience and historically as reported by market participants that the

land market for these uses typically shadow the improved markets, oftentimes leading.

Following we report on the sale, rental, and construction trends of the respective markets, in

estimating the appropriate market conditions adjustments used in our following analysis.

Commercial Market Conditions

Commercial properties typically include office and retail uses. We discovered that office

properties are being built with less frequency along retail corridors, but in greater numbers in

light industrial locations. Research and development (R&D) properties have historically been a

subcategory of industrial. However, in recent years, it has become its own category, and can

rival office in terms of finishes and quality. We elected to include the R&D submarket as part

of the commercial market and have provided some statistics on this segment of the market.

Many of the traditional retail corridors in this region, El Camino Real in particular, have land

use ordinances that now allow for residential mixed-uses.

In this market, the brokerage houses track office and retail statistics by city or submarket; they

are not broken out by zip code. Following we present the relevant statistics pertaining to the

Santa Clara market and provide comments from market participants regarding the perceived

differences in each of the Santa Clara zip codes that the three hypothetical lots being appraised

are located.

Office Market

The Silicon Valley office market from the beginning of 2012 through 2Q-2015 was

characterized by decreasing vacancy, positive net absorption, and increasing average asking

rental rates. The table below displays data from the DTZ 2Q-2015 Silicon Valley Office

Market Snapshot and predecessor reports and includes statistics from the overall Santa Clara

County market, the subject’s submarket (Santa Clara), and the adjacent submarkets of

Sunnyvale and downtown San Jose. (DTZ is the new name and owner of Cassidy Turley.)



OFFICE STATISTICS

Source: DTZ 2Q-2015 Office Market Snapshot

The data indicates that vacancy rates were stable from 2012 to about 2Q-2013 and have trended

downward since 1Q-2014. DTZ reports that the office market expanded by 2.4 million square

feet in 2Q-2015, which was the same level of absorption as all of 2013 and 2014 combined.

The vacancy rate decreased in the City of Santa Clara from 25.1% in 2Q-2012 to 9.1% in 2Q-

2015. The average asking rent in 2Q-2015 for Santa Clara County was $3.42/SF/Month on a

Full Service expense basis, whereby taxes, insurance, maintenance, utilities, and janitorial

expenses are bundled into the base rent. This is an increase of 0.8%/month from one year ago.

Asking rents increased from $3.24/SF/month to $3.41/SF/month over the past 12 months in

Santa Clara, an increase of about 0.44%/month.

Marcus & Millichap’s Second Quarter 2015 Office Market Overview predicts that employment

will increase 4.2% and office vacancy will decrease 1.3% to 9.7%. Asking rents are forecast

to increase 8.3% to $3.23/SF/Month, full service. They report and project the following

trends:



Marcus & Millichap’s report also states that more than 4.5 million square feet of space will be

on the market in 2015, with an additional 4.8 million square feet slated for delivery in 2016.

There are several office developments under construction in Silicon Valley and Santa Clara.

Menlo Equities recently commenced construction on a 6-story building in the 3300 block of

Scott Blvd in Santa Clara.

Research and Development (R&D) Market

The table below displays data from the DTZ 2Q-2015 Silicon Valley R&D Market Snapshot

and its predecessor reports. It suggests that Silicon Valley’s R&D market experienced an

overall decreasing vacancy rate from 1Q-2012 to 2Q-2015. Asking rents have increased from

$1.55/SF/month to $1.67/SF/month since 1Q-2014, an increase of about 0.5%/month on a

NNN expense basis. A NNN expense basis in this market means the landlord is only paying

for management of the account and reserves for replacement, while the tenant pays all other

operating expenses. Over the past 12 months the average asking rate in Santa Clara increased

4.8% to $1.98/SF/month NNN. Investor demand for R&D and office product is high,

especially for well-located, modern buildings with long-term tenants in place. Key transactions

for 2Q-2015 include a relocation of 239,958 SF of leased space by Aruba Networks at 3315 &

3335 Scott Boulevard, and the purchase of Rose Orchard Technology Park totaling 314,455 SF

of space by Shorenstein Properties for $70.25 million.



R&D STATISTICS

Source: DTZ 2Q-2015 R&D Market Snapshot

Colliers International reported in their 2015 Q2 Silicon Valley Research and Forecast Report a

net occupancy gain of 1.15 million SF of R&D space in 2Q-2015 within Silicon Valley. The

availability rate fell 953 basis points (bp) from 2Q-2015 to 9.79%, the lowest rate since 1Q-

2001. The total availability rate in Santa Clara stands at 11.35%. The Silicon Valley asking

rate averaged $1.69/SF NNN in 2Q-2015, 22.4% higher than 2Q-2014. The City of Santa

Clara experienced rent growth of 17.2% year over year, and an occupancy gain of 124,986

SF. Notable signed deals included a long-term lease by Apple for 129,119 SF on Patrick

Henry Drive in Santa Clara. Colliers provided the following trends in the Silicon Valley R&D

market:



As the chart shows, rental rates have increased through 2Q-2015, while vacancy and

availability rates are gently declining, due to tenants holding onto space as the market tightens.

Retail Market

In their 2Q 2015 Retail Research Report for the San Jose Metro area, Marcus & Millichap

forecast an increase of 4.1% in total employment along with a decline in retail vacancy of 50

basis points to 3.5% by the end of 2015. They forecast that asking rents will increase by 7.4%

to an average of $2.69/SF/Mo NNN.

The Marcus & Millichap charts shown below demonstrates an upward trend in selling prices

for retail properties in the San Jose Metro area from 2011 to present for single and multitenant

properties and an upward trend in asking rents from 2013 to present.

Marcus & Millichap forecast that single-tenant asset supply will remain low because of limited

construction activity. Demand for multitenant properties is forecasted to increase further as



investors look towards East San Jose for more affordable options, allowing more capital for

improvements.

Terranomics is a brokerage firm that publishes quarterly reports for the retail shopping center

market in the Santa Clara County metro area. They reported in their Q2-2015 Shopping

Centers Report that 171,000 SF of shopping center space was added to the metro, increasing

vacancy from 5.0% in 1Q-2015 to 5.3% in 2Q-2015. This is down from 5.5% a year ago.

Total net absorption for 2Q-2015 was 59,000 SF, a reflection of the lack of quality supply

rather than demand, according to the report. The Santa Clara County market had an average

asking rent of $2.36/SF/Mo NNN in 2Q-2015, an increase of 1.3% from one year ago. Asking

rents averaged $2.76/SF/Mo NNN in the subject’s Santa Clara submarket, while vacancy rates

in Santa Clara were reported to be 4.4%. An estimated 502,000 SF of new retail product is in

the development pipeline. Class B and C product account for most of the product on the

market, and was reported to command rents upwards of $4.00/SF/Month. Class A space in

new centers was reported to command rents upwards of $5.83/SF/Month.

The chart below displays the average asking rental rate and vacancy for the Santa Clara

submarket, Sunnyvale/Cupertino submarket, and Santa Clara County taken from Terranomics

shopping center reports from 1Q-2012 onwards:

Vacancy rates in the subject’s submarket decreased from 5.8% in 1Q2012 to 4.4% in 2Q-

2015, while asking rental rates increased 16.5% to $3.13/SF/Mo NNN over that same period.



The rental rate increase was even more pronounced after a huge spike in asking rents in the 2nd

and 3rd quarters of 2014, but then the City of Santa Clara experienced a 6.4% decline in asking

rates over the past year. Santa Clara County asking rates were generally stable over the past 4

quarters, increasing just 1.5%.

Few retail vacancies were discovered in the Santa Clara neighborhoods. Based on our

observations and discussions with market participants, we estimated current retail vacancy

rates to be below 5%. The supply of competing retail investment properties for purchase is

undersupplied with less properties on the market and newer properties staying on the market

for a short period of time.

According to Marcus & Millichap, the hotel sector posted record occupancy rates in July 2015

of 75.3% nationally, which was 170 bp more than one year ago. RevPAR increased 8.3%

year-over-year nationally. There were 129,200 rooms under construction, nationally, in July

2015, up 19% from a year ago. Most new construction was for select-service tiers. The hotel

industry is now in its 5th year of a boom, and annual occupancy is forecast to rise to its highest

level in 28 years of record-keeping. Several new hotels are proposed and/or under construction

in the local market and most of these sites were considered in our selection of land sale

comparables following.

Industrial Market Conditions

We referenced industrial (manufacturing) and warehouse market data from brokerages DTZ

and Colliers International; we also interviewed local market participants for this report. DTZ

reported in its Industrial Market Snapshot, Silicon Valley, Second Quarter 2015, that vacancy

for manufacturing and warehouse product decreased in 2Q-2015 to 4.0% from 4.8% in 1Q-

2015, and 5.9% in 2Q-2014. The Central Silicon Valley submarket, which includes Santa

Clara, San Jose, and Sunnyvale, had a vacancy of 4.0% and an average asking rate of

$0.77/SF/Month at the end of 2Q-2015. The average asking rental rate in the subject’s Santa

Clara submarket increased from $0.62/SF/Month to $0.73/SF/Month NNN over the same

period, an increase of 1.48%/month. According to DTZ, Santa Clara County has a total of

111,881,228 square feet of industrial manufacturing and warehouse space, with the City of

Santa Clara reporting just over 15.5 million square feet or 13.9% of the county’s total space.

Collier’s International reported in their Second Quarter 2015 Silicon Valley Research &

Forecast Report for manufacturing properties that net absorption for 2Q-2015 measured

852,523 SF, the largest occupancy gain in a single quarter since 1994. Average effective rent

rates were reported to have remained stable in the first half of 2015 at $0.74/SF/Month NNN.

Property owners and investors are anticipating larger demand for space and have increased the



average asking rental rate to $0.86/SF/Month NNN from $0.75/SF/month NNN one year ago,

an increase of 1.22%/month. Santa Clara had a vacancy rate of 1.7% for 2Q-2015, a decrease

from 2.7% from the previous quarter and a year-over-year decrease from 3.8%. Within the

subject’s Santa Clara submarket the average asking rent increased sharply for the second

quarter in a row to $1.38/SF/Month NNN. This is nearly twice the asking rate of

$0.73/SF/Month NNN from a year ago. Colliers quarterly reports did not give any reasons for

the spike in Santa Clara’s asking rates. As the chart below shows, the overall market and

competing submarkets demonstrated less of spike in asking rents during the past 18 months:

Warehouse data collected from Colliers International’s Silicon Valley Research & Forecast

Report Q2 2015 and its predecessor reports are displayed in the next chart:



Manufacturing and warehouse vacancy rates in Silicon Valley have been declining since 2Q-

2013. Vacancy rates for warehouse in the Sunnyvale and Santa Clara submarkets have been

fluctuating since 2Q-2014. Asking warehouse rental rates in Santa Clara, San Jose, and Silicon

Valley have been increasing slowly since 1Q-2014. In Silicon Valley the asking rent has

increased from $0.57/SF/month NNN in 1Q-2014 to $0.70/SF/month in 2Q-2015, an increase

of 1.5%/month.

Data centers are one of the largest industrial occupancy groups in Santa Clara, due mostly to

Silicon Valley Power, which has lower rates than elsewhere in the Bay Area. We discovered

several expansion plans and construction occurring on existing sites, notably from CoreSite

Realty Corp., Vantage Data Centers, and Colovore, but no land sales associated with data

center users. Cushman & Wakefield’s Winter 2015 Data Center Snapshot indicated that data

centers are trending toward undersupply nationally but that wholesale rental rates remain flat.

They forecast increasing prices and demand will increase in Northern California.

Market participants stated that the industrial corridor near the new Avaya stadium in the 95050

zip code is transitioning into retail. One market participant opined that industrial land prices

have had the largest increase in value in the past four to five months. Another market

participant opined that industrial land in 95050 is worth more than 95054 because heavier uses

are allowed, however industrial land in 95051 is more valuable than 95050.



Residential Market Conditions

The Housing Market Index, based on a survey by the National Association of Home Builders,

reported a 1 point increase in builder sentiment to 61 in August 2015, which is its highest level

since November 2005. This is a strong indication that home builders feel very confident about

the housing market. Any reading above 50 signals expansion. Builders also reported that

current sales of new single-family houses and buyer traffic were up, while sales expectations

for the next 6 months were unchanged. The biggest challenges facing home builders were

finding land to build on and workers. The same challenges remain in the San Francisco Bay

Area today.

In July 2015 homebuilders in the U.S. began work on single-family houses at the fastest pace

since late 2007, according to the Commerce Department. Total housing starts have now risen

11.3% year-to-date. Total starts for apartment buildings have climbed 12.2% this year.

Regional Housing Market

According to the Jobs-Housing Connection Strategy, May 16, 2012, report released by the

Association of Bay Area Governments (ABAG)5 and the Metropolitan Transportation

Commission6, employment in the SF Bay Area is expected to increase by 1,119,920 jobs,

33%, between 2010 and 2040, with the majority of the employment growth occurring in Santa

Clara, San Francisco, San Mateo and Alameda Counties.

The report forecasts that over the next 30 years, due to an aging population and changes in

market preferences in housing types, demand for townhouses, multifamily dwellings, condos

and apartments will increase and those housing types will make up 30% of new homes in the

region over the next 30 years. Demand for detached single family houses is expected to

decline, although single family residences will continue to make up 56% of the region’s

housing inventory. The average household size is forecast to increase from 2.69 people per

household in 2010, to 2.75 people per household in 2040. Larger household sizes will

necessitate new residential development at higher densities, supported by rising land costs, and

fewer detached single-family dwellings.

5 The Association of Bay Area Governments is the official comprehensive planning agency for the San Francisco Bay Area

region. 6 The Metropolitan Transportation Commission (MTC) is the transportation planning, coordinating and financing agency for

the nine-county San Francisco Bay Area.



The following table, taken from the report, shows the supply of multifamily,

attached/townhouse, and detached single family houses in 2010 in the region and the projected

demand in 2040.

Net Housing Supply and Demand 2010-2040

The report projects an oversupply of detached single family houses over the next 30 years with

the greatest demand expected from the multifamily segment. The oversupply will increase the

affordability of detached single family houses. According to the report’s projections, the region

will continue to grow, adding almost 700,000 households and 1.119 million jobs in the next 30

years, leading to increased demand for housing of all types.

The Standard & Poor/Case-Shiller Home Price Index measures the average change in value of

residential real estate in the United States given a constant level of quality and reflects single-

family housing. It is sometimes referred to as a repeat sale index. In June 2015, a 4.5% annual

increase was measured. The chart below indicates that the index for the subject’s San

Francisco Metropolitan Area was 9.5% higher year-over-year in June 2015, and about 0.43%

higher than one month ago:



Source: S&P Dow Jones Indices LLC

According to Data Quick News (DQ News), a national real estate reference source, the rate of

Bay Area home sales in July 2015 increased to its highest July level in 10 years with median

sale prices trending slightly higher. The median selling price in the Bay Area for new and

resale single family houses, townhouses and condominiums was $661,000, an increase of 7.5%

from July 2014, and an increase of 0.2% from one month prior. The median sale price is now

at its highest level since peaking at $665,000 in June and July 2007. The median sale price has

now risen year over year for 40 consecutive months, according to DQ News. All cash sales

made up 20.1% of sales in July 2015, down from 20.7% in July 2014, and absentee buyers

purchased an estimate 17.2% of all homes in the Bay Area in July. Within Santa Clara County,

the median sale price reached a new peak in July 2015 of $840,000, which is 16.4% higher

than July 2014.

According to DTZ’s Apartment Market Report, San Francisco Bay Area, 2Q 2015, 1,400 units

were added to the Santa Clara County inventory in 2Q-2015 and an additional 6,028 units are

in the pipeline with completion dates through 2017. Vacancy for 2Q-2015 was reported to be at

4.3%, an increase from 3.3% from the previous quarter and from 4.0% one year ago. Rents

for this quarter increased 11.3% over the past year to an average asking rent of $2,584/Mo.

Rents have increased more than 40% over the last 4 years. The region is reported to be in a

housing shortage and affordable housing crisis. Rents are expected to flatten by next year due

to new construction although demand will remain high, according to the report.

The Gregory Group, a housing market tracking firm, reported in August 2015 that housing

starts for multifamily buildings having 5 or more units have been on an upward pace since

2010 and are reaching record high levels. Fortunately demand has kept up, but they caution



that perhaps too much Class-A product is being developed. The chart below tracks the starts

and completions for housing of 5 or more units:

The Gregory Group opined that the sharp increase of late was due to the lack of construction

during the recession and a demographic change, with more Millennials being able to own

rather than rent. They report that apartment vacancies remain low since Millennials are renting

longer, both due to preference and for financial reasons. As of late, rent growth has been

greater in Class B and Class C apartment buildings compared to Class A; is currently in the

5% to 6% per year range.

The housing starts noted above account for 95% of what is being built, much higher than the

long term average of 75%. We discovered in our searches that far more higher-density and

multifamily land sales are transacting compared to lower density single-family land

transactions.

Local Housing Market

According to the City of Santa Clara General Plan, an estimated 16,875 new jobs will be

created and the population will grow by 32,135 people in the City between 2010 and 2015.

The General Plan forecasts that 13,222 new housing units will be needed in that five year

period, based on an estimated household size of 2.5 people. The General Plan also states that

household growth in the City has been much slower than the rest of Santa Clara County due to

the lack of vacant residential land. Therefore, in order to meet future housing needs,

construction of new housing will primarily occur through the redevelopment of existing sites.



DQ News, now part of CoreLogic, reported the median home price for all homes (single-

family, condo, and townhouse) in the City’s three ZIP code areas for all of 2014:

The tables indicate that year end median pricing was within about 1% across each zip code,

and increased between 1.23%/month and 1.48%/month between 2013 and 2014. The change in

selling price per square foot increased between 0.98%/month and 1.58%/month based on the

data. DQ News reported the median home price for all homes in July 2015 as the following for

the subject zip codes:

The July 2015 numbers indicated that 95050 and 95054 have similar medians while the median

in 95051, which jumped 34.6%, was much higher. The 95051 zip code experienced a 36.7%

increase in sales in July 2015, whereas 95050 and 95054 had a decrease in sales. The spike in

the median price appears to be the result of several closings of new homes at D.R. Horton’s

The Homes at Central Park, which have starting prices at $952,000.

The following tables depict the median price trend by zip code over the past 37 months for

single family homes and common interest developments (townhouse/condos) in the City of

Santa Clara using closed sale data obtained by MLSlistings.com.

Zip Sales % Chg Median Price % Chg High Price $/SqFt % Chg

95050 375 -14.80% $743,000 14.70% $1,800,000 $559 11.80%

95051 499 -9.30% $741,750 17.70% $1,662,500 $625 15.90%

95054 233 -1.30% $750,000 17.20% $1,700,000 $534 19.00%

2014 Year End Summary Sales

Zip Sales % Chg Median Price % Chg $/SqFt

95050 38 -7.30% $820,000 8.60% $548

95051 67 36.70% $942,000 34.60% $645

95054 24 -7.70% $805,000 -4.20% $567

July 2015 Summary of Sales



Although the data indicates a decline in the median selling prices in the most recent quarter for

single family houses, townhouses and condominiums, prices overall have been increasing since



the start of 2012. The following rate of change was measured for each zip code and housing

type since the start of 2012:

The change per month for the Condominiums and Townhouses in the 95054 zip code is skewed

high due to limited sales data from which to draw conclusions. As the chart shows on the

preceding page, the median Condo & TH price two months earlier in May 2015 was $637,500,

in the 95054 zip code, indicating a 49% increase in two months. Because of the fewer number

of sales (samples in data set), the 95054 Condo & TH monthly sales data was less reliable.

Marcus & Millichap reports in their Third Quarter 2015 Apartment Research Market Report,

San Jose Metro Area that a decline in permit issuance may lead to a potential slowdown in new

residential construction. 4,200 units are forecast to be completed by year-end 2015, with an

average monthly effective rent of $2,499, an increase of 9.1%. The vacancy rate for properties

built after 2000 was reported to be at 3.2% in the first half of 2015. Vacancy levels for

properties built during the 1990s were at 2.4%, and properties built in the 1980s or before

were reported to have vacancy rates closer to 2%. The average capitalization rate for Class A

properties fell within the mid-4 percent range, a decrease of 0.5% from a year ago. Class C

properties in desirable locations were reported to trade within a 5% cap rate range.

Santa Clara Development Approval Trend

The following chart displays the density units per acre of approved residential development

projects in the City of Santa Clara since the second quarter of 2009. There have been very few

proposals over the last 18 units. As the green trend line indicates, the more recent approved

projects are at higher densities overall.

Housing Type Zip Code January-12 July-15 % Change% Change per

Month

95050 $635,000 $967,500 52.4% 1.25%

95051 $515,850 $1,100,000 113.2% 2.70%

95054 $520,000 $805,000 54.8% 1.30%

95050 $310,000 $632,000 103.9% 2.47%

95051 $295,000 $632,500 114.4% 2.72%

95054 $250,000 $950,000 280.0% 6.67%

SFR

Condo & TH



Conclusions

Due to increased employment throughout the City and region, the demand for new housing,

retail, office, and industrial space is greater than the supply. Office vacancy rates have

improved tremendously over the past couple of years but remain high due to an oversupply of

Class B and C space. The construction of newer Class-A office buildings is occurring in every

major submarket throughout Silicon Valley. R&D vacancies remain at the record low level and

no new construction is occurring in this market.

Commercial (retail and office) properties are exhibiting increasing asking rates and declining

vacancy rates. New retail construction is occurring, with some of it being built on a speculative

basis. Office construction is also occurring, but it is mostly located in the Bayside portions of

the county where larger blocks of land can be found. Based on the market conditions and the

sales data we analyzed, we applied a market conditions rate of change to the commercial land

sale comparables used following of:

- negative 0.50% per month from the date of sale through 4Q-2011 (coming out of

recession)

- a “zero” rate of change from 1Q-2012 through 3Q-2012 (as the market stabilized)

- positive 1.0% per month from the beginning of 4Q-2012 through August 2015 (as the

market continued to improve)

Industrial market statistics indicated that the rental and occupancy rates are increasing at this

time after being in equilibrium for the better part of 2013 and 2014. Market participants opine

that selling prices are also increasing, especially in 2015. We applied a market conditions rate

of change to the industrial land sale comparables used following of positive 0.25% per month



from the beginning of 1Q-2012 through 2Q-2014 and positive 0.50% from the start of 3Q-2014

through August 2015.

Demand for housing is expected to increase into the foreseeable future, with an increased

demand for higher density and multifamily housing, supported by the fact that developers in

Santa Clara are gradually gaining approvals for increasingly higher density projects, due in

part to the scarcity of developable land and increasing prices, and the City’s desire for more

vertical, higher-density residential. Residential land prices were reported to have increased for

properties closer to the Apple Campus 2 near the southwest corner of Santa Clara (95051 zip

code). One market participant opined that residential land values increased 20-25% in the past

12 months in Santa Clara. Based on the market reports, sales data analyzed and market

participant interviews, we applied a rate of change for market conditions of negative 0.50%

per month from the date of sale through 1Q-2011, before the economy started improving, a

“zero” rate of change for market conditions from 2Q-2011 through 4Q-2011, as economic

conditions reached equilibrium, and a positive rate of change of 1.50% per month from the

beginning of 1Q 2012 through August 2015.

LAND USE ORDINANCES

Since we are analyzing hypothetical lots, we supposed that each use would be based on its

appropriate General Plan designation. The appropriate zoning category for each hypothetical

use was not a critical factor as the General Plan is the long term planning tool used by the

City. Furthermore, comparable land sale transactions typically sell based on their intended use,

which is supported by the General Plan in almost all cases. The City’s Phase II Land Use map

is now in effect and is intended to guide land uses for the years 2015-2025. It expanded the

areas within the city where mixed-uses and higher-density residential is allowed. We supposed

the following General Plan designations for each hypothetical use:

Use of Hypothetical Lot General Plan

High Density Residential High Density Residential

Medium Density Residential Medium Density Residential

Commercial Regional Commercial

Industrial Light Industrial



HIGHEST AND BEST USE

We examined the legally permissible, physically possible, financially feasible, and maximally

productive uses of each hypothetical lot. We considered prevailing market conditions and

recent development trends. As indicated in the market conditions section, each product type is

experiencing increasing prices, decreasing vacancies, low supply, and increasing construction.

These are indications that the highest and best use is to construct the legally permissible

product for each respective property type. We concluded to the following components of

property uses for the highest and best use of the hypothetical lot based on the instruction of the

Client:

We applied a hypothetical condition that each of these uses was allowed on the hypothetical

subject lot.

For the purpose of this analysis and based on the market, we concluded the most reasonable

density to support the residential uses was about the midpoint of the allowed density ranges:

44 dwelling units per acre for High Density Residential and 28 dwelling units per acre for

Medium Density Residential.

APPRAISAL PROCESS

The appraisal profession has generally relied upon three traditional approaches in estimating

the market value of real property. These are the Income Capitalization Approach, the Sales

Comparison Approach, and the Cost Approach. While all three approaches are always

considered in a valuation assignment, all three are not always applied. The quantity and quality

of available data and the applicability of each approach relative to the value being sought are

important factors in reconciling to an opinion of value.

Market value was estimated using the sales comparison approach. The income capitalization

approach is seldom used when valuing land. The cost approach did not offer substantial insight

into this estimate of market value since there are no building improvements. Sellers, buyers,

and our peers in this market rarely rely on the cost and income capitalization approaches when

Use of Hypothetical Lot Highest & Best Use

High Density Residential High Density Residential

Medium Density Residential Medium Density Residential

Commercial Commercial Building

Industrial Light Industrial Building



offering, purchasing, or valuing properties similar to the subject lots. Therefore, we did not

undertake a cost or income approach.

Following we estimated the value of a hypothetical one-acre lot under each use scenario

described above, as if located within the 95050 zip code, since the most data was discovered in

this zip code. Next, we applied the weighted average of sales occurring in Santa Clara over a

recent one-year period for each land use scenario. Lastly, we applied any necessary locational

differences from the 95050 conclusion to arrive at the appropriate average lot value in the

95051 and 95054 zip codes.

AVERAGE VALUE ESTIMATE IN 95050 ZIP CODE

High Density Land Value

The writers examined data that was discovered by: talking to brokers, agents, property owners,

and market participants from within the subject market, reviewing RealQuest.com,

Loopnet.com, MLSlistings.com, and CoStar.com databases for recent sales, and searching

Loopnet.com and broker data bases for current listings. We also reviewed development reports

provided by the planning departments of Santa Clara and other nearby cities.

As stated above, for the high-density value component, we assumed a density of 44 dwelling

units per acre, about the midpoint of the allowed range under the High Density General Plan

designation, which allows 37-50 dwelling units per acre. We searched for competing sales and

listings of properties throughout Santa Clara and nearby cities which were intended for

development with residential densities greater than 20 dwelling units per acre and that closed

escrow over the last four years. Those we found most comparable are displayed on the

following adjustment grid. An adjustment grid serves two purposes. First, it presents data,

analysis, and conclusions about the subject and comparables in a way that facilitates

comparison. Second, it presents the data in a format whereby the reader can follow the writers’

adjustment process.

Location maps for each of the comparable sales are displayed in the Addenda. Selling prices

were verified using our summary of the public transcript and conversations with selling and

listing brokers/agents, sellers, and buyers as noted. We were unable to confirm the details of

Comparable 3 with a party to the transaction. Also, the buyer of Comparable 2 indicated that

the transaction details for this sale were confidential. We relied on published data, subscription

service data, and information available from a summary transcript of the public record for



transaction details regarding these comparables. A map showing the location of these

comparables is displayed in the Addenda.

The following additional sales are described briefly but were not selected as comparables for

the reasons cited below:

Related Companies (affiliated with Related California) recently purchased a group of

properties that had been assembled by Fairfield Residential. The total site area was

about 3.9 acres and the reported purchase price was $22,325,000, which equates to

about $131/SF on the land. The sale closed in January 2015 and is anticipated to be

some type of mixed use project. An additional 1.6-acre site at 5102 Calle Del Sol was

acquired in October 2014 from Fairfield Residential for a reported $9.454 million,

which is about $135/SF on the land. The total assembled site is about 5.5 acres and lies

within walking distance of light rail, heavy rail, and the new Levi’s Stadium. It is

across the street from Related’s 230-acre Related Santa Clara project being proposed.

The large size, mixed-use nature, and motivation on the part of the buyer suggested that

this would not be an appropriate sale for comparison purposes.

Related Companies also purchased a 6.64-acre industrial parcel at 2101 Tasman Drive

in late August 2015, which fronts light rail and is expected to be a future housing site.

The reported acquisition price of $50.1 million works out to about $173/SF on the land,

and appears to show motivation on the part of the buyer since they own several other

parcels in the neighborhood. The General Plan currently supports 50 dwelling units per

acre here, but planners have expressed interest in increasing the allowed density in this

neighborhood. The same reasons as above are cited for preclusion as a comparable.

The Irvine Company acquired additional acreage in mid-2014 for its Main Street

mixed-use project at Hwy 101 and Bowers Ave. This sale was improved and leased to

an above average-quality tenant. The Irvine Company now controls about 100 acres in

this area and is constructing about 2,000 residential units, 125,000 SF of retail and 1.8

million SF of office. The recent sale here was not for immediate development;

therefore, since the buyer intended to continue the improved use in the short-term, this

sale was not selected as a comparable.

D.R. Horton purchased a 9.94 acre site in April 2015 at 701-709 E Evelyn in

neighboring Sunnyvale. The reported purchase price was $53.2 million, which works

out to about $123/SF, and the buyer intended to construct a 204-unit townhome project.

The large size, lower-density, and different jurisdiction were sufficient reasons to not

include this sale as a comparable.



We discovered two adjacent sales in the 900 block of Warburton Avenue in Santa Clara

that closed in recent months. These properties sold in the $60/SF range and were zoned

to support low density residential. The density was too low to be an appropriate

comparable.

The City of Santa Clara is presently reviewing development proposals for a 6-acre site

along N. Winchester Blvd, which must include 165 affordable senior units at a

minimum. We are not aware of any contract so no comparable is present.

Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA


HIGH DENSITY COMPARABLE LAND SALESELEMENT OF ADJUSTMENT SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5 COMPARABLE 6 COMPARABLE 7 COMPARABLE 8 COMPARABLE 9

Average Street 3175 El Camino Real 2525-2575 El Camino Real 2611 El Camino Real 1460 Monroe St 2585 El Camino Real 555 Saratoga Ave 166 Saratoga Ave 1525 Alviso St 3305 Kifer Rd

Santa Clara Santa Clara Santa Clara Santa Clara Santa Clara Santa Clara Santa Clara Santa Clara Santa Clara Santa Clara

APN 220-01-056 026-51-052 216-01-036 269-03-067, 068,075,142,143,147 216-01-008 269-39-101 294-38-001 224-29- (034, 032, & 012) 216-33- (001 & 030)

SELLER Car Town Santa Clara LLC Ross Folberg, et al William O Geoffroy Race Street Foods, et al Nobel Group Inc Donette & John J Popylisen David Bayto (TE)/Marlene A Mattoon (TE) Robin L Kay Moutafian Family LP

BUYER Tuscany Calabazas LLC 2525 El Camino Senior Apts LP SHAC ECR Apartments LLC Silicon Valley Builders LLC Siliconsage Builders LLC Silicon Valley Builders The New Home Company Kifer Road Properties LLC

DOCUMENT NUMBER 22116412 21465101 22546037 21666584, 22010983, 22149533 22409670 22173090 22961157 22936646

VERIFICATION SOURCE Buyer Broker Buyer Rep Subscription Svcs, Pub Record Buyer Buyer Buyer Broker Listing Broker Listing Broker Listing Broker

SALE / LISTING PRICE $11,000,000 $3,262,500 $2,100,000 $2,474,000 $6,100,000 $1,075,000 $7,325,000 $8,000,000 $7,500,000

SALE / OFFERING PRICE PER SF $74.16 $74.99 $79.21 $83.55 $101.48 $65.08 $96.98 $88.89 $90.36

TRANSACTIONAL ADJUSTMENTS

REAL PROPERTY RIGHTS CONVEYED Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple

ADJUSTMENT 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

FINANCING TERMS All Cash City of Santa Clara All Cash Private Lender Private/50% Down Conventional All Cash TBD Private/Seller No Affect

ADJUSTMENT 0.00% -2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CONDITIONS OF SALE Arm's Length Arm's-Length Assemblage Assemblage Arm's-Length Arm's Length Arm's-Length/S.P. Change Buyer/Seller Negotiations Arm's-Length

ADJUSTMENT 0.00% 0.00% -10.00% -10.00% 0.00% 0.00% 2.27% -5.00% 0.00%

EXPENDITURES AFTER SALE Demolition ($60,000) Demolition ($80,000) None Demo Offset by Income None Reported None Significant None Reported None Reported Demo Offset by Income

ADJUSTMENT 0.55% 2.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CLOSE OF ESCROW March 1, 2013 December 20, 2011 March 18, 2014 5/14/12, 10/3/12,12/19/12 October 8, 2013 April 15, 2013 May 21, 2015 Est October 2015 May 1, 2015

TIME OF SALE / MARKET CONDITION September 2014 September 2011 May 2010 Est. March 2013 Est. March & July 2012 July 2012 May 2012 May 2013, May 2014 July 2014 September 2014

MOS SINCE END 4Q 2009 THROUGH 1Q 2011 0 10 0 0 0 0 0 0 0

ADJUSTMENT @ % PER MONTH -0.50% 0.00% -5.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

MOS SINCE END 4Q 2011 THROUGH AUG 2014 44 44 29 39 37 39 15 13 11

ADJUSTMENT @ % PER MONTH 1.50% 66.00% 66.00% 43.50% 58.50% 55.50% 58.50% 22.50% 19.50% 16.50%

ADJ PRICE AFTER TRANSACTIONAL ADJS $123.78 $118.13 $102.30 $119.19 $157.80 $103.15 $121.49 $100.91 $105.27

LOCATIONAL ADJUSTMENTS

EXPOSURE / VISIBILITY Average Similar Similar Similar Similar Similar Similar Similar Similar Similar

ACCESS Average Similar Similar Similar Similar Similar Similar Similar Similar Similar

APPEAL/SITE INFLUENCES Average Similar Similar Adjacent to Creek Similar Adjacent to Creek Similar Similar Inferior/Adjacent RR Inferior/Ind./Lawrence Expy

ZIP CODE 95050 95051 95051 95051 95050 95051 95050 95051 95050 95051

OVERALL LOCATIONAL RATING Sl Superior Sl Superior Sl Superior Similar Sl Superior Sl Inferior Sl Superior Sl Inferior Sl Inferior

PHYSICAL ADJUSTMENTS

SITE SIZE (ACRES) 1.00 3.405 1.00 0.609 0.680 1.38 0.38 1.73 2.07 1.91

SITE SIZE (SF) 43,560 148,322 43,504 26,511 29,610 60,113 16,518 75,533 90,000 83,000

UTILITY/TOPOGRAPHY Rectangular / 1 Street Front Superior/2 Frontages Similar Inferior/Easement Superior/2 Frontages Similar Sup/ Frontage on 2 Streets Sl Inf/R/W Esmnt Inferior/Irregular Similar

USE/ZONING ADJUSTMENTS

ZONING CT CT CT CT CT CN R1-6L ML ML

GENERAL PLAN High Density Residential Community Mixed Use Community Mixed Use Community Mixed Use Community Mixed Use Community Mixed Use Community Mixed Use Community Mixed Use Community Mixed Use Medium Density Residential

ALLOWED DENSITY (dwelling units per acre) 37-50 19-36 19-36 19-36 19-36 19-36 19-36 19-36 19-36 19-36

NUMBER OF UNITS 44 133 48 32 28 60 13 33 40 48

ESTIMATED / PROPOSED DU/ACRE 44.0 39.1 48.1 52.6 41.2 43.5 34.3 19.0 19.4 25.2

INTENDED USE Residential Apartments Senior Housing Apartments Apartments / Retail Condominiums Condominiums Townhouses Townhouses Townhouses

AFFORDABLE HOUSING COMPONENT No No Yes (100%) No No Yes (10%) Yes / 1 BMR Yes / 3 BMR's No No

ENTITLEMENT STATUS Has Zoning & GP Had GP/Subject to T-Map Final Map Had GP Had GP Subject to T-Map, GP Chg Had GP Had Tentative Map Subject to T-Map/Zone Chg Has GP

OVERALL PHYSICAL & USE/ZONING RATING Sl Superior Sl Superior Inferior Similar Sl Superior Sl Inferior Inferior Inferior Slighlty Inferior

OVERALL RATING DOWN DOWN SLIGHTLY UP SLIGHTLY SIMILAR DOWN UP SIMILAR UP UP

ADDRESS



Adjustment Process

Transactional adjustments were made sequentially for property rights conveyed, financing

terms, conditions of sale/motivation of participants, expenditures incurred by the buyer after

the sale, i.e. demolition costs, and market conditions since the sale date.

The City of Santa Clara provided financing to the buyer of Comparable 2, which we

concluded, based on the data, warranted a downward adjustment for favorable financing.

Comparables 3 and 4 were assembled sales with adjacent land, and warranted a downward

adjustment for buyer motivation. The buyer of Comparable 7 completed several extensions,

which increased the selling price by $166,000; this amount is shown as an upward adjustment

on the Conditions of Sale line.

Comparable 8 is presently in escrow and the listing broker opined that the selling price was

within 10% of the listing price; we concluded to a 5% downward adjustment for typical buyer

and seller negotiations which was a good fit for the data.

Comparables 1 and 2 warranted upward adjustment for the cost of demolition; the amount for

Comparable 2 was estimated by the buyer’s broker, while the amount for Comparable 1 was

estimated by the writers based on our observation and using Marshall Valuation Services

(MVS), a national cost reference, and other data.

The comparable sales closed escrow from 3 to 44 months prior to the date of value, and 1

transaction was in escrow. The lack of more recent sales in Santa Clara was due to a lack of

developable vacant land and the time necessary to gain building approvals. We did discover

more recent sales located outside Santa Clara, but due to greater differences in development

impact fees, in particular the park impact fee, and differences in target market, these other

sales were not utilized. Market conditions adjustments were applied from the date of the

meeting of minds using the rate(s) of adjustment discussed previously in the Market Conditions

section of this report.

Locational adjustments were broken into elements that reflect the property's identity to

potential tenants or buyers (exposure, visibility), access (to freeways and amenities), and

overall desirability of the location based on neighborhood factors such as age and condition of

nearby properties, proximity to enhancing or detrimental factors, or an identifiable valuation

element relating to address (locational appeal, zip code). Locational adjustments were

warranted for the elements of comparison summarized on the grid. Two of the comparables (3

and 5) were adjacent to the same creek, which requires increased development setbacks; this

negative consideration was offset by the aesthetic nature of the creek and associated habitats,



which future residents will benefit from. Comparable 8 is adjacent to the Caltrain tracks, rating

inferior appeal and warranting an upward adjustment. As will be discussed in the following

material, residential land values in the 95051 zip code rated superior to the 95050 zip code and

thus the 95051-located comparables were adjusted downward. The overall appeal adjustment to

Comparable 9’s 95051 zip code was upward since it was located in an industrial neighborhood,

which rated inferior appeal.

Physical and Use/Zoning adjustments were broken into elements that reflect property size,

utility/topography, allowed land uses and density, intended use/development density,

affordable housing component, and entitlement status. The proposed building densities bracket

the subject. The comparables that will provide affordable housing were adjusted upward. The

comparables with entitlements in place or subject to entitlement approval rated superior to the

subject’s unentitled status and were adjusted downward. Physical and use/zoning adjustments

were warranted as summarized on the grid.

Conclusion

Following adjustment for the elements summarized on the grid, we concluded to the overall

ratings displayed at the bottom of the grid. The range was more consistent on a price per SF

basis rather than a price per unit basis, which was utilized as the primary comparison value.

Bracketed by the comparable ratings, we concluded to the following unit value of unentitled

high-density residential land in the 95050 zip code:

Unit $/SF x Land Area (SF) = Indicated Value

$120 x 43,560 = $5,227,200

Estimated Market Value of a 1-Acre

High-Density Residential Lot in 95050 Zip Code: $5,227,200

Medium Density Land Value

For the medium-density value component, we assumed a density of 28 dwelling units per acre,

about the midpoint of the allowed range under the Medium Density General Plan designation,

which allows 19-36 dwelling units per acre. In the market, the primary difference between the

medium-density land value and high-density land value relates to density. The density

adjustment was estimated based on the relationship between price per SF and density, as

evidenced by the comparables. In the chart below we graphed the change in land value per



square foot vs. the change in density. We did not include Comparable 3 since its actual density

would have been much less if it was not part of an assemblage.

As shown in the chart above, the price per square foot of land increases slightly with

increasing density. This is congruent with our observations in the market that as density

increases, price per SF typically increases. The difference in pricing for changing densities

appears to be stabilizing based on an analysis of the more recent sales. In fact, one market

participant opined that densities above about 37 dwelling units per acre have to be built with

podiums, which increases costs and actually is a negative in terms of overall density

achievable. In this regard the difference in value between medium and high density residential

densities in this market is minimal to non-existent. Based on the chart above and on a density

of 28 dwelling units per acre for the medium-density land use, we concluded to $115/SF.



Conclusion

We concluded to the following medium-density value in the 95050 zip code for 1-acre of land:


$115 x 43,560 = $5,009,400


Medium-Density Residential Lot in 95050 Zip Code: $5,009,400

Commercial Land Value

We searched similar data sources as for the residential land and examined data that was

discovered by talking to brokers, agents, property owners, and market participants from within

the subject market. We searched for recent sales and listings of competing retail and office

properties throughout Santa Clara and nearby cities. Those we found most comparable are

displayed on the grid on a following page. A map showing the location of these comparables is

displayed in the Addenda.

We are aware of two transactions of 3935 Freedom Circle in Santa Clara but did not select

either of them as a comparable. The first sale included about 3.27 acres of land improved with

a restaurant building and sold for a reported $3.2 million to Legacy Partners Commercial in

December 2014. Then in March 2015, Terra Hospitality Inc. purchased this property for a

reported $10,100,000, which equates to about $71/SF on the land. The listing broker reported

that the second purchase was by the tenant and that the sale price was probably pretty close to

the market value of the land. However, he indicated that the tenant was going to remain in the

building; Santa Clara’s Smart Permit Center shows that there are no proposals for the

property. Because the intended use is to continue utilizing the improvement, and we could not

reconcile the difference in the two selling prices, neither of this property’s two sales were

utilized as a comparable.

A parcel adjacent to 3935 Freedom Circle on the east is presently in escrow to Greystar Real

Estate Partners, who are working on entitlements for a 275,000 SF office building and 950

residential units on a 13.3-acre site. The selling price is unknown and the large size and mixed-

use nature was not appropriate for use as a commercial comparable.

The City of Santa Clara purchased a 0.59-acre L-shaped parcel of land at 1031 El Camino Real

in Santa Clara in September 2014. The reported purchase price was $1.7 million, equivalent to



about $66/SF of land. Due to the City’s power of eminent domain, this sale was not selected as

a comparable.

In July 2015 Apple bought a 43 acre unentitled site at 2347 N. 1st Street in San Jose for a

reported $138,172,000, which is about $74/SF on the land. New office buildings are

anticipated. The large size precluded inclusion as a comparable.



COMMERCIAL LAND COMPARABLE SALESELEMENT OF ADJUSTMENT SUBJECT Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Comparable 6

ADDRESS Average Street 4935 Stevens Creek Blvd 999 El Camino Real 2140 El Camino Real 861 E El Camino Real 1812 Hillsdale Ave 7265-85 Bark Ln

Santa Clara Santa Clara Santa Clara Santa Clara Sunnyvale San Jose San Jose

APN 296-20-004 224-28-067 290-10-028 211-16-021 419-05-059 372-24-033

SELLER LJS LLC Baggott Family Trust Metropolitan Life Insurance Co. Pisa Trust, et al T Antraccoli RL & RL 1990 Trust Bark Deanza LLC

BUYER Nevada Deanza Family LP Jose L Valencia Byer Properties LP Baton Rouge Hospitality LLC Thao Bui & Mai T Thai Sierra Bridge LLC

DOCUMENT NUMBER 22879286 22145185 21173266 22539072 22893779 22782043

SALE PRICE $3,700,000 $250,000 $3,011,000 $5,050,000 $1,700,000 $2,050,000

PARCEL SIZE (Acres) 1.00 1.02 0.13 0.97 1.56 0.69 0.52

PARCEL SIZE (SF) 43,560 44,475 5,662 42,253 67,954 29,977 22,602

SALES PRICE/SQUARE FOOT $83.19 $44.15 $71.26 $74.32 $56.71 $90.70


REAL PROP. RIGHTS CONVEYED Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple

FINANCING TERMS $ Conventional Conventional Conventional All Cash All Cash All Cash

CONDITIONS OF SALE Arm's-Length Tenant Purchase/Below Market Assemblage Arm's-Length Arm's-Length Arm's-Length

ADJUSTMENT 0.0% 20.0% -10.0% 0.0% 0.0% 0.0%

EXPENDITURES AFTER PURCHASE Demo Offset by Income None Demo Offset by Income Demo Offset by Income None Significant Sewer System Upgrade Credit

ADJUSTMENT 0.0% 0.0% 0.0% 0.0% 0.0% -3.9%

CONTRACT DATE / MKT CONDITIONS August 2015 January 2015 February 2013 April 2011 December 2013 November 2014 October 2014

RECORDING DATE March 11, 2015 March 26, 2013 May 12, 2011 March 7, 2014 March 25, 2015 November 25, 2014

MONTHS SINCE SALE THROUGH 4Q-2011 0 0 8 0 0 0

Adjustment rate per month -0.50% 0.00% 0.00% -4.00% 0.00% 0.00% 0.00%

MONTHS FROM END OF 3Q-2012 THROUGH AUGUST 2015 7 30 35 20 9 10

Adjustment rate per month 1.00% 7.00% 30.00% 35.00% 20.00% 9.00% 10.00%

ADJ. PRICE/SF WITH TRANS. ADJ. $89.02 $68.88 $83.12 $89.18 $61.81 $95.88


EXPOSURE Average Similar Sl Superior/Corner Sl Superior/Corner Sl Superior/Traffic Similar Inferior/Traffic

APPEAL/SITE INFLUENCES/ACCESS Average Superior/Access & Neigh Similar Similar Superior/Rents Inferior/Rents/Synergies Superior/Access & Neigh

ZIP CODE 95050 95051 95050 95050 94087 95124 95129

LOCATIONAL COMPARISON Superior Slightly Superior Slightly Inferior Superior Inferior Superior

PHYSICAL & USE/ZONING ADJUSTMENTS

PARCEL SIZE (Acres) 1.00 1.02 0.13 0.97 1.56 0.69 0.52

UTILITY Average Similar Similar Similar Superior/2 Street Frontages Similar Sl Inferior/Irregular Shape

OFF-SITE IMPROVEMENTS Finished Lot Similar Similar Similar Similar Similar Similar

ZONING/GENERAL PLAN CT / Regional Commercial CT/ Regional Commercial CN / Neighb Community Comm CC / Regional Mixed Use C-2 ECR / General Business CN/Neigh Community Comm CP/Neigh Community Comm

PROPOSED USE(S) Retail Hold/Car Wash Interim Camper Shell Sales Drug Store Hotel Retail 2-Story Office

PHYSICAL & USE/ZONING COMPARISON Similar Inferior Similar Slightly Superior Similar Slightly Inferior

OVERALL RATING DOWN UP DOWN SLIGHTLY DOWN UP DOWN



Adjustment Process

The adjustment methodology was similar as above.

Transactional adjustments were warranted. Comparable 2 was purchased by the tenant and,

“given a good deal,” according to the listing broker and supported by the data; the broker

reported it should have sold for $300,000, about 20% more. This comparable was adjusted

upward by this amount for this element of comparison which fit the data well. Comparable 3

was purchased by the buyer as part of an assemblage of parcels. The buyer owned the adjacent

shopping center and was planning a major remodel. An existing drug store tenant from the

shopping center was given a built-to-suit space at the site of this comparable. The data

suggested the buyer was motivated by the assemblage and paid an above market price,

warranting a downward adjustment for this element of comparison. The seller of Comparable 1

opined that this transaction represents the land only; the building(s) and car wash business sold

separately. Comparables 1, 3, and 4 had operating retail tenants at the time of sale, offsetting

the need for any demolition costs, while the buyers worked on entitlements for a new use. The

confirming party for Comparable 6 indicated that a new sewer line was needed and that the

buyer and seller agreed to split the cost, which was about $160,000. A downward adjustment

of $80,000 is shown on the grid, as this was an additional out of pocket cost to the buyer.

Market conditions adjustments were applied from the date of the meeting of minds using the

amount(s) of adjustment discussed previously in the Market Conditions section.

Locational adjustments were broken into elements that reflect the property’s identity to

potential tenants or buyers (exposure, visibility), access (to freeways and amenities), and

overall desirability of the location based on neighborhood factors such as age and condition of

nearby properties, proximity to enhancing or detrimental factors, or an identifiable valuation

element relating to address (locational appeal). Locational adjustments were warranted as

summarized on the grid.

Physical adjustments were considered for size, utility, and off-site improvements. Physical

adjustments were warranted as summarized on the grid. Comparable 2’s lot size was smaller

than typical in this market and would allow for limited development options in order to comply

with setbacks and parking. Therefore, an upward adjustment was warranted for this

comparables inferior size. Comparable 4 rated inferior due to its larger lot size; larger lots

command lower selling prices per SF in this market due to the law of diminishing returns.



Conclusion

Bracketed by the comparables, we concluded to the following unit value for commercial land

in the 95050 zip code:


$80 43,560 $3,484,800


Commercial Lot in Zip Code 95050: $3,484,800

Industrial Land Value

We searched the same databases listed above and reviewed other data discovered by talking to

brokers, agents, property owners, and market participants from within the industrial market.

We searched for recent sales and listings of competing industrial properties throughout Santa

Clara and nearby cities. We also searched for recent improved sales with improvements that

were nearing the end of their economic lives. Those we found most comparable are displayed

on the following grid. A map showing the location of these comparables is displayed in the

Addenda.

We are aware of some additional sales in this market described briefly below but were not

selected as comparables:

A ground lease transaction at 2750 De La Cruz Blvd in Santa Clara closed escrow in

September 2014. The buyer purchased a car rental lot of 8.34 acres for $20,000,000,

which equates to about $55/SF of land. The large size and fact that it was leased were

the reasons it was not utilized as a comparable.

The City of Santa Clara purchased 8.75 acres of land in August 2014 along Grant

Street. The selling price was about $22/SF on the land. Due to the large size, the City’s

power of eminent domain, and the fact that there were some previous environmental

issues, this sale was not an appropriate comparable.

A sale in August 2014 at 800 Laurelwood Rd of a 0.74 acre property improved with an

old Quonset-hut building that sold at $40/SF on the land. We were unable to determine

if the improvements were given any value, or what the intent of the buyer was; the

building has not been demolished. For these reasons and because we couldn’t determine



the contributory vale of the building improvements, it was not included as a

comparable.

Hunter Storm purchased land along Coleman Ave just south of Brokaw Rd and the City

of Santa Clara border for a project titled Coleman Highline. Approximately 23 acres

were purchased from the City of San Jose for a reported $41/SF so that a massive

office and hotel project could be built. Hunter/Storm has an option to purchase an

additional 19 acres adjacent to this project which must be exercised by the conclusion of

2017. The large size of these properties and the mixed-use nature would not make

either sale appropriate for use as an industrial land comparable.

We were unable to confirm the details of Comparable 2 with a party to the transaction. Also,

the listing broker for Comparable 1 indicated that the transaction details for this sale were

confidential. We relied on listing fliers, subscription service data, and information available

from a summary transcript of the public record for transaction details regarding these

comparables.



INDUSTRIAL LAND COMPARABLE SALESELEMENT OF ADJUSTMENT SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5 COMPARABLE 6

Average Street 920 Martin 914 Stockton Ave 2680-2700 Scott Blvd 1505 Nicora Ave 2365 Lafayette 430 Aldo Ave

Santa Clara Santa Clara San Jose Santa Clara San Jose Santa Clara Santa Clara

APN 224-62-013 230-40-071 224-10-109, -110, -111 101-13-001 220-40-010 101-15-006

SELLER EGC PartnershipBobby Darrell & Cleoma

Charlene WilsonA. Stalder 1987 Trust

Rolston & Jacquelyn

Johnson

Gangi Brokers Packing

Company, Inc

Allen G Trust & Marta

MT Dinsmore

BUYERCatalyst Storage-Santa Clara

LLC

Jose Antonio & Amarantina

Marie MedeirosBothman Family Trust DRL Properties LLC

Bowles Eckstrom &

Associates, LLCLogadia Holdings, LLC

SALE PRICE $2,150,000 $610,000 $3,750,000 $1,100,000 $4,135,000 $1,896,500

DOCUMENT NUMBER 21385184 22538233 22024553 22876483 22872800 22837169

BONDS ASSUMED / SF $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

TOTAL COST TO BUYER / SF $32.90 $43.57 $29.75 $27.75 $36.51 $53.75


REAL PROPERTY RIGHTS CONVEYED Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple/S Term Lease Fee Simple

ADJUSTMENT 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

FINANCING TERMS / DOWNPAYMENT All Cash Seller / 40% All Cash Conventional/35% All Cash Conv/Constr. Loan

ADJUSTMENT 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CONDITIONS OF SALE Arm's-Length Arm's-Length Arm's-Length Arm's-Length Arm's-Length Arm's-Length

ADJUSTMENT 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

ADDITIONAL COSTS TO BUYER Demolition None Demo Offset by Temp. Use None None None

ADJUSTMENT 3.26% 0.00% 0.00% 0.00% 0.00% 0.00%

CONTRIBUTORY VALUE OF IMPROVEMENTS None None None None Significant None Significant Metal Building / $325k

ADJUSTMENT 0.00% 0.00% 0.00% 0.00% 0.00% -17.14%

CLOSE OF ESCROW 10/27/2011 3/7/2014 12/28/2012 3/9/2015 3/20/2015 1/27/2015

TIME OF SALE / MARKET CONDITION August 2015 Est July 2011 Est. January 2014 December 2012 January 2015 January 2015 November 2014

MO'S FROM START OF 1Q-2012 THROUGH 2Q-2014 30 5 18 0 0 0

ADJUSTMENT @ % PER MONTH 0.25% 7.50% 1.25% 4.50% 0.00% 0.00% 0.00%

MO'S FROM START OF 3Q-2014 THROUGH AUG 2015 14 14 14 7 7 9

ADJUSTMENT @ % PER MONTH 0.50% 7.00% 7.00% 7.00% 3.50% 3.50% 4.50%

ADJUSTED PRICE / SF $39.08 $47.20 $33.26 $28.72 $37.79 $46.54


EXPOSURE/VISIBILITY Average Signalized Corner/Sup Similar Similar Similar Sl Sup/Traffic Retail Syn Similar

ACCESS Average Similar Similar Similar Inf/cul-de-sac & Fwy Similar Similar

NEIGHBORHOOD APPEAL Average Similar Similar Similar Inferior/Rents Similar Superior/Rents

ZIP CODE 95050 95050 95110 95050 95133 95050 95054

OVERALL LOCATIONAL RATING Slightly Superior Similar Similar Far Inferior Sl Superior Superior

PHYSICAL & USE/ZONING ADJUSTMENTS

PARCEL SIZE (ACRES) 1.00 1.50 0.32 2.89 0.91 2.60 0.81

PARCEL SIZE (SF) 43,560 65,340 14,000 126,067 39,640 113,256 35,284

UTILITY Average Superior/Two Streets Superior/Paved Similar Inf/Irregular Sup/Paved Easements / Paved Superior/Paved

OFF-SITES Finished Lot Similar Similar Similar Similar Similar Similar

INTENDED USE Self Storage Contractor Storage Yard Contruction Co HQ Storage Yard Industrial Industrial

ZONING Heavy Industrial Heavy Industrial Light Industrial Heavy Industrial Light Industrial Heavy Industrial Light Industrial

GENERAL PLAN Light Industrial Heavy Industrial Light Industrial Heavy Industrial Light Industrial Heavy Industrial Light Industrial

OVERALL PHYSICAL & USE/ZONING RATING Slightly Superior Superior Inferior Slightly Inferior Slightly Inferior Similar

OVERALL RATING DOWN SLIGHTLY DOWN UP UP SIMILAR DOWN

ADDRESS



Adjustment Process

Adjustments were considered for and applied in a similar manner as above for the commercial

sales. Comparable 1 required demolition prior to development with a storage facility based on

aerial photography before and after the close of escrow, a cost incurred by the buyer. The

amount of demolition was estimated based on our observation and using Marshall Valuation

Service, a national cost estimator used by appraisers. Comparable 6 was improved with a metal

building which contributed value to the sale. The listing broker couldn’t remember if there was

a building on the property and thus was unsure of its contributory value. We estimated the

contributory value of this 10,250 SF building based on our observation and using MVS.

Market conditions adjustments were applied at the rates concluded to in the Market Conditions

section.

Similar to the commercial grid, locational adjustments were considered for exposure, visibility,

access (to freeways and amenities), and overall desirability of the location, including zip code.

Locational adjustments were warranted as summarized on the grid.

Physical adjustments were considered for size, utility, intended use, zoning, general plan

designation, and off-site improvements. Physical adjustments were warranted as summarized

on the grid.

Conclusion

Following transactional adjustments and considering the overall rating comparison for each

comparable, the unit values of the comparables suggested a range in the high-$30’s per square

foot.

We concluded to the following unit value for industrial land in the 95050 zip code:


$38 43,560 $1,655,280


Industrial Lot in Zip Code 95050: $1,655,280



Average Value Estimate in 95050 Zip Code

The average value was estimated by applying the weighted average of the number of sales of

each property type in Santa Clara prior to the date of value from July 1, 2014 to June 30, 2015

to the concluded market values above. We utilized RealQuest, an online public records search

tool owned by CoreLogic, to obtain records of all transactions in a given time period. Our

search criteria included the following:

Zip Code: 95050, 95051, & 95054

Recording Date: July 1, 2014 through June 30, 2015

Deed Type: Grant Deed

Using the search parameters above the raw data produced 1,997 records, about 6.7% more

records than the same search we performed last year. We further refined these records to

eliminate inter-family transfers, and records missing document numbers and/or selling prices.

Some of these transactions may have involved a ground lease and were included in our

analysis, because their numbers were few and they would have had minimal effect on our

conclusion. Additional research was necessary to account for any sales involving multiple

parcels, any sale prices less than $200,000 to determine if they were arm’s-length, and to

investigate any property selling twice within the same time period (typically a ‘flip’). This

analysis reduced the total record count to 1,160 sales across all three zip codes, which are

about 8.2% fewer records than the same search we performed last year. Multi-parcel sales

and/or assemblage sales recording on the same date were treated as single sales. We relied on

the County defined land use classifications in order to qualify each sale as commercial,

industrial, or residential. The total number of sales (broken down by type and weighted

average) is reflected in the table below:

In the table above the commercial component includes all retail, office, and vacant commercial

land; the industrial component includes all warehouse, manufacturing, industrial

condominiums, research and development buildings, and industrial land. The residential

Sale Type No. of Sales % of Total

Commercial 37 3.19%

Industrial 55 4.74%

Residential 1,068 92.07%

Total 1,160 100.00%

Sales in Santa Clara Between 3Q-2014 & 2Q-2015



component included the sale of all land and housing types (single-family, apartments,

condominiums, townhouses, and plexes).

As the table shows, about 92% of all transactions in Santa Clara between 3Q-2014 and 2Q-

2015 were residential in nature. This compares to about 94% of all transactions in the 12

months preceding this period. The difference is attributed to a greater number of commercial

and industrial sales and fewer residential sales. Part of the decrease in residential sales can be

attributed to the sellout of the Midtown Village project by SummerHill Homes, which sold 68

new homes in the previous 12 month period and 19 in the current period analyzed, a net of 49

fewer homes.

Conclusion

The % of total in the previous table was applied to the appropriate commercial and industrial

land value. The residential component was split evenly between the medium density and high-

density residential values, or about 46.03% each [92.07% / 2], since this category included

every type of residential sale. The appropriate weighted values are summed to produce the

average value of a hypothetical 1-acre lot in the 95050 zip code:

Average Value of a Hypothetical 1-Acre

Lot in the 95050 Zip Code: $4,900,000 (Rounded)


We estimated the value of 1 acre of land for zip code 95050 above. Following we apply any

differences in value between the 95051 and 95050 zip codes.

Land Use Price per SF Price per Acre x Weighted Average = Weighted Value

High Density Residential $120.00 $5,227,200 x 46.03% = $2,406,315

Medium Density Residential $115.00 $5,009,400 x 46.03% = $2,306,052

Commercial $80.00 $3,484,800 x 3.19% = $111,165

Industrial $38.00 $1,655,280 x 4.74% = $78,460

TOTAL AVERAGE VALUE $4,901,993

95050 ZIP CODE SUMMARY



Estimating Differences Between Zip Codes

Differences between the 95050 and 95051 zip code for the various uses was based primarily

upon market feedback, anecdotal information, a comparison of values/rents for the commercial

and industrial uses, and a comparison of median selling prices for the residential uses.

Residential Difference

Market participants and median selling prices provided support that residential prices in the

95051 zip code are generally similar compared to the 95050 zip code. Some brokers believed

that the 95050 area was slightly better due to Santa Clara University and a larger upper-middle

class. Others pointed to the fact that the 95051 zip code includes an area of the city within the

Cupertino Union School District, a higher rated school district, which commands residential

price premiums. One felt that the new Apple campus construction near the southwest corner of

the City has or will increase values in the 95051 zip code. Several brokers reported that some

of the nicest neighborhoods in the City are in and around San Tomas Expressway, which

bisects 95050 and 95051. One market participant believed all areas of the city balanced out

since they offered different price points based on different amenities, whether it was Walk

Scores, schools, etc. Recent yearly-summary median prices and June and July 2015 median

prices between the 95050 and 95051 zip codes, as reported by DataQuick News, indicated the

following:



The chart above indicates that the median selling prices were generally similar by the end of

each year, with each being higher during June or July. Statistics obtained from MLSListings

indicated that between 3Q-2014 and 2Q-2015, the median selling prices of SFR’s were 15.6%

higher in 95051, but the median price of townhouses and condos were 13.9% lower in 95051.

Among sales transacting in the first half of 2015, as reported by MLSListings, the median

price in 95051 was 13.3% higher than in 95050. Among the sales transacting between 3Q-2014

and 2Q-2015, the median selling prices of SFR’s were 9.0% higher in 95051. Based on the

data, we concluded that residential land prices were 5% superior in the 95051 zip code.

Commercial Difference

We discovered that commercial land values are generally similar among commercial uses

located along El Camino Real and Stevens Creek Blvd. within the 95050 and 95051 zip codes,

which are the primary commercial corridors in Santa Clara. A comparison of the 5-year

average asking rental rate, as compiled by CoStar, revealed that the average asking rents

between these zip codes were nearly identical, $1.81/SF/Month NNN in 95050 vs.

$1.84/SF/Month in 95051. Market participants reported that they don’t see too much

difference between the two areas. We concluded no adjustment between the 95050 and 95051

zip codes was warranted for the commercial land values.

Industrial Difference

Among industrial properties, much of the product in the 95051 zip code is built as, or allows

for, R&D and higher intensity office uses, and greater floor area ratios, rating superior to

95050. Furthermore, some of the industrial lands in the 95051 zip code, particularly around

Kifer Rd and Lawrence Expy, are converting to residential uses, reducing the supply of

industrial properties, and pushing increasing demand and value for them at the same time. A

comparison of the 5-year average asking rental rate per SF, as compiled by CoStar, showed

that asking rents averaged $1.11/SF/Month NNN in the 95050 zip code vs. $1.19/SF/Month

NNN in the 95051 zip code, a 7.2% premium. Market participant input was somewhat

inconclusive; some believed there was no real difference in industrial land values between

95050 and 95051, whereas others estimated that the 95051 zip code garnered a premium on the

order of 10-15%. After consideration for differences in asking rents and the opinions of the

market, we concluded to a 10% premium for industrial land within the 95051 zip code.



Conclusion of Value in 95051 Zip Code

Based on the conclusions above the adjusted price per acre for each land use in the 95051 zip

code was adjusted and the appropriate weighted values are summed to produce the average

value of a hypothetical 1-acre lot in the 95051 zip code:

Average Value of Hypothetical 1-Acre



We utilize the same 1 acre of land values from zip code 95050 and apply any differences in

value between the 95054 and 95050 zip codes. We then apply the appropriate weighted average

number of sales to each 95054 land use value.

Estimating Differences Between Zip Codes

We applied the same methodology we used above to estimate the value differences between the

95050 and 95054 zip codes.

Residential Difference

Median selling prices provided support that the residential prices in the 95054 zip code were

generally similar compared to the 95050 zip code. The gap had narrowed in recent years and

now appears to be absent. Brokers active in the market reported a range of opinions,

supporting the perception that neither was more superior today. Recent yearly-summary

median prices and June and July 2015 median prices between the 95050 and 95054 zip codes,

as reported by DataQuick, indicated the following:

Land Use95050 Average

Price per Acrex

Adjustment

Factor=

95051 Average

Price per Acre

High Density Residential $2,406,315 x 105.00% = $2,526,631

Medium Density Residential $2,306,052 x 105.00% = $2,421,355

Commercial $111,165 x 100.00% = $111,165

Industrial $78,460 x 110.00% = $86,306

TOTAL AVERAGE VALUE PER ACRE $5,145,457

95051 ZIP CODE LAND USE VALUES & AVERAGE VALUE PER ACRE



As shown in the chart above, median selling prices were higher in the 95050 zip code

compared to the 95054 zip code until 2014. The recent data seems to indicate that the median

prices within these two zip codes are now similar. Statistics obtained from MLSListings

indicated that between 3Q-2014 and 2Q-2015, the median selling prices of SFR’s were 13.7%

higher in 95054, and the median price of townhouses and condos were 18.9% higher in 95054.

Among single family and condominium/townhouse sales transacting in the first half of 2015, as

reported by MLSListings, the median price in 95054 was 5.2% higher than in 95050, lending

support that the gap, if any, has been eliminated. The median prices in 95054 are partly

skewed higher due to the fact that there are a greater proportion of newer (and larger)

residences in this zip code, particularly the Rivermark area, which command higher selling

prices. Based on MLS statistics and the general market, we concluded that residential land

prices were similar in the 95054 zip code compared to 95050.

Commercial Difference

Market participants reported that there has been a greater push for commercial north of U.S.

101 and in the 95054 zip code. This is partly influenced by the new developments along the

Great America Pkwy corridor and the opening of Levi’s Stadium. This area of Silicon Valley

includes the Golden Triangle and has historically supported higher intensity uses and properties

offering freeway visibility (U.S. 101 and CA-237). The greatest concentration of Class A



office is located within this zip code and more is presently under construction. A comparison

of the 5-year average asking rent per SF, as compiled by CoStar, revealed that the average

rents between these zip codes was higher in 95054, $2.01/SF/Month NNN vs.

$1.81/SF/Month in 95050, a difference of about 11%. CoStar’s current survey rates indicated

a 13.7% premium in asking rates in the 95054 zip code. At the time of our previous appraisal,

one broker estimated that pricing would be about $500,000/acre higher in 95054, which was

about 16.4% higher than our commercial value conclusion in the 95050 zip code. We

concluded that an upward adjustment of 15% was warranted for the 95054 zip code for higher

commercial land value, supported by higher rental rates and the opinions of market

participants.

Industrial Difference

Among industrial properties, much of the product in the 95054 zip code is built as, or allows

for, R&D and higher intensity office uses, rating superior to 95050. This also allows for

greater floor area ratios in 95054. Most market participants reported higher prices in 95054

due primarily to superior freeway access and fewer heavy-industrial uses. One market

participant believed the heavy-industrial zoned areas would be worth more. A comparison of

the 5-year average asking rent per SF, as compiled by CoStar, showed that asking rents

averaged $1.11/SF/Month NNN in the 95050 zip code vs. $1.33/SF/Month NNN in the 95054

zip code, a 19.8% premium. CoStar’s current survey rates indicated a 32% premium in 95054.

A local broker estimated that there was a 15-25% premium in the 95054 zip code area

compared to 95050. We concluded to a 20% premium for industrial land within the 95054 zip

code.

Conclusion of Value in 95054 Zip Code

Based on the conclusions above, the adjusted price per acre for each land use in the 95054 zip

code was adjusted and the appropriate weighted values are summed to produce the average

value of a hypothetical 1-acre lot in the 95054 zip code:



Average Value of a Hypothetical 1-Acre


RECONCILIATION AND OPINION OF AVERAGE VALUES

The sales comparison approach was the appropriate value approach for each land use. Total

sales statistics revealed that about 92% of all Santa Clara sales between 3Q-2014 and 2Q-2015

were residentially related. For this reason, the average value in each zip code was heavily

weighted to residential. We concluded to the following average values for each zip code on the

effective date of opinion:

Opinion of Average Value of a 1-Acre

Lot in the 95050 Zip Code: $4,900,000

(Four Million Nine Hundred Thousand Dollars)



(Five Million One Hundred Fifty Thousand Dollars)



(Four Million Nine Hundred Thirty Thousand Dollars)

Land Use95050 Average

Price per Acrex

Adjustment

Factor=

95054 Average

Price per Acre

High Density Residential $2,406,315 x 100.00% = $2,406,315

Medium Density Residential $2,306,052 x 100.00% = $2,306,052

Commercial $111,165 x 115.00% = $127,840

Industrial $78,460 x 120.00% = $94,152

TOTAL AVERAGE VALUE PER ACRE $4,934,360

95054 ZIP CODE LAND USE VALUES & AVERAGE VALUE PER ACRE



ADDENDA

RealQuest Sale Transaction Excerpts by Type and Zip Code

Maps of the Sale Comparables

Brokerage Reports (excerpts)

Qualifications of Appraiser(s)

95050 SalesMultiple? APN Situs Address Situs ZIP/ZIP+4 Sale Price Recording Date Owner Last Name Seller Bldg/Living Area Document Number Deed Type

Lot

Area County Land Use

230-03-063 570 Martin Ave 95050-2954 4189000 4/16/2015 Beveragestone Llc 27824 22918756 Grant Deed 66257 Wholesale W/ Stock (12)

Reg Sale 230-05-064 Coleman Ave 95050 3700000 2/5/2015 Sca Coleman Llc 22845381 Grant Deed 3842 Vacant Urban (69)

303-53-108 1833 Worthington Cir 95050-6754 1428000 11/12/2014 Li Summerhill Winchester Llc 22766147 Grant Deed 3186 Vacant Urban (69)

303-53-107 1837 Worthington Cir 95050-6754 1385000 11/4/2014 Summerhill Winchester Llc 22760204 Grant Deed 3222 Vacant Urban (69)

303-53-106 1845 Worthington Cir 95050-6754 1398000 10/28/2014 Chen Summerhill Winchester Llc 22753944 Grant Deed 3142 Vacant Urban (69)

303-53-110 1825 Worthington Cir 95050-6754 1574500 10/17/2014 Summerhill Winchester Llc 22743402 Grant Deed 3503 Vacant Urban (69)

Y 1 of 5 224-02-002 780 Reed St 95050-3943 8500000 8/26/2014 Bradford Mfg Co 6990 22688498 Grant Deed 120278 Vacant Urban (69)

Y 2 of 5 224-02-013 762 Reed St 95050-3943 8500000 8/26/2014 Bradford Mfg Co 22688498 Grant Deed 83373 Vacant Urban (69)

Y 3 of 5 224-02-014 1798 Grant St 95050 8500000 8/26/2014 Bradford Mfg Co 22688498 Grant Deed 52163 Vacant Urban (69)

Y 4 of 5 224-02-020 1720 Grant St 95050-3940 8500000 8/26/2014 Bradford Mfg Co 22688498 Grant Deed 85976 Vacant Urban (69)

Y 5 of 5 224-02-023 1744 Grant St 95050-3940 8500000 8/26/2014 Bradford Mfg Co 22688498 Grant Deed 42030 Vacant Urban (69)

230-03-099 2750 De La Cruz Blvd 95050 20000000 9/15/2014 Cannery Village Investment Pts 4768 22706435 Grant Deed 366524 Service Station (61)

224-16-022 1654 Scott Blvd 95050-4108 822000 6/30/2015 Ashar Davalle Linda 1021 23003516 Grant Deed 7475 Resid Single Family (01)

269-12-055 1761 Benton St 95050-5200 950000 6/30/2015 Mak Qualis Reuben & Ashley 946 23002119 Grant Deed 6638 Resid Single Family (01)

303-19-013 248 Westridge Dr 95050-2151 1330000 6/29/2015 Kim Youn Hyun S 2180 23001224 Grant Deed 10375 Resid Single Family (01)

303-10-022 2377 Bohannon Dr 95050-6401 1100000 6/29/2015 Evans Mohammed Ilyas 1627 23001004 Grant Deed 6215 Resid Single Family (01)

290-33-061 1040 Los Padres Blvd 95050-5134 1000000 6/25/2015 Yin Bergen Living Trust 1598 22997812 Grant Deed 6790 Resid Single Family (01)

303-14-104 2191 Sutter Ave 95050-6623 975000 6/24/2015 Koba Gerhardt Trust 1350 22996062 Grant Deed 8643 Resid Single Family (01)

303-14-068 187 Cypress Ave 95050 1000000 6/24/2015 Ammu Amann John W 1141 22995951 Grant Deed 5479 Resid Single Family (01)

303-11-055 2303 Pruneridge Ave 95050-6432 1110000 6/18/2015 Callister Volore Brandon 1596 22990779 Grant Deed 6120 Resid Single Family (01)

224-12-060 2364 Menzel Pl 95050-3325 770000 6/17/2015 Bullard 2009 Living Trust 1021 22990429 Grant Deed 5838 Resid Single Family (01)

303-13-050 238 N Cypress Ave 95050-6602 1005000 6/17/2015 Molseed Turlo Emma 1162 22989169 Grant Deed 6076 Resid Single Family (01)

Reg Sale 269-50-051 2325 Park Ave 95050-6029 1250000 6/16/2015 Owen President & Board Of Trustees/san 1235 22986941 Corporation Grant Deed 6318 Resid Single Family (01)

303-10-020 2357 Bohannon Dr 95050-6401 1200000 6/16/2015 Knaub Teller Lori 1675 22986864 Grant Deed 6156 Resid Single Family (01)

sold twice 303-06-078 376 Los Padres Blvd 95050-6444 985000 6/15/2015 Shah True Zip Llc 1131 22986627 Grant Deed 8021 Resid Single Family (01)

sold twice 224-22-003 2081 Main St 95050-3850 705000 6/15/2015 Dusseau Van Tran Seyama 985 22986553 Grant Deed 5993 Resid Single Family (01)

269-26-089 811 Monroe St 95050-5425 900000 6/15/2015 Qualls Hodgson Mary L 1624 22985745 Grant Deed 3517 Resid Single Family (01)

269-20-099 1445 Franklin St 95050-4712 1100000 6/11/2015 Briles Johnson Family Trust 2224 22982763 Grant Deed 3996 Resid Single Family (01)

303-06-053 2365 Rosita Ave 95050-6423 1125000 6/10/2015 Forstall Sandra 1075 22982077 Grant Deed 6791 Resid Single Family (01)

269-31-009 664 Viader Ct 95050-6919 865000 6/10/2015 Skrenchuk Arias Rebekah M 1012 22980972 Grant Deed 7836 Resid Single Family (01)

224-21-036 1632 Cabrillo Ave 95050-3705 1150000 6/9/2015 Fonts Fulgar John N & Diane C 1794 22980603 Grant Deed 5380 Resid Single Family (01)

290-11-138 2096 Dianne Dr 95050-4560 1155000 6/8/2015 Garcia Nunes Trust 1587 22979002 Grant Deed 7448 Resid Single Family (01)

290-33-020 926 Elizabeth Dr 95050-5004 926000 6/8/2015 Poso Richard D 1156 22977748 Grant Deed 6095 Resid Single Family (01)

269-12-037 1692 Fremont St 95050-5203 711000 6/3/2015 Vieira Allen Teresa 763 22972801 Grant Deed 6573 Resid Single Family (01)

303-20-067 101 Douglane Ave 95050-2020 85500 6/2/2015 Rabadon Family Trust 1274 22972650 Grant Deed 11561 Resid Single Family (01)

224-12-041 2334 Cabrillo Ave 95050-3313 1450000 5/29/2015 Saki Tt Investment Props Llc 1053 22970219 Grant Deed 7622 Resid Single Family (01)

303-04-056 327 Los Padres Blvd 95050-6417 757000 5/29/2015 Cabral Andrade Richard Trust 1035 22968928 Grant Deed 6861 Resid Single Family (01)

269-01-047 1825 Catherine St 95050-4629 820000 5/29/2015 Le Trisha Ahrens Paul F 916 22968546 Grant Deed 5200 Resid Single Family (01)

224-49-049 1710 Triton Ct 95050-4177 1010000 5/29/2015 Wu Yip Aaron 2112 22968494 Grant Deed 5375 Resid Single Family (01)

224-21-030 1774 Cabrillo Ave 95050-3707 680000 5/28/2015 Bizjak Fetzer Dylan 985 22968291 Grant Deed 5376 Resid Single Family (01)

294-07-020 603 Malarin Ave 95050-6958 910000 5/27/2015 Jina Witteveen Lavergne E 1532 22966636 Grant Deed 7851 Resid Single Family (01)

303-21-031 161 Bel Ayre Dr 95050-2002 975000 5/27/2015 Doan Knutson Family Trust 1306 22964772 Grant Deed 9157 Resid Single Family (01)

230-12-044 561 Hilmar St 95050-6015 840000 5/22/2015 Reilley Temple Noah W 1091 22961864 Grant Deed 4500 Resid Single Family (01)

224-23-033 2045 Jackson St 95050-3828 610000 5/21/2015 Chen Gonzales B 2006 Trust 1038 22960581 Grant Deed 7085 Resid Single Family (01)

290-35-015 914 Sunlite Dr 95050-5119 800000 5/21/2015 Nguyen Tung 1799 22960396 Grant Deed 5788 Resid Single Family (01)

224-13-032 2355 Fatjo Pl 95050-4015 901500 5/20/2015 Nagarjun Trites Daniel W 1021 22958059 Grant Deed 5850 Resid Single Family (01)

303-07-090 2128 Bohannon Dr 95050-6309 851000 5/19/2015 Smith Shoults Duane C Trust 1191 22956420 Grant Deed 9021 Resid Single Family (01)

303-12-069 3581 Forest Ave 95050-6631 950000 5/18/2015 Yeh Liu Peggy 1350 22955184 Grant Deed 8545 Resid Single Family (01)

294-17-031 762 Enright Ave 95050-5104 1085000 5/15/2015 Mcgee Mcabee Living Trust 1473 22953584 Grant Deed 6133 Resid Single Family (01)

269-52-041 554 Park Ct 95050-6163 665000 5/13/2015 Deangelo Bullara Marcello & Alexandria 1096 22949739 Grant Deed 3916 Resid Single Family (01)

303-05-022 2133 Pruneridge Ave 95050-6429 810000 5/13/2015 Guo Dens R E & F M Trust 1016 22948899 Grant Deed 6199 Resid Single Family (01)

269-28-048 761 Jackson St 95050-5416 760000 5/12/2015 Olsen Silicon Valley Homes Llc 966 22947887 Grant Deed 3657 Resid Single Family (01)

303-20-060 148 Cypress Ave 95050-2014 1290000 5/8/2015 Marrs Family Trust 1738 22945176 Grant Deed 12256 Resid Single Family (01)

303-10-021 2365 Bohannon Dr 95050-6401 970000 5/8/2015 Zhang Chavez Miguel 1075 22944709 Grant Deed 6010 Resid Single Family (01)

269-52-066 630 Park Ct 95050-6119 760000 5/6/2015 Gellman Cannatelli Family Trust 908 22942273 Grant Deed 5247 Resid Single Family (01)

290-35-006 1052 Sunlite Dr 95050-5121 888000 5/6/2015 Wei Merkley J Living Trust 1083 22942057 Grant Deed 5789 Resid Single Family (01)

269-06-056 744 Lewis St 95050-3919 1200000 5/6/2015 Pennington Michael J & Emily M 1691 22942045 Grant Deed 6522 Resid Single Family (01)

224-15-005 2248 Bray Ave 95050-4007 715000 4/30/2015 Casey Zachariason Family Trust 1021 22934550 Grant Deed 6514 Resid Single Family (01)

224-31-106 2141 Sheraton Dr 95050-3330 765000 4/29/2015 Ridnour D F 2014 Trust 1248 22930824 Grant Deed 6167 Resid Single Family (01)

224-50-006 1424 Don Ave 95050-3718 815000 4/22/2015 Latoza Consuelo C 1587 22924519 Grant Deed 5323 Resid Single Family (01)

269-41-010 393 Jefferson St 95050-5802 666500 4/21/2015 Miller Ponce Calletana M Trust 1532 22923405 Grant Deed 7651 Resid Single Family (01)

294-11-022 2471 Ramke Pl 95050-5530 1232000 4/21/2015 Jin Hill Living Trust 1758 22922281 Grant Deed 5732 Resid Single Family (01)

224-17-033 1747 Cunningham St 95050-4069 826000 4/20/2015 Bottelli Armando 1696 22921413 Grant Deed 6668 Resid Single Family (01)

303-18-016 3191 Cecil Ave 95050-2101 1120000 4/20/2015 Ravisankar Gairaud L M & F M Trust 1998 22921027 Grant Deed 10327 Resid Single Family (01)

294-07-018 612 Enright Ave 95050-6941 835000 4/17/2015 Vrable Rai Jathan & Vidisha 980 22919776 Grant Deed 5930 Resid Single Family (01)

303-20-059 160 Cypress Ave 95050-2014 1175000 4/15/2015 Gray Living Trust 1705 22918028 Grant Deed 12110 Resid Single Family (01)

269-26-104 795 Madison St 95050-5326 900000 4/14/2015 Dejeans Littlewood Alexander J 1044 22915695 Grant Deed 4830 Resid Single Family (01)

269-26-073 1347 Lexington St 95050-5310 425000 4/14/2015 Homen J L Living Trust 845 22915466 Grant Deed 3446 Resid Single Family (01)

224-19-052 2262 Cabrillo Ave 95050-3616 1045000 4/9/2015 Mariadassou Sun Jiong 1181 22910863 Grant Deed 5220 Resid Single Family (01)

294-10-040 697 Los Olivos Dr 95050-5524 790000 4/8/2015 Ameen Housing Co-operative Of Ca 1059 22909594 Grant Deed 8277 Resid Single Family (01)

224-23-078 2032 Main St 95050-3817 750000 4/8/2015 Clark Froix Michael 1292 22909524 Grant Deed 7606 Resid Single Family (01)

269-44-055 743 Poplar St 95050-5909 775000 4/2/2015 Kassai Bowen G G Living Trust 1446 22903188 Grant Deed 4876 Resid Single Family (01)

224-27-021 1035 Reeve St 95050-4241 720000 4/1/2015 Sanchez Peter J Jr 864 22901230 Grant Deed 4792 Resid Single Family (01)

224-27-016 1760 Washington St 95050-3934 670000 3/27/2015 Poltorak Moules Teresa S Trust 784 22898266 Grant Deed 7383 Resid Single Family (01)

269-33-021 1871 Bellomy St 95050-5704 690000 3/27/2015 Chen Marquez Family Trust 859 22897423 Grant Deed 8250 Resid Single Family (01)

269-02-065 1730 Catherine St 95050-4628 715000 3/26/2015 Singh Jacsobson Stuart M 1054 22895900 Grant Deed 6826 Resid Single Family (01)

290-11-022 1157 Block Dr 95050-4408 850000 3/24/2015 Kim Thomas Living Trust 1025 22892434 Grant Deed 5924 Resid Single Family (01)

294-13-017 735 Garner Ct 95050-5516 965000 3/20/2015 Lappert Patricia A Trust 1170 22889552 Grant Deed 6568 Resid Single Family (01)

269-11-127 1130 Chapel Dr 95050-4532 1075000 3/18/2015 Smith Ismert Ryan M & Andrea L 1502 22887148 Grant Deed 6270 Resid Single Family (01)

Mkt 303-19-062 172 Douglane Ave 95050-2019 625000 3/18/2015 Stanley Stanley Living Trust 1168 22886692 Grant Deed 9255 Resid Single Family (01)

269-39-011 1971 Stanley Ave 95050-5729 1005000 3/17/2015 Orain Ihle Kim T 1130 22885110 Grant Deed 7614 Resid Single Family (01)

Y 1 2 269-05-006 1125 Lewis St 95050-4213 403500 3/13/2015 Castro Da Luz J A Living Trust 1825 22882116 Grant Deed 7914 Resid Single Family (01)

269-05-008 1411 Jackson St 95050-4209 500000 3/13/2015 Ernst Da Luz J A Living Trust 1040 22882114 Grant Deed 5250 Resid Single Family (01)

303-20-043 3448 Cecil Ave 95050-2010 786500 3/11/2015 Chen King Norman Englebert 1437 22880282 Grant Deed 8639 Resid Single Family (01)

sold twice 269-12-030 1798 Fremont St 95050-5203 901000 3/10/2015 Tulley Roygbiv Real Estate Dev Llc 1262 22878832 Grant Deed 6574 Resid Single Family (01)

224-31-067 2008 Los Padres Blvd 95050-3307 830000 3/10/2015 Rausch Trust 1638 22878410 Grant Deed 7848 Resid Single Family (01)

269-18-036 1037 Fairfield Ave 95050-5204 970000 3/6/2015 Wong 1988 Silva Trust 1972 22876312 Grant Deed 8542 Resid Single Family (01)

294-06-033 2188 Forbes Ave 95050-5606 890000 3/6/2015 Su Meier Stephen F 1244 22876160 Grant Deed 8332 Resid Single Family (01)

224-50-013 1982 Monroe St 95050-3574 604000 3/4/2015 Payer Vinaja M Family Trust 985 22872722 Grant Deed 5767 Resid Single Family (01)

224-13-029 2341 Fatjo Pl 95050-4015 650000 3/3/2015 Vieira Castro Edward & E Trust 1021 22871931 Grant Deed 5850 Resid Single Family (01)

274-03-024 30 Alviso St 95050-6102 1040000 2/27/2015 Tramiel Muse Inc 896 22866960 Grant Deed 7034 Resid Single Family (01)

290-33-070 2367 Arlene Dr 95050-5001 755000 2/26/2015 Nuno 2006 Living Trust 1344 22864494 Grant Deed 9611 Resid Single Family (01)

269-52-045 651 Park Ct 95050-6118 564000 2/20/2015 Moyoli Heuschober Lynn V & Dennis J 1120 22860174 Grant Deed 6257 Resid Single Family (01)

290-34-057 871 Sunset Dr 95050-5135 701000 2/20/2015 Wesseling D F & E W Trust 1025 22860154 Grant Deed 5569 Resid Single Family (01)

269-24-020 1845 De La Pena Ave 95050-6905 750000 2/20/2015 Leung Mota Family Trust 1216 22859662 Grant Deed 6600 Resid Single Family (01)

224-19-115 2055 Cabrillo Ave 95050-3612 955000 2/19/2015 Ivsan Mitta Pramod 2010 22857679 Grant Deed 9016 Resid Single Family (01)

290-12-035 2335 Kay Dr 95050-4420 885000 2/18/2015 Sequiera Westrup Family Trust 1326 22857355 Grant Deed 8064 Resid Single Family (01)

224-12-130 1952 Graham Ln 95050-3323 1220000 2/9/2015 Kotturu Tt Investment Properties Llc 1021 22848031 Grant Deed 7611 Resid Single Family (01)

224-22-088 1252 Cabrillo Ave 95050-3502 650000 1/30/2015 Xiong Wheat Mary K Family Trust 985 22841541 Grant Deed 5115 Resid Single Family (01)

269-48-005 970 Poplar St 95050-5914 600000 1/29/2015 Moreno Tveitnes Family Trust 1440 22839378 Grant Deed 6600 Resid Single Family (01)

269-50-001 219 Alviso St 95050-5920 800000 1/29/2015 Burks Finley Orren R Iii Trust 1976 22839262 Grant Deed 8323 Resid Single Family (01)

303-21-003 137 Cypress Ave 95050-2015 800000 1/23/2015 Faylor West Jacqueline G 1275 22834006 Grant Deed 9295 Resid Single Family (01)

269-16-021 1214 Alviso St 95050-4840 690000 1/20/2015 Caban Robin M M & Hector R 1128 22831057 Grant Deed 4455 Resid Single Family (01)

224-14-098 1630 Graham Ln 95050-4036 625000 1/16/2015 Martinez S K Living Trust 1016 22829270 Grant Deed 7886 Resid Single Family (01)

230-17-040 560 Hilmar St 95050-6016 1100000 1/16/2015 Clark Wolder P A Living Trust 2328 22829201 Grant Deed 4628 Resid Single Family (01)

230-16-040 1085 Portola Ave 95050-6036 700000 1/15/2015 Wiratno Sieber Lisa M 864 22828097 Grant Deed 3761 Resid Single Family (01)

269-52-007 555 Park Ct 95050-6116 650000 1/14/2015 Malneva Basile S & M Living Trust 1202 22827007 Grant Deed 6299 Resid Single Family (01)

294-16-002 725 Los Padres Blvd 95050-5128 748500 1/12/2015 Aksu Ramirez Marco A 1196 22825316 Grant Deed 6077 Resid Single Family (01)

269-03-036 1475 Lewis St 95050-4752 663000 1/9/2015 Cuaresma Alfredo 754 22824202 Grant Deed 4103 Resid Single Family (01)

224-21-039 1550 Cabrillo Ave 95050-3705 650000 1/8/2015 Mei Guernsey M Family Trust 985 22822656 Grant Deed 5382 Resid Single Family (01)

230-12-026 611 Camino Dr 95050-6038 650000 1/7/2015 Irulan Poschen Edward Trust 989 22821667 Grant Deed 4500 Resid Single Family (01)

269-26-049 766 Madison St 95050-5327 1640000 12/24/2014 Wiltberger Marine Charles S 4238 22812531 Grant Deed 10644 Resid Single Family (01)

224-14-107 2382 Warburton Ave 95050-4061 670000 12/19/2014 Al-hemyari Cali Trust 1643 22805018 Grant Deed 7344 Resid Single Family (01)

303-08-011 2153 Bohannon Dr 95050-6308 722000 12/18/2014 Johanterwage Peddy Family Trust 1075 22803970 Grant Deed 7151 Resid Single Family (01)

269-44-018 380 Alviso St 95050-5902 277000 12/17/2014 Workman Lester B & Nancy C 858 22803025 Grant Deed 5904 Resid Single Family (01)

269-43-033 950 Bellomy St 95050-4912 352500 12/17/2014 Workman Lester B & Nancy C 1437 22803024 Grant Deed 7277 Resid Single Family (01)

303-12-007 2344 Pruneridge Ave 95050-6433 775000 12/16/2014 Lai Karimzad Said S 1666 22801277 Grant Deed 7552 Resid Single Family (01)

303-13-005 3534 Londonderry Dr 95050-6633 855000 12/15/2014 Wu Loya Ronald 1350 22800158 Grant Deed 6431 Resid Single Family (01)

269-52-043 631 Park Ct 95050-6118 700000 12/12/2014 Hennessy Gotch John 1126 22798419 Grant Deed 6266 Resid Single Family (01)

269-35-003 660 Jefferson St 95050-5307 660000 12/12/2014 Hiatt Burks Brandon & Ashley 1034 22798272 Grant Deed 7385 Resid Single Family (01)

303-09-055 482 Juanita Dr 95050-5632 1200000 12/11/2014 Rosenberg Mc Caman David P 2767 22797854 Grant Deed 7293 Resid Single Family (01)

303-08-021 463 Juanita Dr 95050-5615 900000 12/11/2014 Joseph Rosenberg Jeffrey J & Sheri D 1537 22797852 Grant Deed 5922 Resid Single Family (01)

224-22-023 2116 Main St 95050-3504 595000 12/5/2014 Nevarez Cramer Wilhelmus L & Valla J 985 22791689 Grant Deed 5759 Resid Single Family (01)

303-05-058 2343 Glendenning Ave 95050-6413 835000 12/5/2014 Abad Htv Real Estate Investments Ll 1140 22791552 Grant Deed 5832 Resid Single Family (01)

230-18-005 1908 Morse St 95050-6024 480000 12/3/2014 Fernandes Eduardo R & Joao M 840 22789251 Grant Deed 3234 Resid Single Family (01)

230-12-019 541 Camino Dr 95050-6038 752000 11/26/2014 Weis Smith Alan P 1135 22784867 Grant Deed 4500 Resid Single Family (01)

224-14-025 1648 Los Padres Blvd 95050-4043 670000 11/26/2014 Hsiao Andrade Michael J & Suzanne K 1021 22784568 Grant Deed 6373 Resid Single Family (01)

303-13-053 208 Cypress Ave 95050 810500 11/26/2014 Kshirsagar Botic Bajro & Mejra 1141 22783981 Grant Deed 5586 Resid Single Family (01)

290-35-036 975 Blossom Dr 95050-5116 910000 11/26/2014 Srinivasa Ngo Viet & Kim O 1604 22783964 Grant Deed 6092 Resid Single Family (01)

303-09-035 497 Los Padres Blvd 95050-6445 800000 11/26/2014 Sharifi Revestors Llc 1131 22783952 Grant Deed 8128 Resid Single Family (01)

303-05-056 2337 Glendenning Ave 95050-6413 1200000 11/19/2014 Gopalan Piller 2010 Living Trust 2147 22772261 Grant Deed 6026 Resid Single Family (01)

Reg Sale 269-44-048 765 Locust St 95050-5907 275500 11/14/2014 Wall Thomas R 1108 22769010 Quit Claim Deed 5496 Resid Single Family (01)

224-12-092 1846 Los Padres Blvd 95050-3343 868000 11/14/2014 Teodorovich Cjhomes Investment Llc 1685 22768222 Grant Deed 6445 Resid Single Family (01)

224-27-029 968 Warburton Ave 95050-3929 466000 11/7/2014 Yeung Rodrigues Mary V Trust 614 22764130 Grant Deed 3000 Resid Single Family (01)

224-23-045 1055 Reed St 95050-3810 675000 11/7/2014 Lutz Dolbec Barbara R 1411 22763322 Grant Deed 6000 Resid Single Family (01)

224-23-059 1945 Washington St 95050-3937 600000 11/6/2014 Fowler Archie Kelli A 997 22763075 Grant Deed 6017 Resid Single Family (01)

224-27-023 1711 Washington St 95050-3996 492000 10/31/2014 Hao Gloria Teresita L 1109 22757435 Grant Deed 6651 Resid Single Family (01)

269-25-030 770 University St 95050-5359 940000 10/31/2014 Wehner Kopp-santos Kathleen A 1742 22757397 Grant Deed 6506 Resid Single Family (01)

269-25-031 750 University St 95050-5359 745000 10/30/2014 Chen Albuquerque T 2003 Trust 1392 22757299 Grant Deed 6496 Resid Single Family (01)

224-23-029 2005 Jackson St 95050-3828 640000 10/30/2014 Moore Blokhin Nikolay & Zarina 985 22755977 Grant Deed 5730 Resid Single Family (01)

269-41-015 465 Jefferson St 95050-5803 850000 10/30/2014 Wilhelm Rabinovich Zlata 1644 22755920 Grant Deed 5661 Resid Single Family (01)

290-34-015 988 Sunset Dr 95050-5138 820000 10/29/2014 Tseng Stamm Sidney L & Rebecca A 1025 22755108 Grant Deed 5879 Resid Single Family (01)

One Sale 224-24-045 1190 Reed St 95050-3812 1030000 10/24/2014 Mirizzi Far Creek Inc 960 22749524 Grant Deed 10989 Resid Single Family (01)

294-12-034 2504 Johnson Pl 95050-5521 818000 10/21/2014 Yang Bass Joseph D & Kimberly M 1340 22745074 Grant Deed 5927 Resid Single Family (01)

269-39-071 467 Maria Ct 95050-5728 675000 10/20/2014 Swindon Minjares Family Trust 1618 22744312 Grant Deed 4776 Resid Single Family (01)

303-04-001 390 Crestview Dr 95050-6506 770000 10/20/2014 Yeh Salah Family Trust 1448 22744275 Grant Deed 7922 Resid Single Family (01)

303-53-109 1829 Worthington Cir 95050-6754 1498000 10/17/2014 Summerhill Winchester Llc 22743412 Grant Deed 3189 Resid Single Family (01)

sold twice 269-48-040 860 Circle Dr 95050-5929 830000 10/15/2014 May Fargher Lauson L & Tammy L 1500 22741451 Grant Deed 9363 Resid Single Family (01)

230-12-049 621 Hilmar St 95050-6010 948000 10/14/2014 Delapedraja Stoops Richard M & Darlene A 1788 22740148 Grant Deed 4500 Resid Single Family (01)

303-20-025 124 Tyler Ave 95050-2050 1800000 10/14/2014 Khelifa Nguyen Chuong 2854 22739995 Grant Deed 9620 Resid Single Family (01)

290-34-051 880 Blossom Dr 95050-5115 800000 10/10/2014 Miao Monahan Stuart 1025 22739111 Grant Deed 5870 Resid Single Family (01)

224-12-118 1942 Graham Ln 95050-3323 960000 10/10/2014 Sharma Romeo Paul P Ii 1356 22739014 Grant Deed 7605 Resid Single Family (01)

230-12-032 570 Mission St 95050-6041 735000 10/10/2014 Mehdizadeh Singh Harkaran 1072 22738957 Grant Deed 4705 Resid Single Family (01)

269-52-075 2171 Park Ave 95050-6025 710000 10/6/2014 Kao Nunes R & M Family Trust 1448 22734513 Grant Deed 5661 Resid Single Family (01)

290-11-020 2253 Benton St 95050-4542 740000 10/1/2014 Macedo Linda M & Kennedy F 1109 22731337 Grant Deed 5469 Resid Single Family (01)

303-14-081 150 Bret Harte Ct 95050-6607 850000 9/26/2014 Agapov Bjelk Robin 1143 22722234 Grant Deed 7821 Resid Single Family (01)

290-42-066 2143 Dianne Dr 95050-4524 975000 9/26/2014 Houston Cook M H 2011 Living Trust 1713 22721494 Grant Deed 6528 Resid Single Family (01)

303-53-056 72 Rousseau Pl 95050-6761 988000 9/19/2014 Shih Summerhill Winchester Llc 1784 22711484 Grant Deed 2080 Resid Single Family (01)

303-53-055 82 Rousseau Pl 95050-6761 1288000 9/19/2014 Gong Summerhill Winchester Llc 2166 22711481 Grant Deed 3187 Resid Single Family (01)

294-12-014 692 Los Olivos Dr 95050-5551 800000 9/19/2014 Kwan Rolander Jacqueline 1511 22711423 Grant Deed 6977 Resid Single Family (01)

269-50-020 796 Camino Dr 95050-5923 940500 9/19/2014 Hastings Obrien Ronald L 1693 22711258 Grant Deed 6743 Resid Single Family (01)

294-09-002 692 Los Padres Blvd 95050-6946 768000 9/18/2014 Garrett Sizelove Randy & Joan 1080 22711049 Grant Deed 5716 Resid Single Family (01)

303-07-049 2198 Rosita Ave 95050-6321 865000 9/18/2014 Mein Family Trust 1481 22710603 Grant Deed 5935 Resid Single Family (01)

294-06-011 636 Scott Blvd 95050-6925 810000 9/17/2014 Yu Davis Pamela H 1724 22708591 Grant Deed 6342 Resid Single Family (01)

230-16-029 1202 Sherwood Ave 95050-6032 590000 9/16/2014 Liu Benson Norma R 1298 22707467 Grant Deed 6884 Resid Single Family (01)

224-67-009 2284 Avila Ave 95050-2802 505000 9/15/2014 Amarelo Amarelo Lionel 880 22706721 Grant Deed 6223 Resid Single Family (01)

294-12-046 2417 Austin Pl 95050-5512 1150000 9/12/2014 Chattopadhyay Alsharif Hassan 2542 22705492 Grant Deed 5461 Resid Single Family (01)

224-31-113 2371 Alberta Ct 95050-3310 720000 9/12/2014 Tao Ayala Jose M 984 22705222 Grant Deed 6332 Resid Single Family (01)

303-21-005 161 Cypress Ave 95050-2015 800000 9/11/2014 Wei Vierra 1999 Living Trust 1260 22703830 Grant Deed 9295 Resid Single Family (01)

290-13-037 2379 Benton St 95050-4432 750000 9/11/2014 Anwar Galaretta Denise M Trust 1552 22703786 Grant Deed 5628 Resid Single Family (01)

224-17-030 1691 Cunningham St 95050-4011 942500 9/10/2014 Johnson Malae Family Trust 1843 22702590 Grant Deed 6667 Resid Single Family (01)

290-42-032 1265 Block Dr 95050-4444 876000 9/10/2014 Zhang Da Luz J & M Living Trust 1810 22702534 Grant Deed 6988 Resid Single Family (01)

303-10-023 2385 Bohannon Dr 95050-6401 870000 9/5/2014 Huang Wallace 1999 Living Trust 1751 22699281 Grant Deed 6457 Resid Single Family (01)

269-45-046 2006 Stanley Ave 95050-5719 725000 9/5/2014 Broaddus Teetsch D K Trust 1048 22698722 Grant Deed 6793 Resid Single Family (01)

230-12-025 601 Camino Dr 95050-6038 875000 9/5/2014 May 640 Harrison Llc 1607 22698708 Grant Deed 4500 Resid Single Family (01)

269-31-007 752 Viader Ct 95050-6919 695000 9/5/2014 Vidunas Dunn Family Trust 1012 22698685 Grant Deed 7817 Resid Single Family (01)

224-67-034 975 Di Giulio Ave 95050-2803 589000 9/5/2014 Flores Zavala Monica 1240 22698683 Grant Deed 6720 Resid Single Family (01)

303-53-057 66 Rousseau Pl 95050-6761 1192000 9/4/2014 Kim Summerhill Winchester Llc 2120 22698084 Grant Deed 2247 Resid Single Family (01)

269-11-104 1895 Benton St 95050-5238 750000 8/29/2014 Schmitt Giordani Sharon M 1752 22691945 Grant Deed 7750 Resid Single Family (01)

269-11-020 1167 Chapel Dr 95050-4531 660000 8/29/2014 Kao Dalelio Francis C 1080 22691466 Grant Deed 6050 Resid Single Family (01)

303-19-065 136 Douglane Ave 95050-2019 895000 8/29/2014 Tee Flanegin G C Living Trust 1898 22691368 Grant Deed 8850 Resid Single Family (01)

290-13-030 2345 Benton St 95050-4432 755000 8/28/2014 Usmanova Lathrop Robert L Iii 1156 22690989 Grant Deed 5625 Resid Single Family (01)

303-53-058 58 Rousseau Pl 95050-6761 1004500 8/28/2014 Liu Summerhill Winchester Llc 1784 22690907 Grant Deed 2080 Resid Single Family (01)

303-07-047 2216 Rosita Ave 95050-6323 632000 8/27/2014 Selberg Crissman Mark & Sylvia 1545 22688683 Grant Deed 5475 Resid Single Family (01)

303-53-059 50 Rousseau Pl 95050-6761 1055000 8/26/2014 Leong Summerhill Winchester Llc 1905 22687456 Grant Deed 2146 Resid Single Family (01)

Mkt 224-22-055 1982 Jackson St 95050-3827 440000 8/26/2014 Gonzalez De Gonzalez Rosa M G 985 22687179 Grant Deed 5806 Resid Single Family (01)

303-53-050 51 Paterson Pl 95050-6760 1043000 8/20/2014 Wang Summerhill Winchester Llc 1905 22683271 Grant Deed 2143 Resid Single Family (01)

224-49-044 1701 Triton Ct 95050-4176 840000 8/20/2014 Ghodke Cheung Family Trust 2088 22683137 Grant Deed 3009 Resid Single Family (01)

303-06-020 2367 Osborne Ave 95050-6421 875000 8/20/2014 Sun Oliver Patricia A Trust 1374 22682901 Grant Deed 5640 Resid Single Family (01)

303-13-061 3511 Forest Ave 95050-6630 850000 8/20/2014 Lehman Smith Steven C & Anna M 1350 22682889 Grant Deed 6732 Resid Single Family (01)

290-35-004 1092 Sunlite Dr 95050-5121 720000 8/20/2014 Yu Flores Olga B 2004 Trust 1543 22682873 Grant Deed 6241 Resid Single Family (01)

303-21-038 249 Bel Ayre Dr 95050-2004 1550000 8/15/2014 Jacobson David & Sandra 2694 22679889 Grant Deed 13138 Resid Single Family (01)

303-53-052 67 Paterson Pl 95050-6760 1149000 8/14/2014 Wang Summerhill Winchester Llc 2120 22678124 Grant Deed 2251 Resid Single Family (01)

290-08-063 1472 Rosalie Dr 95050-4478 840000 8/12/2014 Dunga Gist Family Trust 1430 22675539 Grant Deed 6950 Resid Single Family (01)

303-53-054 83 Paterson Pl 95050-6760 1303000 8/8/2014 Kang Summerhill Winchester Llc 2149 22674044 Grant Deed 3186 Resid Single Family (01)

269-26-116 775 Madison St 95050-5326 1288000 8/8/2014 Evans Hinton Thomas T 2500 22673697 Grant Deed 7147 Resid Single Family (01)

303-53-053 73 Paterson Pl 95050-6760 957500 8/7/2014 Liu Summerhill Winchester Llc 1784 22673100 Grant Deed 2076 Resid Single Family (01)

294-15-040 749 Clara Vista Ave 95050-5152 655000 8/6/2014 Sami Hartman Olivia S 1303 22671439 Grant Deed 5832 Resid Single Family (01)

294-15-069 729 Los Olivos Dr 95050-5526 750000 8/6/2014 Calderon-infante Dehi Ana 1085 22671432 Grant Deed 5759 Resid Single Family (01)

294-10-022 607 Los Olivos Dr 95050-5524 855000 8/5/2014 Riddle Francis Gaby F & Linda J 1611 22671188 Grant Deed 7034 Resid Single Family (01)

303-12-067 172 Harold Ave 95050 891000 8/1/2014 Feng Abtahi Reza 1913 22667894 Grant Deed 8971 Resid Single Family (01)

224-13-030 2345 Fatjo Pl 95050-4015 840000 7/31/2014 Campbell Lima Family Trust 1624 22666247 Grant Deed 5849 Resid Single Family (01)

224-19-063 2132 Cabrillo Ave 95050-3677 657000 7/31/2014 Carlini Wilson Jodi J 1181 22666090 Grant Deed 5397 Resid Single Family (01)

303-53-051 59 Paterson Pl 95050-6760 948000 7/25/2014 Summerhill Winchester Llc 1784 22662547 Grant Deed 2074 Resid Single Family (01)

224-13-057 2359 Thompson Pl 95050-4025 735000 7/25/2014 Baltuskonis Silva Rui E & Rosa M 1021 22661606 Grant Deed 6046 Resid Single Family (01)

224-23-002 2064 Main St 95050-3817 520000 7/24/2014 Chen Krishna Madhu 512 22660359 Grant Deed 5892 Resid Single Family (01)

224-22-068 1953 Monroe St 95050-3573 679000 7/23/2014 Phipps Harmon Pathway Llc 1064 22660031 Grant Deed 7223 Resid Single Family (01)

294-06-058 691 Enright Ave 95050-6940 900000 7/23/2014 Dhruv Lawler William M 1620 22659075 Grant Deed 5944 Resid Single Family (01)

269-49-021 985 Camino Dr 95050-5924 1100000 7/21/2014 Teoh Baldwin Stephen 2713 22657129 Grant Deed 8135 Resid Single Family (01)

269-45-083 262 Maria St 95050-5711 765000 7/18/2014 Sankabattula Hines Trust 1075 22651096 Grant Deed 7843 Resid Single Family (01)

224-26-026 1243 Civic Center Dr 95050-4240 575000 7/18/2014 Abellera Bauman Jeffrey D & Karyn C 1232 22649131 Grant Deed 5123 Resid Single Family (01)

269-25-081 745 University St 95050-5358 732000 7/17/2014 Isaac Mello H & J Living Trust 1480 22649045 Grant Deed 7179 Resid Single Family (01)

303-53-074 2028 Worthington Cir 95050-6725 1388000 7/15/2014 Summerhill Winchester Llc 2149 22646040 Grant Deed 3028 Resid Single Family (01)

269-41-053 390 Monroe St 95050-5823 827500 7/11/2014 Sayed Fernandez Louis W Jr & Julie K 2318 22643799 Grant Deed 7625 Resid Single Family (01)

303-53-035 86 Paterson Pl 95050-6759 1281500 7/11/2014 Juanlu Summerhill Winchester Llc 2166 22643241 Grant Deed 3188 Resid Single Family (01)

303-11-047 2436 Glendenning Ave 95050-6416 850000 7/11/2014 Hughes Massian Fay E 1130 22642735 Grant Deed 5918 Resid Single Family (01)

303-53-049 37 Paterson Pl 95050-6760 1093500 7/10/2014 Li Summerhill Winchester Llc 2151 22642057 Grant Deed 2248 Resid Single Family (01)

269-11-066 1159 Scott Blvd 95050-4514 900000 7/9/2014 Seetho Solis Family 2005 Trust 1622 22641556 Grant Deed 7800 Resid Single Family (01)

269-08-052 1975 Stafford St 95050-4537 847000 7/9/2014 Aggarwal Bracamontes Michael R & Doreen S 1207 22640935 Grant Deed 5697 Resid Single Family (01)

303-10-010 2307 Bohannon Dr 95050-6401 755000 7/8/2014 Chao Unite Danilo R 1131 22639789 Grant Deed 7563 Resid Single Family (01)

303-20-003 137 Douglane Ave 95050-2020 915000 7/8/2014 Federmann Mcconnell & Zanetti Trust 1296 22639787 Grant Deed 9512 Resid Single Family (01)

303-53-073 2026 Worthington Cir 95050-6725 1188000 7/8/2014 Nguyen Summerhill Winchester Llc 1905 22639738 Grant Deed 2176 Resid Single Family (01)

269-05-041 1386 Washington St 95050-4836 710000 7/8/2014 Mueller Vierra 2014 Living Trust 1080 22639591 Grant Deed 4949 Resid Single Family (01)

224-70-038 2003 Gammell Brown Pl 95050-3263 895000 7/7/2014 Venkatesh Mirchandani Mukesh 1902 22638893 Grant Deed 3271 Resid Single Family (01)

290-33-025 951 Elizabeth Dr 95050-5003 780000 7/3/2014 Paik Monahan Stuart 1036 22637257 Grant Deed 5985 Resid Single Family (01)

269-01-056 1875 Catherine St 95050-4629 755000 7/1/2014 Kim Lore Jacob & Lisa 1326 22634646 Grant Deed 5200 Resid Single Family (01)

Reg Sale 269-45-027 1963 Bohannon Dr 95050-5708 730000 9/6/2013 Baker Yada Irene 2007 Trust 1075 22379266 Grant Deed 6457 Resid Single Family (01)

Reg Sale 294-17-060 742 Scott Blvd 95050-6927 460000 3/5/2004 Escobar Jaime & Katia 1019 17645818 Grant Deed 6459 Resid Single Family (01)

Reg Sale 303-01-019 2676 Newhall St 95050-6378 2485000 4/14/1989 Louis Joseph E 59280 K0914-1490 Grant Deed 54655 Resid 5+ Family (04)

269-25-094 1601 Santa Clara St 95050-5385 119000 6/15/2015 Gw Williams Co 26267 22985827 Grant Deed 43439 Resid 5+ Family (04)

269-39-006 430 California St 95050-5766 2250000 2/27/2015 Drake Opportunity Fund I Lp 5838 22867217 Grant Deed 10563 Resid 5+ Family (04)

One Sale 269-57-006 155 Monroe St 95050-5852 2050000 1/30/2015 Coons Coons Family 2006 Trust 5876 22841635 Grant Deed 9801 Resid 5+ Family (04)

224-18-064 2050 Royal Dr 95050-3678 2144500 12/1/2014 El Paradero Llc 37805 22786425 Grant Deed 64282 Resid 5+ Family (04)

290-36-028 803 Maryann Dr 95050-5058 1425000 10/17/2014 Colson Fukagawa Family 2000 Trust 3476 22743161 Grant Deed 8950 Resid 5+ Family (04)

269-03-072 1359 Lewis St 95050-4767 1085000 9/12/2014 Hanbali Alai 4050 22705710 Grant Deed 8363 Resid 5+ Family (04)

303-08-073 509 Saratoga Ave 1 95050-5635 2500000 7/9/2014 Henry Family Trust 6624 22641079 Grant Deed 12830 Resid 5+ Family (04)

269-45-086 456 N Winchester Blvd 95050-5757 1595000 7/3/2014 De Maio Zazueta 1995 Living Trust 4154 22637430 Grant Deed 7286 Resid 5+ Family (04)

Condo S 224-18-060 2104 Royal Dr 95050-3680 2500000 4/15/2014 Van Kregten Family Trust 11186 22568669 Grant Deed 21287 Resid 5+ Family (04)

Reg Sale 224-30-034 2124 Monroe St 95050-3570 1175000 6/18/2013 Colyvas Sol Frank A & D E Trust 3932 22267842 Grant Deed 8461 Resid 5+ Family (04)

Reg Sale 303-12-011 2351 Sutter Ave 95050-6640 1200000 8/8/2012 Windy Hill Pv Two Llc 4280 21782158 Grant Deed 7661 Resid 5+ Family (04)

Reg Sale 269-13-015 1481 Fremont St 95050 1369000 9/23/2010 Eisler Ronald L 5952 20881089 Grant Deed 9616 Resid 5+ Family (04)

Reg Sale 303-01-021 2636 Newhall St 95050-6376 579000 6/22/1989 29640 10155788 Deed (reg) 51359 Resid 5+ Family (04)

224-18-014 2112 Aza Dr 95050-3643 1240000 6/18/2015 Nguyen Kidwell Ted R & B L Trust 3003 22991663 Grant Deed 9864 Resid 3- & 4-family (03)

Y 2 of 2 224-34-012 2265 Deborah Dr 95050-3229 1115000 6/3/2015 Chen Ha Thai Q 3048 22972761 Grant Deed 6900 Resid 3- & 4-family (03)

Y 1 of 2 224-34-011 2255 Deborah Dr 95050-3225 1115000 6/3/2015 Chen Ha Thai Q 3048 22972759 Grant Deed 6900 Resid 3- & 4-family (03)

290-37-021 2460 Karen Dr 95050-5073 1150000 5/21/2015 Pennell Bohannon Helen J 2592 22961519 Grant Deed 7694 Resid 3- & 4-family (03)

224-30-078 2131 Main St 1 95050-3520 700000 5/13/2015 Nguyen Tran Sarah 2888 22948973 Grant Deed 7240 Resid 3- & 4-family (03)

269-41-074 1301 Jonathan St 95050-5873 1570000 3/20/2015 Levitan Sardinha Connie M Trust 4541 22890077 Grant Deed 10014 Resid 3- & 4-family (03)

Y 2 2 269-05-007 1157 Lewis St 95050-4213 403500 3/13/2015 Castro Da Luz J A Living Trust 1989 22882118 Grant Deed 9331 Resid 3- & 4-family (03)

290-36-049 2369 Karen Dr 95050-5035 1100000 1/15/2015 Hung Pham Hoang N 2408 22828153 Grant Deed 8807 Resid 3- & 4-family (03)

Y 2 of 2 224-30-052 2123 Monroe St 95050-3556 1065000 10/27/2014 Rod Drake A Exemption Trust 3270 22750831 Grant Deed 6694 Resid 3- & 4-family (03)

Y 1 of 2 224-30-051 2121 Monroe St 95050-3555 1065000 10/27/2014 Rod Drake A Exemption Trust 3270 22750819 Grant Deed 6652 Resid 3- & 4-family (03)

269-48-076 261 Washington St 95050-5958 1325000 10/3/2014 Taurus Ents 3831 22732842 Grant Deed 8317 Resid 3- & 4-family (03)

269-57-019 44 Roxbury St 95050-5839 1355000 9/16/2014 Romano Gregory & Katheleen 3691 22708115 Grant Deed 8560 Resid 3- & 4-family (03)

269-03-096 1217 Harrison St 95050-4280 500000 8/18/2014 Campbell Mata Trinidad C 1760 22680971 Grant Deed 5702 Resid 3- & 4-family (03)

269-57-010 164 Roxbury St 95050-7115 1280000 7/11/2014 Baker Gregory C Trust 3475 22642766 Grant Deed 6852 Resid 3- & 4-family (03)

269-51-044 33 Wistaria Way 95050-6126 805000 6/29/2015 Leung Hancock Barbara E 1550 23001720 Grant Deed 9038 Resid 2-family (02)

224-05-049 934 Di Giulio Ave 95050-2804 730000 11/6/2014 Chun Hashemieh Julia 1550 22762947 Grant Deed 6407 Resid 2-family (02)

224-30-018 1842 Stardust Ct 44 95050-3514 780000 10/15/2014 Brasil Trinh Phong Q 1736 22740579 Grant Deed 6278 Resid 2-family (02)

224-30-021 1732 Stardust Ct 95050-3584 520000 10/1/2014 Lopez Jose A 1904 22730159 Grant Deed 6352 Resid 2-family (02)

290-08-061 2462 Anna Dr 95050-4405 880000 8/28/2014 Granite Ranch Opportunities Ll 2198 22690162 Grant Deed 7959 Resid 2-family (02)

Reg Sale 269-36-030 1307 Bellomy St 95050-5436 570000 6/19/2003 Saldivar James A 2275 17124137 Grant Deed 5733 Resid 2-family (02)

Reg Sale 224-62-013 2480 Lafayette St 95050 2150000 10/27/2011 Egc Ptshp 86594 21385184 Grant Deed 67815 Public Warehouse (11)

269-49-001 225 Washington St 95050-5975 1300000 6/23/2015 Frame Volore James C & Mary A 4006 22995489 Grant Deed 13254 Office/bank/clinic (59)

230-47-101 2295 De La Cruz Blvd 95050-3007 2150000 5/27/2015 Bunker Larry K Trust 7320 22965935 Grant Deed 27199 Office/bank/clinic (59)

269-51-072 71 Washington St 95050-6138 3000000 4/24/2015 Reynolds Charles H Trust 11480 22926929 Grant Deed 10080 Office/bank/clinic (59)

230-09-022 455 El Camino Real 95050-4377 32000000 4/8/2015 Si 300 Llc 75598 22910286 Grant Deed 143921 Office/bank/clinic (59)

230-47-064 2175 De La Cruz Blvd 95050-3036 900000 12/31/2014 Sanchez Richard 13210 22817428 Grant Deed 27498 Office/bank/clinic (59)

224-62-010 980 Martin Ave 95050-2606 1476000 6/12/2015 Gaffney M F & J M Trust 4000 22984379 Grant Deed 20301 Non-electric Machine (35)

224-63-015 Memorex Dr 95050 160000 4/21/2015 Green Valley Corp 22922616 Grant Deed 5356 Misc Industrial (19)

Reg Sale 230-47-104 331 Mathew St 95050-3113 1200000 2/25/1999 Stormedia Inc 12748 14672826 Grant Deed 24338 Misc Industrial (19)

224-40-010 2365 Lafayette St 95050-2935 4220000 3/4/2015 Gangi Corp 43010 22872800 Grant Deed 116102 Lumber/wood Products (24)

224-75-032 1940 Lafayette St H 95050-3957 300000 3/4/2015 Demorest Scotti Darryl & Yvonne 1440 22872771 Grant Deed 1507 Industrial Condo (40)

224-75-027 1940 Lafayette St C 95050-3957 200000 3/4/2015 Heritage Properties Llc 1440 22872563 Grant Deed 1507 Industrial Condo (40)

224-75-026 1940 Lafayette St B 95050-3957 200000 3/4/2015 Heritage Properties Llc 1440 22872562 Grant Deed 1507 Industrial Condo (40)

Ind Condo 224-75-022 1920 Lafayette St C 95050-3956 190000 6/14/2011 Fremont Bk 1440 21206346 Grant Deed 1539 Industrial Condo (40)

230-47-078 328 Martin Ave 95050-3112 1800000 3/25/2015 Silicon Valley Ca-i Llc 10000 22895303 Grant Deed 22501 General Industrial (16)

224-10-098 2170 Martin Ave 95050-2702 5200000 2/18/2015 Feldman-sarpa Llc 38256 22856571 Grant Deed 81455 General Industrial (16)

224-08-143 Raymond St 95050 4135000 11/14/2014 Perez Trust A 22768548 Grant Deed 16188 General Industrial (16)

Reg Sale 230-03-084 2470 De La Cruz Blvd 95050-2923 400000 8/20/1999 Dary Lee Voye & Reynolds Anne Voye 31320 14951739 Grant Deed 62348 General Industrial (16)

224-27-049 917 Warburton Ave 95050-3928 1635000 6/26/2015 Landers 1982 Family Trust 23000015 Grant Deed 32583 Equipment Yard (17)

224-73-018 2250 Monroe St 304 95050-3366 610000 6/30/2015 Wang Jun Kyung A 946 23003592 Grant Deed 946 Condo/townhouse (06)

303-50-007 215 Saratoga Ct 95050-6665 775000 6/30/2015 Purohit Ho Richard & Julie 1315 23002494 Grant Deed 1412 Condo/townhouse (06)

230-49-009 2201 The Alameda 23 95050-6066 230000 6/29/2015 Chang Lee Christopher C 1252 23001665 Grant Deed 685 Condo/townhouse (06)

269-55-002 472 N Winchester Blvd 13 95050-5753 685000 6/26/2015 Rao Pogosov Dmitriy M 1577 23000054 Grant Deed 1253 Condo/townhouse (06)

294-15-092 2380 Homestead Rd 1202 95050-5536 569000 6/25/2015 Liu Johnson Martin R 1020 22999628 Grant Deed 1020 Condo/townhouse (06)

Mkt 224-76-054 1844 Hillebrant Pl 95050-3714 930000 6/25/2015 Chai Chai Isabelle M 1458 22999445 Grant Deed 847 Condo/townhouse (06)

224-73-048 2250 Monroe St 124 95050-3356 418000 6/23/2015 Fang Dalisay Orlando 716 22995611 Grant Deed 716 Condo/townhouse (06)

269-04-090 1469 Isabella St 95050-4636 937000 6/23/2015 Zhao Ling Kuok Y 1926 22995507 Grant Deed 1149 Condo/townhouse (06)

224-41-057 1700 Civic Center Dr 413 95050-4121 367000 6/22/2015 Zhao Vander Burght Susan J 653 22993364 Grant Deed 871 Condo/townhouse (06)

224-73-136 2250 Monroe St 249 95050-3364 600000 6/19/2015 Yoon Lee Iren 913 22992036 Grant Deed 913 Condo/townhouse (06)

224-55-092 2044 Acacia Ct 95050-3482 720000 6/19/2015 Pak Cashman Family Living Trust R 1226 22991813 Grant Deed 1390 Condo/townhouse (06)

269-39-117 480 N Winchester Blvd 10 95050-5787 600000 6/17/2015 Potter Chu Arthur 1248 22989213 Grant Deed 1066 Condo/townhouse (06)

303-43-025 181 Saratoga Ave 95050-6657 975000 6/12/2015 Rajchel Taylor P F Living Trust 1866 22984425 Grant Deed 3205 Condo/townhouse (06)

224-76-029 1948 Hillebrant Pl 95050-3738 890000 6/12/2015 Guan Wong Vincent Y 1591 22984288 Grant Deed 725 Condo/townhouse (06)

290-21-057 813 Lippert Pl 95050-5561 908000 6/10/2015 Hu Vania Zunaid 1460 22981195 Grant Deed 1464 Condo/townhouse (06)

224-27-075 977 Warburton Ave 108 95050-3966 452000 6/5/2015 Villalvazo Hansen David A 876 22976402 Grant Deed 960 Condo/townhouse (06)

224-41-056 1700 Civic Center Dr 412 95050-4115 315000 6/5/2015 Deo Castagnolo C Living Trust 646 22976236 Grant Deed 871 Condo/townhouse (06)

294-45-013 2425 Golf Links Cir 95050-7016 935000 6/4/2015 Lau Smith R & E Living Trust 2088 22975494 Grant Deed 3422 Condo/townhouse (06)

294-48-027 2413 Rebecca Lynn Way 95050-5577 815000 6/3/2015 Marshalla Chae Young K 1573 22973026 Grant Deed 1429 Condo/townhouse (06)

269-53-005 476 N Winchester Blvd 105 95050-5760 490000 6/1/2015 Heintze C F & M L 1990 Trust 1387 22971368 Grant Deed 914 Condo/townhouse (06)

294-49-061 2447 Michele Jean Way 95050-5581 710000 5/29/2015 Koranga Carpenter Donna 1577 22969273 Grant Deed 1749 Condo/townhouse (06)

294-45-020 2439 Golf Links Cir 95050-7014 1015000 5/29/2015 Bollenbacher Stokes William H & Cathy B 2088 22968832 Grant Deed 3329 Condo/townhouse (06)

290-21-021 2420 Ruth Cabral Way 95050-7507 750000 5/28/2015 Gilbert Choi Wongun 1555 22968304 Grant Deed 1027 Condo/townhouse (06)

269-04-100 1476 Goodfellow Pl 95050-4657 925000 5/26/2015 Bearman Chen Yu-jen 1741 22962911 Grant Deed 1153 Condo/townhouse (06)

303-43-022 185 Saratoga Ave 95050-6657 925000 5/21/2015 Ma Meehan Richard J 1866 22960623 Grant Deed 2477 Condo/townhouse (06)

294-15-084 2380 Homestead Rd 1103 95050-5500 522000 5/20/2015 Lin Nijjar Jaipal S & Shana 1020 22957969 Grant Deed 1020 Condo/townhouse (06)

294-49-103 2455 Rebecca Lynn Way 95050-5503 878000 5/18/2015 Fong Benjamin G 1655 22955192 Grant Deed 1300 Condo/townhouse (06)

269-55-006 472 N Winchester Blvd 9 95050-5752 665000 5/15/2015 Lavelle Almeida C Living Trust 1577 22953079 Grant Deed 1480 Condo/townhouse (06)

294-49-074 2460 Michele Jean Way 95050-5501 860000 5/13/2015 Jensen Nambiyattil Roshan 1655 22950635 Grant Deed 1289 Condo/townhouse (06)

224-73-098 2250 Monroe St 332 95050-3367 415000 5/11/2015 Liu Chang David P L 716 22947320 Grant Deed 716 Condo/townhouse (06)

294-48-006 2421 Michele Jean Way 95050-5572 725000 5/1/2015 Knickerbocker Ayllon Aitor J & Diana A 1700 22937546 Grant Deed 1304 Condo/townhouse (06)

294-50-078 592 Valeri Ruth Ct 95050-5578 735000 5/1/2015 Yang Van Overbeek Penny 1459 22937310 Grant Deed 1700 Condo/townhouse (06)

224-51-015 1855 Palm View Pl 117 95050-3734 460000 5/1/2015 Ling Cathcart Kerry J 760 22937245 Grant Deed 1733 Condo/townhouse (06)

224-76-101 1781 Hillebrant Pl 95050-3757 906000 5/1/2015 Cao Malanog Lindsay A 1458 22937218 Grant Deed 731 Condo/townhouse (06)

224-74-040 1777 Lafayette St 211 95050-7206 440000 4/30/2015 Martin Johnson Cristina L 1030 22935390 Grant Deed 1742 Condo/townhouse (06)

224-73-193 2250 Monroe St 374 95050-3369 550000 4/30/2015 Estevez Dinh Thuy 946 22934598 Grant Deed 946 Condo/townhouse (06)

224-41-010 1700 Civic Center Dr 110 95050-4112 550000 4/29/2015 Anderson Thomas W & Gail L 1148 22933739 Grant Deed 871 Condo/townhouse (06)

224-41-013 1700 Civic Center Dr 201 95050-7300 450000 4/24/2015 Williams Avelar Antonio M 955 22927124 Grant Deed 871 Condo/townhouse (06)

294-49-099 2447 Rebecca Lynn Way 95050-5582 840000 4/23/2015 Naeimi Steele Bayne G Jr & Elaine T 1655 22925007 Grant Deed 1430 Condo/townhouse (06)

224-41-042 1700 Civic Center Dr 314 95050-4114 340000 4/17/2015 Chen Vo Family Trust 646 22920681 Grant Deed 871 Condo/townhouse (06)

224-73-194 2250 Monroe St 177 95050-3359 530000 4/17/2015 Wang Zhad 913 22919687 Grant Deed 913 Condo/townhouse (06)

230-17-067 2328 Park Ave 95050-6030 679000 4/14/2015 Lapidous Angelo J & A Living Trust 1421 22916867 Grant Deed 3362 Condo/townhouse (06)

294-49-089 2427 Rebecca Lynn Way 95050-5584 875000 4/8/2015 Ramani Wheatley Edwin T Iii Trust 1475 22910637 Grant Deed 1365 Condo/townhouse (06)

269-53-007 476 N Winchester Blvd 107 95050-5760 600000 4/2/2015 Long Smith Janice I Trust 1387 22903740 Grant Deed 914 Condo/townhouse (06)

224-73-201 2250 Monroe St 184 95050-3359 399000 4/2/2015 Benyamin Clarke Caralee 716 22903406 Grant Deed 716 Condo/townhouse (06)

294-49-057 2439 Michele Jean Way 95050-5581 838000 4/1/2015 Zhang Carkner-tind Trust 1577 22901458 Grant Deed 2067 Condo/townhouse (06)

294-50-052 2473 Rebecca Lynn Way 95050-5587 725000 3/19/2015 Bogdan Garry Thomas P & Mary E 1433 22889204 Grant Deed 1305 Condo/townhouse (06)

224-73-135 2250 Monroe St 160 95050-3358 494000 3/18/2015 Shetty Mc Guire Jermecia 913 22887016 Grant Deed 913 Condo/townhouse (06)

224-51-033 1845 Palm View Pl 113 95050-3733 440000 3/18/2015 Riestenberg Rhome Technology Inc 760 22886934 Grant Deed 1733 Condo/townhouse (06)

290-21-037 2417 Diane Marie Way 95050-7504 808000 3/18/2015 Liang Hilliard Family Trust 1768 22886894 Grant Deed 1484 Condo/townhouse (06)

294-46-013 2471 Golf Links Cir 95050-7012 880500 3/13/2015 Colli Family Trust 1718 22882332 Grant Deed 3165 Condo/townhouse (06)

224-51-045 1865 Palm View Pl 227 95050-3736 419500 3/10/2015 Lee Clark Tiffin 760 22878380 Grant Deed 1733 Condo/townhouse (06)

224-73-057 2250 Monroe St 221 95050-3362 388500 3/4/2015 Rack Yu Xiaoming 716 22872772 Grant Deed 716 Condo/townhouse (06)

269-39-111 480 N Winchester Blvd 4 95050-5786 586000 2/25/2015 Chen Leisch Erik A & Stacey L 1248 22863948 Grant Deed 1061 Condo/townhouse (06)

294-48-007 2431 Michele Jean Way 95050-5573 725000 2/20/2015 Rehkemper Gorin John B 1573 22858976 Grant Deed 1296 Condo/townhouse (06)

Condo 224-24-103 1705 Monroe St 1 95050-3882 3600000 2/19/2015 Levitan Howard M 1117 22857748 Grant Deed 1929 Condo/townhouse (06)







224-74-027 1777 Lafayette St 127 95050-7204 550000 2/4/2015 Wieme Pimentel Larry & Sandra A 1528 22844232 Grant Deed 1813 Condo/townhouse (06)

224-49-022 1715 Civic Center Dr 95050-4103 838000 1/30/2015 Gharat Gerdes Timothy 1731 22841566 Grant Deed 1885 Condo/townhouse (06)

294-48-024 2407 Rebecca Lynn Way 95050-5577 746000 1/30/2015 Li Holzer 2003 Family Trust 1573 22840669 Grant Deed 1397 Condo/townhouse (06)

224-55-007 2110 Rancho Mccormick Blvd 95050-3475 665000 1/13/2015 Main Sehr Laurie J 1636 22825621 Grant Deed 857 Condo/townhouse (06)

224-73-106 2250 Monroe St 142 95050-3357 500000 1/9/2015 Coane Seghatoleslami Asadolah 858 22823906 Grant Deed 858 Condo/townhouse (06)

269-59-012 1870 Market St 6 95050-5788 579000 1/7/2015 Higgins Suzanski Todd M 1220 22822225 Grant Deed 1307 Condo/townhouse (06)

224-73-182 2250 Monroe St 269 95050-3365 297000 12/26/2014 Lee Lee Ann 913 22813845 Grant Deed 913 Condo/townhouse (06)

224-74-014 1777 Lafayette St 114 95050-7202 406000 12/17/2014 Manian Dovenmuehle Stephen & Diane 870 22803427 Grant Deed 1742 Condo/townhouse (06)

294-50-077 594 Valeri Ruth Ct 95050-5578 670000 12/10/2014 Kumar Sackett Brent 1433 22796669 Grant Deed 1444 Condo/townhouse (06)

269-55-013 472 N Winchester Blvd 2 95050-5753 561000 12/10/2014 Perrone Gonzalez James R & Dorothy 1577 22795828 Grant Deed 1278 Condo/townhouse (06)

224-73-043 2250 Monroe St 119 95050-3356 378000 12/5/2014 Vu Schoville Christine K 716 22792137 Grant Deed 716 Condo/townhouse (06)

224-52-051 2201 Monroe St 1505 95050-3270 510000 12/5/2014 Choi Kim Chong H Living Trust 1142 22791638 Grant Deed 2750 Condo/townhouse (06)

224-41-059 1700 Civic Center Dr 415 95050-4121 306000 11/7/2014 Yeghyayan Reilly Joseph J Jr 634 22763320 Grant Deed 871 Condo/townhouse (06)

224-73-010 2250 Monroe St 202 95050-3360 490000 10/31/2014 Maraist Exmundo Joyce E 913 22758371 Grant Deed 913 Condo/townhouse (06)

294-45-024 2447 Golf Links Cir 95050-7014 898000 10/31/2014 De Almeida Morton Bonnie K 2088 22758304 Grant Deed 3385 Condo/townhouse (06)

224-73-107 2250 Monroe St 143 95050-3357 372000 10/30/2014 Farahani Lynn Nancy M 716 22756166 Grant Deed 716 Condo/townhouse (06)

294-45-026 2451 Golf Links Cir 95050-7014 755000 10/28/2014 Mirzael Manning V J 1998 Trust 2088 22754885 Grant Deed 2313 Condo/townhouse (06)

224-49-023 1713 Civic Center Dr 95050-4103 775000 10/21/2014 Sheth Heywood Russell 1731 22746277 Grant Deed 1705 Condo/townhouse (06)

269-44-071 846 Bellomy St 2 95050-4963 630000 10/17/2014 Thermond Family Trust 1165 22743061 Grant Deed 544 Condo/townhouse (06)

294-49-094 2437 Rebecca Lynn Way 95050-5582 675091 10/10/2014 Yang Jones Drew S 1433 22738274 Grant Deed 1252 Condo/townhouse (06)

Reg Sale 290-10-082 2257 Anna Dr 95050-4470 550000 10/3/2014 Zeng National Residential Nominee S 1256 22733123 Corporation Grant Deed 797 Condo/townhouse (06)

224-73-078 2250 Monroe St 134 95050-3356 362000 9/26/2014 Bui Gutierrez Vincent C 716 22722161 Grant Deed 716 Condo/townhouse (06)

224-73-179 2250 Monroe St 174 95050-3359 350000 9/26/2014 Wildridge Hunt Thimas E Ii 716 22721521 Grant Deed 716 Condo/townhouse (06)

224-51-038 1855 Palm View Pl 221 95050-3734 565000 9/18/2014 Tse Tien Yu 950 22710886 Grant Deed 1733 Condo/townhouse (06)

224-55-107 2001 Fan Palm Ct 95050-3483 615000 9/18/2014 Speare Baker Judith A 1226 22710881 Grant Deed 1433 Condo/townhouse (06)

294-45-035 2500 Golf Links Cir 95050-7005 850000 9/5/2014 Marcum Lynda D 2088 22698483 Grant Deed 3285 Condo/townhouse (06)

224-41-030 1700 Civic Center Dr 302 95050-4113 372000 8/26/2014 Ji Catalana Mark M 971 22687258 Grant Deed 871 Condo/townhouse (06)

290-10-079 2263 Anna Dr 95050-4470 620000 8/19/2014 Dhamija Galano Anthony & Pamela S 1256 22681873 Grant Deed 797 Condo/townhouse (06)

224-55-052 2011 Holly Branch Ct 95050-3486 662000 8/18/2014 Lee Nguyen Tudo 1226 22681580 Grant Deed 1548 Condo/townhouse (06)

269-56-002 870 Fremont St 102 95050-4863 498000 8/18/2014 Kwan Fujioka William T 1408 22681531 Grant Deed 620 Condo/townhouse (06)

290-60-032 935 Visconti Pl 95050-5261 885000 8/15/2014 Krishnamurthy Mehta Romit P & Kosha R 1835 22680555 Grant Deed 1255 Condo/townhouse (06)

230-17-061 2316 Park Ave 95050-6030 712000 8/15/2014 Melton Monique Trust 1421 22679933 Grant Deed 3645 Condo/townhouse (06)

294-45-011 2421 Golf Links Cir 95050-7016 870000 8/14/2014 Zhao Moreno Carrie & Steven 2088 22677834 Grant Deed 3372 Condo/townhouse (06)

269-05-099 1451 Main St 4 95050-4208 530000 8/6/2014 Lee Gavia Joy 924 22672109 Grant Deed 658 Condo/townhouse (06)

269-54-012 470 N Winchester Blvd 104 95050-5759 468000 8/5/2014 Taggart Vivian L 1284 22669775 Grant Deed 1463 Condo/townhouse (06)

224-73-087 2250 Monroe St 231 95050-3363 355000 7/31/2014 Balazadeh Chong Colin V 716 22667378 Grant Deed 716 Condo/townhouse (06)

224-73-141 2250 Monroe St 256 95050-3364 564000 7/31/2014 Wang Tran Cuong D & Miriam G 1376 22667161 Grant Deed Condo/townhouse (06)

290-36-094 2351 De Varona Pl 95050-5084 980000 7/30/2014 Zhu Ikaika Loo Trust 2086 22665681 Grant Deed 3312 Condo/townhouse (06)

290-21-036 2413 Diane Marie Way 95050-7504 625000 7/30/2014 Savine Igor 1580 22665085 Grant Deed 1749 Condo/townhouse (06)

224-73-053 2250 Monroe St 217 95050-3361 497000 7/29/2014 Yu Seshan Trust 913 22664677 Grant Deed 913 Condo/townhouse (06)

269-54-011 470 N Winchester Blvd 103 95050-5759 430000 7/25/2014 Moriconi Diane 1254 22661935 Grant Deed 764 Condo/townhouse (06)

294-50-091 2466 Rebecca Lynn Way 95050-5586 688000 7/15/2014 Wang Simon Oscar Jr & Joanna 1475 22645651 Grant Deed 1500 Condo/townhouse (06)

224-41-081 1700 Civic Center Dr 605 95050-4197 340000 7/15/2014 Ching Lawrence Peter Trust 653 22645458 Grant Deed 871 Condo/townhouse (06)

224-76-033 1924 Hillebrant Pl 95050-3738 770000 7/11/2014 Gu Young & Pham Family Trust 1560 22643125 Grant Deed 725 Condo/townhouse (06)

224-41-092 1700 Civic Center Dr 616 95050-4117 365000 7/10/2014 Sun Kukuljevic Mediha 632 22642713 Grant Deed 871 Condo/townhouse (06)

224-68-019 2040 Main St 119 95050-3887 445000 7/9/2014 Logan-garbisch Garcia Ciro H A 1125 22641550 Grant Deed 590 Condo/townhouse (06)

224-49-026 1822 Park Vista Cir 95050-3728 750000 7/9/2014 Khoshakhlagh Agarwal Rahul K 1670 22641102 Grant Deed 1894 Condo/townhouse (06)

290-54-027 815 Monty Cir 95050-5208 560000 7/7/2014 Subramanian Silveira Family Trust 1324 22639225 Grant Deed 637 Condo/townhouse (06)

294-49-092 2433 Rebecca Lynn Way 95050-5582 755000 7/2/2014 Boost Epperson Lisa M 1655 22637151 Grant Deed 1264 Condo/townhouse (06)

269-20-020 1485 Franklin St 95050-4712 1400000 6/5/2015 Mogio Management Inc 6400 22976441 Grant Deed 5784 Business (drive-in) (58)

230-17-050 2255 The Alameda 95050-6054 800000 11/14/2014 Patel Sangam V 3120 22768749 Grant Deed 2863 Business (drive-in) (58)

269-16-056 1175 Lafayette St 95050-4847 465000 11/13/2014 Martin V E Living Trust 22766392 Grant Deed 6028 Business (drive-in) (58)

224-28-062 1570 Lafayette St 95050-3913 940000 7/22/2014 Avelar Backhus C H & D L Trust 22657507 Grant Deed 9917 Business (drive-in) (58)

Y 2 of 2 303-19-089 3333 Stevens Creek Blvd 95050 17200000 7/8/2014 Toyota Mtr Sales Usa Inc 99843 22639582 Grant Deed 78565 Business (drive-in) (58)

Y 1 of 2 303-19-075 3321 Stevens Creek Blvd 95050 17200000 7/8/2014 Toyota Mtr Sales Usa Inc 22639582 Grant Deed 9371 Business (drive-in) (58)

95051 SalesComment APN Situs Address Situs ZIP/ZIP+4 Sale Price Recording Date Owner Last Name Seller Bldg/Living Area Price per Square Foot Document Number Deed Type Lot Acreage Lot Area County Land Use

One Sale 290-26-034 3162 Via Siena Pl 95051-6083 1197000 3/25/2015 Kim Western Pacific Housing Inc 22895345 Grant Deed 3.86 167951 Vacant Urban (69)

Flip 220-10-026 3436 Bella Vista Ave 95051-2115 1133000 5/13/2015 Xue Valleyone Investment Llc 1212 $934.82 22948907 Grant Deed 0.13 5863 Resid Single Family (01)

Flip 293-18-004 678 Woodhams Rd 95051-5632 847000 3/30/2015 Menon Charity Homes Llc 1127 $751.55 22899523 Grant Deed 0.12 5221 Resid Single Family (01)

Flip 294-30-006 2697 Birchtree Ln 95051-6257 1800000 2/25/2015 Ng Terrizzano Miguel & Alyssa T 3162 $569.26 22862474 Grant Deed 0.25 10753 Resid Single Family (01)

Flip 216-06-034 2755 Warburton Ave 95051-2411 960000 2/19/2015 Chowdhury Devlin Mark 1433 $669.92 22857735 Grant Deed 0.14 6108 Resid Single Family (01)

Flip 294-21-065 662 Starr Ct 95051-5721 800000 12/23/2014 Hull Buzi Jason 1145 $698.69 22808585 Grant Deed 0.16 6902 Resid Single Family (01)

Flip 290-07-053 1324 Blackfield Dr 95051-3911 995000 12/19/2014 Melo-walther Thai Liao Properties & Investm 1412 $704.67 22805151 Grant Deed 0.17 7325 Resid Single Family (01)

One Sale 290-25-010 826 Christopher Ct 95051-5207 910000 10/17/2014 Mao Cortez Robin & Robbin E 1437 $633.26 22743377 Grant Deed 0.16 7165 Resid Single Family (01)

Flip 296-17-023 103 Claremont Ave 95051-6641 1225000 9/18/2014 Hsieh Safari Ventures Llc 1104 $1,109.60 22710122 Grant Deed 0.15 6386 Resid Single Family (01)

Reg Sale 290-07-048 1376 Blackfield Dr 95051-3911 785000 7/11/2014 Liao Mcroberts Mark & Bernadette 1006 $780.32 22643492 Grant Deed 0.14 6289 Resid Single Family (01)

220-29-029 3129 Barkley Ave 95051-2300 970000 6/30/2015 Chen Bendis 2001 Living Trust 1455 $666.67 23003288 Grant Deed 0.15 6610 Resid Single Family (01)

290-25-006 2964 Miles Dr 95051-5250 1060000 6/30/2015 Chou Camplair Karen L 2325 $455.91 23002123 Grant Deed 0.19 8071 Resid Single Family (01)

220-25-030 2150 Brown Ave 95051-1722 794500 6/29/2015 Kwan Hernandez Manuel R 1226 $648.04 23002000 Grant Deed 0.13 5789 Resid Single Family (01)

220-30-069 2895 Warburton Ave 95051-2914 1015000 6/24/2015 Varghese Manalo Edgar 2142 $473.86 22996059 Grant Deed 0.13 5779 Resid Single Family (01)

220-29-021 3019 Barkley Ave 95051-2324 1015000 6/23/2015 Gao Conklin David S & Sylvia P 1237 $820.53 22995170 Grant Deed 0.15 6611 Resid Single Family (01)

290-38-049 2546 Dixon Dr 95051-5319 770000 6/19/2015 Xie Geisler Nicholas 1166 $660.38 22992929 Grant Deed 0.18 7688 Resid Single Family (01)

216-24-098 3358 Agate Dr 95051-1003 771000 6/18/2015 Mendel Manzanilla Filiberto Jr 1095 $704.11 22991480 Grant Deed 0.14 6114 Resid Single Family (01)

220-07-053 1769 Townsend Ave 95051-2721 700000 6/18/2015 Frechou M Living Trust 1539 $454.84 22991066 Grant Deed 0.19 8369 Resid Single Family (01)

290-07-057 1262 Blackfield Dr 95051-3909 1400000 6/18/2015 Sikandar James Lary M & Dina M 3004 $466.05 22990838 Grant Deed 0.12 5436 Resid Single Family (01)

220-26-025 2183 Augusta Pl 95051-1714 1010000 6/18/2015 Seshadri Boyd Frank R Living Trust 1158 $872.19 22990667 Grant Deed 0.14 6175 Resid Single Family (01)

293-16-024 675 Barto St 95051-5542 1024000 6/17/2015 Krom Trust 1092 $937.73 22989165 Grant Deed 0.12 5256 Resid Single Family (01)

290-71-019 3538 Druffel Pl 95051-3848 1150000 6/16/2015 Han Robinson Oliver 1839 $625.34 22988893 Grant Deed 0.05 1964 Resid Single Family (01)

313-17-028 1061 Waterbird Way 95051-4214 1425000 6/16/2015 Del Pozo Hawkes M F & J E Family Trust 1378 $1,034.11 22988730 Grant Deed 0.17 7432 Resid Single Family (01)

293-17-055 722 Flannery St 95051-5547 1051000 6/15/2015 Shao Jatta Janice L 1108 $948.56 22986617 Grant Deed 0.12 5189 Resid Single Family (01)

220-05-054 3476 Flora Vista Ave 95051-2139 1020000 6/15/2015 Ruiz Marcos A & Sara M 1212 $841.58 22986559 Grant Deed 0.13 5544 Resid Single Family (01)

216-03-007 1762 Higgins Ave 95051-3023 913000 6/10/2015 Cheng Cheng Zhenggang 1539 $593.24 22981323 Grant Deed 0.12 5090 Resid Single Family (01)

294-22-009 669 Cupples Ct 95051-5708 1125000 6/9/2015 Sreeram Mullins Howard D 1522 $739.16 22980562 Grant Deed 0.13 5564 Resid Single Family (01)

220-22-121 2230 Santa Cruz Ave 95051-1658 820000 6/9/2015 Pinon Abel & E E Trust 1465 $559.73 22979671 Grant Deed 0.15 6602 Resid Single Family (01)

316-08-031 660 Meadow Ave 95051-5840 940000 6/8/2015 Wee Wee Jimyung 1430 $657.34 22977753 Grant Deed 0.15 6707 Resid Single Family (01)

294-32-026 2781 Glorietta Cir 95051-7017 1730000 6/5/2015 Chavez Martin Eleanor E Trust 2206 $784.22 22977711 Grant Deed 0.19 8296 Resid Single Family (01)

296-10-048 3122 Allen Way 95051-6718 1700000 6/5/2015 Wirtz Living Trust 1736 $979.26 22977492 Grant Deed 0.16 6994 Resid Single Family (01)

290-31-092 2511 Rose Way 95051-5312 1310000 6/5/2015 Zhang Xu Xin 1565 $837.06 22976593 Grant Deed 0.17 7515 Resid Single Family (01)

216-18-051 2322 Amethyst Dr 95051-1711 871000 6/5/2015 Bai Reynolds Guy Q 1455 $598.63 22976491 Grant Deed 0.15 6406 Resid Single Family (01)

290-15-067 2612 Wallace St 95051-3818 1125000 6/5/2015 Lee Elissa 1351 $832.72 22976299 Grant Deed 0.15 6722 Resid Single Family (01)

316-10-006 571 Hillsdale Ave 95051-5902 1450000 6/5/2015 Bansal Monahan Family Trust 1389 $1,043.92 22976233 Grant Deed 0.15 6536 Resid Single Family (01)

294-37-068 2627 Gamblin Dr 95051-6505 1900000 6/4/2015 Khroad De Jesus John & Rita 3424 $554.91 22975177 Grant Deed 0.2 8803 Resid Single Family (01)

290-22-062 3550 Golden State Dr 95051-4613 773500 6/4/2015 Kawing Phillips Family Trust 1166 $663.38 22975031 Grant Deed 0.12 5176 Resid Single Family (01)

296-05-009 3292 Geneva Dr 95051-6413 1145000 6/1/2015 Basiri Latimer Nancy L 1181 $969.52 22971322 Grant Deed 0.15 6331 Resid Single Family (01)

216-16-079 2567 Pilot Knob Dr 95051-1135 760000 6/1/2015 Winland Dorothy T 1162 $654.04 22970451 Grant Deed 0.13 5670 Resid Single Family (01)

290-03-005 1320 Via Dondera 95051-3604 965000 5/29/2015 Wang Rogers Corrine & Kenneeth W 1658 $582.03 22970309 Grant Deed 0.15 6516 Resid Single Family (01)

220-12-117 2124 Briarwood Dr 95051-1903 1110000 5/29/2015 Rao Romero Edgar G & Patsy A 1240 $895.16 22970258 Grant Deed 0.14 5903 Resid Single Family (01)

296-30-021 2930 Pruneridge Ave 95051-5653 1455000 5/29/2015 Agarwal Hinojosa Juan C & Marie G 1687 $862.48 22969780 Grant Deed 0.19 8395 Resid Single Family (01)

220-15-050 3433 Georgetown Pl 95051-1500 1114000 5/27/2015 Solanki Walsh Mark D & Debra L 1328 $838.86 22965930 Grant Deed 0.14 6229 Resid Single Family (01)

216-02-001 2796 Donovan Ave 95051-3021 950000 5/27/2015 Sankaralingam Prabhu Sunil P 1594 $595.98 22965283 Grant Deed 0.15 6399 Resid Single Family (01)

296-12-006 3078 Mauricia Ave 95051-6750 1050000 5/27/2015 Joyce Grace G & Matthew C 1240 $846.77 22964926 Grant Deed 0.12 5383 Resid Single Family (01)

220-17-036 2270 Crocker Way 95051-1404 1260000 5/22/2015 Lemmi Vo David T 2099 $600.29 22961978 Grant Deed 0.19 8348 Resid Single Family (01)

294-38-001 166 Saratoga Ave 95051-7386 7325000 5/21/2015 Matusich A M 1996 Trust 2601 $2,816.22 22961157 Grant Deed 1.79 78141 Resid Single Family (01)

296-32-026 280 Salsbury Dr 95051-6841 1850000 5/21/2015 Mccloghrie Cardoza Family Trust 2360 $783.90 22960484 Grant Deed 0.19 8310 Resid Single Family (01)

316-13-057 405 Giannini Dr 95051-5825 1450000 5/20/2015 Griese Griese 1989 Living Trust 1627 $891.21 22960249 Grant Deed 0.3 12918 Resid Single Family (01)

294-32-010 2759 Glorietta Cir 95051-7004 1580000 5/20/2015 Xu Liu Ming-fa 2343 $674.35 22957878 Grant Deed 0.21 9148 Resid Single Family (01)

290-19-009 3208 Humbolt Ave 95051-3749 1350000 5/18/2015 Wu Rose A & J 2010 Family Trust 1817 $742.98 22956138 Grant Deed 0.24 10343 Resid Single Family (01)

220-26-040 2175 Amethyst Dr 95051-1748 815000 5/15/2015 Ng Julian A P Living Trust 1034 $788.20 22952974 Grant Deed 0.13 5788 Resid Single Family (01)

220-24-039 2113 Santa Cruz Ave 95051-1613 966000 5/14/2015 Sykes Morris Russell H Jr & Vicky D 1078 $896.10 22952626 Grant Deed 0.12 5224 Resid Single Family (01)

220-11-020 3554 Cabrillo Ave 95051-2127 850000 5/13/2015 Snowden Norma M Trust 1240 $685.48 22950900 Grant Deed 0.13 5793 Resid Single Family (01)

216-20-073 2459 Borax Dr 95051-1140 805000 5/13/2015 Dong Gidcumb Reba 897 $897.44 22948892 Grant Deed 0.13 5720 Resid Single Family (01)

290-15-076 1211 Foley Ave 95051-3811 1025000 5/12/2015 Larrosa Dilbeck Family Trust 1275 $803.92 22947849 Grant Deed 0.13 5762 Resid Single Family (01)

216-24-009 2547 Marchese Way 95051-1016 1250000 5/11/2015 Yang Cooper Amber L 1971 $634.20 22947455 Grant Deed 0.15 6635 Resid Single Family (01)

290-53-031 837 Cherry Orchard Pl 95051-5186 1150000 5/11/2015 Wu Pysarevskyy Ivan V 1935 $594.32 22946596 Grant Deed 0.05 2153 Resid Single Family (01)

294-36-008 220 Serena Way 95051-7015 1350500 5/8/2015 Muddireddy Belick D D Living Trust 1075 $1,256.28 22946582 Grant Deed 0.21 8988 Resid Single Family (01)

296-15-017 68 Muir Ave 95051-6624 1460000 5/8/2015 Shen Mcguire Richard E Trust 1388 $1,051.87 22946443 Grant Deed 0.14 6306 Resid Single Family (01)

220-15-098 3401 Gonzaga Pl 95051-1514 1185000 5/8/2015 Mah Tran Sherry 1734 $683.39 22946426 Grant Deed 0.14 6301 Resid Single Family (01)

294-31-029 428 Luther Dr 95051-6220 1350000 5/8/2015 Lin Genochio Family Trust 1810 $745.86 22944879 Grant Deed 0.19 8161 Resid Single Family (01)

313-31-097 3602 Warbler Ave 95051-4575 1320000 5/8/2015 Chervirala Chow S & Y F H Trust 1850 $713.51 22944745 Grant Deed 0.15 6531 Resid Single Family (01)

216-02-106 2717 Donovan Ave 95051-3020 950000 5/8/2015 He Leon Jose F & Iris H S 1324 $717.52 22944610 Grant Deed 0.13 5744 Resid Single Family (01)

294-22-035 691 Nicholson Ave 95051-5731 1048000 5/6/2015 Xie Mccabe Family Trust 2082 $503.36 22942526 Grant Deed 0.13 5478 Resid Single Family (01)

220-25-090 2806 Addison Pl 95051-1706 367000 5/6/2015 Ziegler Ziegler James D 2320 $158.19 22942509 Grant Deed 0.16 6900 Resid Single Family (01)

296-15-041 178 Michael Way 95051-6622 1525000 5/4/2015 Xue Keith Family Trust 1324 $1,151.81 22937737 Grant Deed 0.15 6674 Resid Single Family (01)

220-10-033 3419 Bella Vista Ave 95051-2114 1250000 5/1/2015 Tuo Kim Stella K 2022 $618.20 22937108 Grant Deed 0.14 5996 Resid Single Family (01)

316-10-008 611 Hillsdale Ave 95051-5904 1450000 5/1/2015 Jaiswal Perkins Michael R 1284 $1,129.28 22936681 Grant Deed 0.15 6363 Resid Single Family (01)

220-10-043 1931 Saint Lawrence Dr 95051-2110 1040000 4/30/2015 Subramanian Cote Ronald & Susan Trust 1693 $614.29 22935059 Grant Deed 0.13 5517 Resid Single Family (01)

220-06-061 3439 Fowler Ave 95051-2715 922000 4/30/2015 Wang Motch Versie T Trust 1327 $694.80 22934025 Grant Deed 0.12 5177 Resid Single Family (01)

216-08-021 2181 Bowers Ave 95051-1829 903000 4/29/2015 Rajagopalan Rogers Nathan W & Julia G 1243 $726.47 22932800 Grant Deed 0.15 6497 Resid Single Family (01)

216-17-009 2321 Amethyst Dr 95051-1710 915000 4/29/2015 Roy Sanford Roger 1034 $884.91 22931064 Grant Deed 0.13 5775 Resid Single Family (01)

316-13-115 290 Howard Dr 95051-5849 1605000 4/28/2015 Yao Vinjamuri Suryanarayana & Sribala 1508 $1,064.32 22929400 Grant Deed 0.16 7144 Resid Single Family (01)

293-03-046 3360 Princeton Ct 95051-5520 1342000 4/28/2015 Littlefield Saji Saji & Sheethal 1760 $762.50 22928827 Grant Deed 0.17 7333 Resid Single Family (01)

290-02-037 1400 Mcpherson St 95051-3616 670000 4/23/2015 Boca Gober Patricia A & Matthew J 1166 $574.61 22924876 Grant Deed 0.12 5103 Resid Single Family (01)

216-04-079 1773 Higgins Ave 95051-3022 875000 4/20/2015 Shariati Peterson James 1302 $672.04 22922126 Grant Deed 0.13 5458 Resid Single Family (01)

220-22-073 3175 Machado Ave 95051-1629 966000 4/20/2015 Ruan Nguyen Amy 1078 $896.10 22921787 Grant Deed 0.12 5250 Resid Single Family (01)

220-26-028 2213 Augusta Pl 95051-1714 938000 4/16/2015 Wu Araujo Steven R & Shannon G 1095 $856.62 22918660 Grant Deed 0.15 6324 Resid Single Family (01)

290-43-100 960 Live Oak Dr 95051-4725 1250500 4/14/2015 Tanugula Poitner Michael 1700 $735.59 22917100 Grant Deed 0.15 6420 Resid Single Family (01)

224-37-038 2322 Roosevelt Cir 95051-1310 1022000 4/14/2015 Zhu Hallenbeck James & Gail 1181 $865.37 22916608 Grant Deed 0.14 6302 Resid Single Family (01)

296-12-057 198 Kellogg Way 95051-6711 1650000 4/14/2015 Radhakrishnan De Cair Robert C & Anita J 1844 $894.79 22915585 Grant Deed 0.28 12146 Resid Single Family (01)

220-25-011 2171 Francis Ave 95051-1729 950000 4/13/2015 Lin Li Kyle 1034 $918.76 22915393 Grant Deed 0.13 5769 Resid Single Family (01)

294-32-021 2771 Glorietta Cir 95051-7016 1600000 4/10/2015 Yang Borrelli Rocci L Trust 1935 $826.87 22914473 Grant Deed 0.2 8521 Resid Single Family (01)

220-31-052 1759 Jeffrey Ct 95051-2911 1000000 4/10/2015 Yu Hallaj Bashar 1724 $580.05 22914458 Grant Deed 0.13 5566 Resid Single Family (01)

216-19-016 2529 Moraine Dr 95051-1117 665000 4/9/2015 Luo Wilson Joji 897 $741.36 22913068 Grant Deed 0.13 5838 Resid Single Family (01)

293-24-004 742 Fairlane Ave 95051-5618 1066000 4/9/2015 Zou Aller Trust 1330 $801.50 22913029 Grant Deed 0.15 6366 Resid Single Family (01)

293-16-022 665 Barto St 95051-5542 1155500 4/9/2015 Chen Kosuru Sridhara 1127 $1,025.29 22911058 Grant Deed 0.12 5244 Resid Single Family (01)

220-28-043 3003 Millar Ave 95051-2338 1000000 4/7/2015 Zou Lyons James M Living Trust 1248 $801.28 22909226 Grant Deed 0.14 5892 Resid Single Family (01)

316-10-011 651 Hillsdale Ave 95051-5904 1200000 4/6/2015 Dong Heenan Daniel P & Carol L 1169 $1,026.52 22906386 Grant Deed 0.15 6350 Resid Single Family (01)

216-17-063 2363 Augusta Pl 95051-1749 1000000 4/6/2015 Sun Rudolf Howard & Cara L 1095 $913.24 22906337 Grant Deed 0.18 7727 Resid Single Family (01)

216-18-081 2891 Monroe St 95051-1754 550000 4/3/2015 Labiner Mark 1095 $502.28 22905159 Grant Deed 0.13 5734 Resid Single Family (01)

293-03-034 739 Baylor Dr 95051-5511 1360000 4/3/2015 Fu Bridgewate R Mary B 1760 $772.73 22904693 Grant Deed 0.15 6462 Resid Single Family (01)

220-12-046 2122 Nobili Ave 95051-1915 1011000 4/1/2015 Joshi Meridian Finl Svcs Inc 1240 $815.32 22902995 Grant Deed 0.17 7386 Resid Single Family (01)

296-36-075 3065 Cameron Way 95051-6807 1005000 4/1/2015 Qiu Sholl Coula S Trust 1127 $891.75 22902859 Grant Deed 0.18 8017 Resid Single Family (01)

220-31-014 1727 Andrea Pl 95051-2907 750000 4/1/2015 Szabados Szabados Anna 1534 $488.92 22902418 Grant Deed 0.13 5763 Resid Single Family (01)

220-20-042 2419 Fordham Dr 95051-1522 934000 4/1/2015 Blackford Family Trust 1425 $655.44 22901159 Grant Deed 0.2 8591 Resid Single Family (01)

294-29-019 2601 Maplewood Ln 95051-6235 1370000 3/27/2015 Kilbourn Hammond Sandra Trust 1972 $694.73 22899382 Grant Deed 0.24 10664 Resid Single Family (01)

290-02-038 1398 Mcpherson St 95051-3616 950000 3/27/2015 Amies Randazzo Thomas J Ii & Stephanie C 1166 $814.75 22897544 Grant Deed 0.12 5079 Resid Single Family (01)

220-16-078 3553 Machado Ave 95051-1926 750000 3/26/2015 Diesner Fernandez Family Trust 1240 $604.84 22895784 Grant Deed 0.13 5857 Resid Single Family (01)

216-08-040 2080 Clark Ave 95051-1807 920000 3/24/2015 Li Solari Ryan K & Nereyda A 1008 $912.70 22893183 Grant Deed 0.15 6695 Resid Single Family (01)

216-10-029 2144 Coolidge Dr 95051-1811 938000 3/20/2015 Zheng Rodriguez Oscar M & Leticia 1181 $794.24 22890522 Grant Deed 0.14 6018 Resid Single Family (01)

216-03-050 2560 Warburton Ave 95051-2424 940000 3/20/2015 Harrison Finnegan Teresa L 1852 $507.56 22889789 Grant Deed 0.13 5839 Resid Single Family (01)

290-07-063 1208 Blackfield Dr 95051-3909 878000 3/19/2015 Zhou Johnson Maxine W 1134 $774.25 22889067 Grant Deed 0.12 5425 Resid Single Family (01)

216-07-024 1960 Larsen Pl 95051-1819 910000 3/18/2015 Srinivasulu Kustra Richard & Margaret 1287 $707.07 22888036 Grant Deed 0.14 6266 Resid Single Family (01)

216-13-012 2261 Bowers Ave 95051-1205 960000 3/18/2015 Du Sprinkles T K Family Trust 1315 $730.04 22886887 Grant Deed 0.15 6438 Resid Single Family (01)

293-28-004 470 Kiely Blvd 95051-6227 989500 3/17/2015 Iverson Vern W 1927 $513.49 22885400 Grant Deed 0.2 8588 Resid Single Family (01)

313-31-094 3630 Warbler Ave 95051-4575 1570000 3/17/2015 Xu Li Hai 1850 $848.65 22885382 Grant Deed 0.12 5053 Resid Single Family (01)

220-15-076 3369 Creighton Pl 95051-1501 1003000 3/12/2015 Aitharaju Creighton Anne C Trust 1328 $755.27 22881969 Grant Deed 0.14 6035 Resid Single Family (01)

220-09-055 1971 Nobili Ave 95051-2211 930000 3/12/2015 Min Van Tran Hung Living Trust 1080 $861.11 22880752 Grant Deed 0.15 6477 Resid Single Family (01)

293-19-016 554 Flannery St 95051-6113 1302000 3/11/2015 Fox James D Trust 2404 $541.60 22880350 Grant Deed 0.18 7941 Resid Single Family (01)

220-13-079 2089 Fordham Dr 95051-1912 960000 3/10/2015 Miao Felt Family Trust 1425 $673.68 22877819 Grant Deed 0.14 6001 Resid Single Family (01)

216-07-049 2021 Bowers Ave 95051-1827 770000 3/6/2015 Que Robles Erwin M & Teresita M 1582 $486.73 22875311 Grant Deed 0.13 5605 Resid Single Family (01)

220-25-058 2890 Monroe St 95051-1741 1140000 3/5/2015 Feng Zhang Jun 2991 $381.14 22875079 Grant Deed 0.13 5609 Resid Single Family (01)

220-28-028 3082 Millar Ave 95051-2339 1045000 3/5/2015 Gummuluru Egan David 1422 $734.88 22873898 Grant Deed 0.13 5656 Resid Single Family (01)

316-11-064 552 Hillsdale Ave 95051-5903 1550000 3/3/2015 Lai Steven R & R J Trust 1350 $1,148.15 22870809 Grant Deed 0.21 9322 Resid Single Family (01)

293-16-034 3035 Dibble Ct 95051-5566 1156000 3/3/2015 Ahuja Nguyen Binh V 1424 $811.80 22870496 Grant Deed 0.15 6347 Resid Single Family (01)

220-15-049 3423 Georgetown Pl 95051-1500 1060000 2/27/2015 Rhodes W A Family Trust 1368 $774.85 22866058 Grant Deed 0.14 6216 Resid Single Family (01)

296-19-046 3570 Mauricia Ave 95051-6618 1200500 2/27/2015 Srungaram Cook Patricia 1064 $1,128.29 22865997 Grant Deed 0.15 6396 Resid Single Family (01)

216-10-005 2107 Hoover Dr 95051-1814 938000 2/26/2015 Ham Fay James P 1288 $728.26 22864454 Grant Deed 0.14 6120 Resid Single Family (01)

220-13-041 2101 Rockhurst Ct 95051-1927 350000 2/25/2015 Belardes Holmby Trust 1328 $263.55 22862443 Grant Deed 0.15 6324 Resid Single Family (01)

216-03-041 1739 Ravizza Ave 95051-3027 975000 2/24/2015 Mena Kearney Andrew & Anna J 1283 $759.94 22861638 Grant Deed 0.14 5916 Resid Single Family (01)

296-13-007 140 Gilbert Ave 95051-6705 1300000 2/20/2015 Wang Cookinham Dennis & Jean C 1136 $1,144.37 22858920 Grant Deed 0.14 6226 Resid Single Family (01)

220-07-125 3288 Fowler Ave 95051-2743 880000 2/19/2015 Cui Louie Stanley 1080 $814.81 22857900 Grant Deed 0.12 5044 Resid Single Family (01)

220-23-107 2180 Monterey Ave 95051-1602 801000 2/18/2015 Shemwell Moore Family 2008 Trust 1222 $655.48 22856961 Grant Deed 0.12 5089 Resid Single Family (01)

220-12-047 3445 Bonita Ave 95051-1919 949000 2/18/2015 Pawl Family Trust 1964 $483.20 22856328 Grant Deed 0.17 7226 Resid Single Family (01)

220-29-060 3137 Taper Ave 95051-2346 975000 2/13/2015 Haritan Hart Family Trust 1237 $788.20 22855154 Grant Deed 0.13 5707 Resid Single Family (01)

216-20-071 2449 Borax Dr 95051-1140 520000 2/6/2015 Hendrix Lilly L 897 $579.71 22846572 Grant Deed 0.12 5447 Resid Single Family (01)

216-06-038 2795 Warburton Ave 95051-2411 790000 2/4/2015 Kimn Breitkreutz Cheryl A 1237 $638.64 22844964 Grant Deed 0.18 7676 Resid Single Family (01)

293-26-083 725 Fairlane Ave 95051-5617 1080000 2/4/2015 Zhao Dunn Family Trust 1330 $812.03 22844037 Grant Deed 0.14 6310 Resid Single Family (01)

216-02-012 2686 Donovan Ave 95051-3019 1125000 1/30/2015 Oh Bae Suk H 936 $1,201.92 22840761 Grant Deed 0.13 5502 Resid Single Family (01)

316-13-044 3861 Hancock Dr 95051-5808 1455000 1/29/2015 Su Iliff Daniel J & L L Trust 1508 $964.85 22839336 Grant Deed 0.16 6800 Resid Single Family (01)

316-08-009 627 Hubbard Ave 95051-5835 1350000 1/27/2015 Umrani Travis Goldie M Trust 1508 $895.23 22837437 Grant Deed 0.14 6134 Resid Single Family (01)

220-13-094 3371 Cabrillo Ave 95051-2209 951000 1/27/2015 Le Vivian Hasan Fauad F 1418 $670.66 22836176 Grant Deed 0.15 6400 Resid Single Family (01)

290-31-013 937 Las Palmas Dr 95051-5306 825000 1/23/2015 Leow Ti Andrea L 1166 $707.55 22834046 Grant Deed 0.13 5471 Resid Single Family (01)

296-21-001 3106 Mckinley Dr 95051-6715 1335000 1/21/2015 Madhavan Minden Rosemary Trust 1560 $855.77 22831507 Grant Deed 0.12 5442 Resid Single Family (01)

220-19-063 2360 Fordham Dr 95051-1534 917000 1/21/2015 Yeh Potter C G Family Trust 1425 $643.51 22831502 Grant Deed 0.18 7883 Resid Single Family (01)

290-02-025 3367 Snively Ave 95051-3623 807000 1/20/2015 Dodeja Bay Area Real Estate Investmen 1166 $692.11 22831234 Grant Deed 0.12 5240 Resid Single Family (01)

293-03-030 3389 Vanderbilt Way 95051-5535 1141000 1/20/2015 Chiang Turner Linda K 1572 $725.83 22830512 Grant Deed 0.14 6222 Resid Single Family (01)

220-22-030 3266 San Juan Ave 95051-1644 900000 1/16/2015 Yuneli Kamil 1419 $634.25 22830419 Grant Deed 0.14 6240 Resid Single Family (01)

216-21-044 2535 Crystal Dr 95051-1146 632500 1/16/2015 Jackson Perez Rosalia R Trust 897 $705.13 22829279 Grant Deed 0.12 5358 Resid Single Family (01)

296-11-021 3074 Atherton Dr 95051-6731 1300000 1/12/2015 Tang Guerrero P T Living Trust 1260 $1,031.75 22825472 Grant Deed 0.14 5886 Resid Single Family (01)

316-08-034 630 Meadow Ave 95051-5840 950000 1/9/2015 Rajagopalan Alwar Vijayaraghavan 1504 $631.65 22824346 Grant Deed 0.16 6911 Resid Single Family (01)

294-31-044 459 Kiely Blvd 95051-6226 1075000 1/7/2015 Sharma Morales Salvador D & Ana M 1444 $744.46 22821815 Grant Deed 0.2 8595 Resid Single Family (01)

220-25-111 2833 Cabrillo Ave 95051-2322 830000 1/6/2015 Stephens Shewale Jaiprakash G & Manisha J 1095 $757.99 22821392 Grant Deed 0.13 5858 Resid Single Family (01)

316-50-009 467 Norwood Cir 95051-5963 1250000 1/6/2015 Belani Bradford Mark A 2398 $521.27 22820626 Grant Deed 0.06 2405 Resid Single Family (01)

290-44-122 1030 Pomeroy Ave 95051-4720 955000 1/6/2015 Nishimura Araujo Helena R Trust 1733 $551.07 22820452 Grant Deed 0.23 9883 Resid Single Family (01)

290-07-070 1130 Blackfield Dr 95051-3907 890000 1/5/2015 Daly Paul M 1484 $599.73 22819489 Grant Deed 0.12 5416 Resid Single Family (01)

294-22-013 689 Cupples Ct 95051-5708 926000 1/2/2015 Nguyen Of Emerson Trust 1145 $808.73 22818537 Grant Deed 0.13 5694 Resid Single Family (01)

294-22-034 685 Nicholson Ave 95051-5731 1100000 12/31/2014 Lee Stream Patricia C & Jonathan R 2226 $494.16 22818247 Grant Deed 0.12 5247 Resid Single Family (01)

216-21-052 2565 Crystal Dr 95051-1146 707000 12/31/2014 Buyze Adrias Jonathan 897 $788.18 22817308 Grant Deed 0.13 5487 Resid Single Family (01)

216-07-060 2652 Day Ct 95051-1812 837000 12/24/2014 Velayutham Beck Claudia L Trust 1008 $830.36 22810203 Grant Deed 0.19 8299 Resid Single Family (01)

316-15-015 329 La Herran Dr 95051-6314 1662500 12/23/2014 Nallandigal Shaw Danielle L 2421 $686.70 22807994 Grant Deed 0.21 9078 Resid Single Family (01)

296-08-032 3322 Allen Way 95051-6606 1405000 12/19/2014 Gai Chavez D J & M 1996 Trust 2038 $689.40 22805967 Grant Deed 0.17 7566 Resid Single Family (01)

290-25-078 882 Pepper Tree Ln 95051-5227 642000 12/18/2014 Trigg Zercher 1993 Living Trust 1725 $372.17 22804682 Grant Deed 0.21 9268 Resid Single Family (01)

294-21-044 2729 Rebeiro Ave 95051-6211 880000 12/17/2014 Iyengar Mcdonald 2008 Living Trust 1254 $701.75 22803667 Grant Deed 0.15 6523 Resid Single Family (01)

220-14-003 2199 Fordham Dr 95051-1507 850000 12/17/2014 Cho Arcuri J & N Family Trust 1713 $496.21 22803393 Grant Deed 0.14 5962 Resid Single Family (01)

220-22-096 3190 Machado Ave 95051-1630 905000 12/17/2014 Morris Ingalls J C Family Trust 1320 $685.61 22802930 Grant Deed 0.12 5229 Resid Single Family (01)

296-11-031 3087 Atherton Dr 95051-6730 1285000 12/12/2014 Dalal Leahey John F 1260 $1,019.84 22798592 Grant Deed 0.13 5518 Resid Single Family (01)

290-71-003 3555 Druffel Pl 95051-3849 1040000 12/12/2014 Gulamhussain Wilson Jonathan & Xiu 1998 $520.52 22798254 Grant Deed 0.05 2172 Resid Single Family (01)

316-13-042 3847 Hancock Dr 95051-5808 1415000 12/11/2014 Simon Silva Albert R & Dawn L 1504 $940.82 22798122 Grant Deed 0.16 6799 Resid Single Family (01)

290-31-080 950 Rose Ct 95051-5311 400000 12/9/2014 Smiech Smiech Marian 2502 $159.87 22794354 Grant Deed 0.13 5522 Resid Single Family (01)

220-22-050 3066 San Juan Ave 95051-1640 750000 12/8/2014 Du Lee Asevedo M R Family Trust 1095 $684.93 22793652 Grant Deed 0.14 6313 Resid Single Family (01)

293-25-013 2806 Ramona Ct 95051-5644 846000 12/5/2014 Niu Nieto M Family 1995 Trust 1145 $738.86 22791617 Grant Deed 0.12 5074 Resid Single Family (01)

213-37-006 1055 Helen Ave 95051-2513 1120000 12/4/2014 Bitonti Pasquale 1235 $906.88 22791424 Grant Deed 0.21 9025 Resid Single Family (01)

313-30-027 3766 Thrush Way 95051-4212 1450000 12/3/2014 Bachmann Mcclendon Philip S 1568 $924.74 22788751 Grant Deed 0.27 11824 Resid Single Family (01)

290-14-097 2470 Benton St 95051-3956 800000 11/26/2014 Alvarez Robles Anthony & Vy 1134 $705.47 22785200 Grant Deed 0.16 6909 Resid Single Family (01)

296-37-018 3074 Mckinley Dr 95051-6813 951000 11/26/2014 Thirumalai Reyner Trust 1240 $766.94 22784749 Grant Deed 0.12 5124 Resid Single Family (01)

216-08-045 2056 Clark Ave 95051-1807 850000 11/26/2014 Yuan Chok James E 1207 $704.23 22784043 Grant Deed 0.15 6447 Resid Single Family (01)

290-22-014 3486 Benton St 95051-4408 750000 11/24/2014 Wang Sinkewitsch Trust 1166 $643.22 22780853 Grant Deed 0.13 5841 Resid Single Family (01)

220-24-112 2192 Francis Ave 95051-1730 761000 11/21/2014 Hendry Collins Andrew & Kathryn K 1078 $705.94 22778695 Grant Deed 0.12 5216 Resid Single Family (01)

316-16-048 3692 Randolph Ave 95051-6326 1577000 11/20/2014 Cong Keay David A & Kathryn A 2140 $736.92 22773723 Grant Deed 0.18 7840 Resid Single Family (01)

216-20-035 2435 Crystal Dr 95051-1144 700500 11/20/2014 Si Hoover Family Trust 897 $780.94 22773671 Grant Deed 0.13 5558 Resid Single Family (01)

316-13-067 3896 Baldwin Dr 95051-5802 1301000 11/20/2014 Jaffer Klaus Alexander & Margaret 1603 $811.60 22773528 Grant Deed 0.18 7933 Resid Single Family (01)

290-53-027 813 Cherry Orchard Pl 95051-5186 950000 11/18/2014 Tzeng Pretorius Chris & Grace 1935 $490.96 22770317 Grant Deed 0.05 2150 Resid Single Family (01)

220-31-026 1718 Andrea Pl 95051-2908 494000 11/13/2014 Thach Thach Xuong 1192 $414.43 22766304 Grant Deed 0.13 5876 Resid Single Family (01)

290-17-043 3047 El Sobrante St 95051-3717 725000 11/7/2014 Bryson Teichgraeber Living Trust 1040 $697.12 22763450 Grant Deed 0.18 7799 Resid Single Family (01)

220-25-093 2825 Augusta Ct 95051-1712 790000 11/7/2014 Serebryanskiy Phan Andy T 1095 $721.46 22763358 Grant Deed 0.13 5715 Resid Single Family (01)

313-19-034 981 Wood Duck Ct 95051-4516 1242000 11/7/2014 Liu Schaechter Family 1995 Trust 1480 $839.19 22763343 Grant Deed 0.24 10536 Resid Single Family (01)

294-20-012 667 Bucher Ave 95051-6258 876000 11/7/2014 Chen Workman Dorothy L Trust 1230 $712.20 22763338 Grant Deed 0.13 5576 Resid Single Family (01)

220-19-021 3430 Monroe St 95051-1418 735000 11/5/2014 Doddamani Perkins Carole A & Mackie L 1425 $515.79 22762076 Grant Deed 0.18 7879 Resid Single Family (01)

293-26-086 2819 Ruth Ct 95051-5645 396000 11/5/2014 Tam Tam Thay N Family Trust 1145 $345.85 22762032 Grant Deed 0.19 8224 Resid Single Family (01)

294-37-062 365 Landeros Dr 95051-6508 250000 11/5/2014 Burgos Catalano Robert E 2222 $112.51 22761963 Grant Deed 0.18 7870 Resid Single Family (01)

290-44-099 981 Curtis Ave 95051-4608 816000 10/31/2014 Xu Schacht Mary A 1517 $537.90 22758593 Grant Deed 0.12 5388 Resid Single Family (01)

293-13-006 3177 Forbes Ct 95051-5565 1130000 10/31/2014 Jones Barnard B E Living Trust 1498 $754.34 22757579 Grant Deed 0.17 7469 Resid Single Family (01)

216-09-060 2206 Quinn Ave 95051-1855 855000 10/31/2014 Van Den Berge Family Trust 1555 $549.84 22757553 Grant Deed 0.15 6344 Resid Single Family (01)

316-14-002 260 Howard Dr 95051-5849 1250000 10/31/2014 Fisher Woodard Family 1992 Trust 2043 $611.85 22757342 Grant Deed 0.17 7365 Resid Single Family (01)

294-30-003 2667 Birchtree Ln 95051-6257 1600000 10/24/2014 Hansell J & K 1997 Trust 2286 $699.91 22749537 Grant Deed 0.23 9917 Resid Single Family (01)

290-22-057 3580 Golden State Dr 95051-4634 681000 10/24/2014 Schultz John L 1166 $584.05 22748991 Grant Deed 0.12 5226 Resid Single Family (01)

293-15-030 3154 Temple Ct 95051-6129 1000000 10/23/2014 Chalasani Grimes Trust 1498 $667.56 22748229 Grant Deed 0.14 6305 Resid Single Family (01)

220-05-004 1733 Briarwood Dr 95051-2117 762500 10/22/2014 Tse Lucaroni L Family Trust 1212 $629.13 22747640 Grant Deed 0.13 5809 Resid Single Family (01)

216-22-041 2557 Amethyst Dr 95051-1154 721000 10/21/2014 Bailly Parrish Family Trust 897 $803.79 22746240 Grant Deed 0.13 5509 Resid Single Family (01)

294-19-030 733 Asbury Pl 95051-5701 820000 10/21/2014 Kar Walkup Richard E Ii 1340 $611.94 22745875 Grant Deed 0.14 6008 Resid Single Family (01)

290-24-062 3110 Membrillo Corte 95051-5291 855000 10/17/2014 Swargam Zhang Jian 1610 $531.06 22744133 Grant Deed 0.04 1872 Resid Single Family (01)

216-40-003 2551 Monroe St 95051-1834 915000 10/17/2014 Lau Harvey Carlos S 1938 $472.14 22743391 Grant Deed 0.15 6635 Resid Single Family (01)

293-14-029 534 Hickory Pl 95051-6147 1210000 10/17/2014 Boulanger Krone Wayne 1442 $839.11 22743380 Grant Deed 0.15 6683 Resid Single Family (01)

220-19-029 3459 Saint Marys Pl 95051-1527 928000 10/17/2014 Lu Kim Sang J 1418 $654.44 22743224 Grant Deed 0.16 7095 Resid Single Family (01)

220-16-025 3463 Earl Dr 95051-1908 820000 10/15/2014 Kao Hooper Kathy L 1240 $661.29 22741839 Grant Deed 0.14 6293 Resid Single Family (01)

216-17-109 2741 Monroe St 95051-1738 575000 10/15/2014 Lillo James Family Trust 1386 $414.86 22740581 Grant Deed 0.16 6793 Resid Single Family (01)

220-22-127 3151 Santa Maria Ave 95051-1619 793000 10/15/2014 Chuang Rupp Leslie W 1078 $735.62 22740400 Grant Deed 0.12 5308 Resid Single Family (01)

216-20-031 2405 Crystal Dr 95051-1144 700500 10/10/2014 Law Anderson Glen & Megan F 897 $780.94 22738244 Grant Deed 0.12 5303 Resid Single Family (01)

316-13-006 380 La Herran Dr 95051-6313 1375000 10/8/2014 Kong Brickell A F Living Trust 1284 $1,070.87 22735934 Grant Deed 0.15 6710 Resid Single Family (01)

220-07-016 3150 James Ct 95051-2731 842000 10/7/2014 Wang Ramachandran Basant 1512 $556.88 22735163 Grant Deed 0.15 6533 Resid Single Family (01)

313-16-040 3769 Swallow Way 95051-4206 1230000 10/7/2014 Zhang Burge Family Trust 1568 $784.44 22734645 Grant Deed 0.16 6952 Resid Single Family (01)

290-02-061 3363 Granada Ct 95051-3614 825000 10/3/2014 Yang Doras Walter 1357 $607.96 22732837 Grant Deed 0.16 7062 Resid Single Family (01)

220-07-025 3168 Merced Ct 95051-2732 910000 10/2/2014 Bai Pritchard V Living Trust 1330 $684.21 22731518 Grant Deed 0.13 5584 Resid Single Family (01)

313-31-076 3610 Vireo Ave 95051-4571 1467000 9/29/2014 Grover Kim Don Y & Suk K 2511 $584.23 22728032 Grant Deed 0.1 4284 Resid Single Family (01)

220-22-071 3155 Machado Ave 95051-1629 727500 9/25/2014 Liu Brassfield Michael W & Deborah D 1078 $674.86 22715835 Grant Deed 0.12 5250 Resid Single Family (01)

220-24-070 2170 San Rafael Ave 95051-1610 790000 9/23/2014 Saiki Harper Justin & Jodi 1078 $732.84 22714308 Grant Deed 0.12 5081 Resid Single Family (01)

294-29-009 2631 Tuliptree Ln 95051-6256 1350000 9/22/2014 Mallikarjunaiah Hamilton Family 1990 Trust 2231 $605.11 22713103 Grant Deed 0.22 9448 Resid Single Family (01)

216-21-039 2502 Borax Dr 95051-1143 951000 9/19/2014 Jammalamadaka Fidelity Investment Fund Llc 1544 $615.93 22711678 Grant Deed 0.15 6683 Resid Single Family (01)

220-29-092 3147 Taper Ave 95051-2346 848000 9/19/2014 Polansky James Jean Living Trust 1330 $637.59 22711433 Grant Deed 0.18 7735 Resid Single Family (01)

290-15-097 2683 Wallace St 95051-3817 710000 9/19/2014 Chao Bitner Decendents Trust 900 $788.89 22711256 Grant Deed 0.13 5554 Resid Single Family (01)

220-07-060 1746 Townsend Ave 95051-2722 800000 9/17/2014 Zhang Carlos Carmen M Trust 1080 $740.74 22708559 Grant Deed 0.12 5288 Resid Single Family (01)

293-28-032 471 Magnolia Ln 95051-5637 1200000 9/16/2014 Carkner Campagna Family Trust 1687 $711.32 22708099 Grant Deed 0.21 9257 Resid Single Family (01)

216-20-060 2418 Borax Dr 95051-1141 545000 9/16/2014 Hou Worman Esther 897 $607.58 22707649 Grant Deed 0.13 5479 Resid Single Family (01)

290-25-030 2935 Marietta Dr 95051-5209 1000000 9/15/2014 Cheng Langston Living Trust 1465 $682.59 22706546 Grant Deed 0.16 6972 Resid Single Family (01)

294-20-004 627 Bucher Ave 95051-6204 848000 9/12/2014 Venkatasubramanian Estrada Sunstar F Jr 1124 $754.45 22706059 Grant Deed 0.12 5301 Resid Single Family (01)

216-08-024 2211 Bowers Ave 95051-1825 694000 9/12/2014 Kundu Lamba Guarav 1207 $574.98 22705467 Grant Deed 0.15 6629 Resid Single Family (01)

313-17-030 1081 Waterbird Way 95051-4214 1200000 9/11/2014 Nigham Sorensen B Living Trust 1480 $810.81 22703805 Grant Deed 0.17 7403 Resid Single Family (01)

294-32-039 2740 Pruneridge Ave 95051-6238 884000 9/10/2014 Mostafa Ameen Housing Cooperative Of Ca I 2209 $400.18 22703658 Grant Deed 0.2 8528 Resid Single Family (01)

290-25-042 868 Marietta Ct 95051-5208 920000 9/10/2014 Choi Stoddard Steven C & Cynthia J 1398 $658.08 22702760 Grant Deed 0.19 8219 Resid Single Family (01)

290-38-014 2550 Dixon Dr 95051-5319 648000 9/10/2014 Lau Valqui Elena L 1166 $555.75 22702641 Grant Deed 0.12 5255 Resid Single Family (01)

290-71-055 3553 Meyer Pl 95051-3856 1043000 9/10/2014 Liu Mcguigan Shaun & Judy L 1998 $522.02 22702631 Grant Deed 0.05 2172 Resid Single Family (01)

224-37-014 2365 Cimarron Dr 95051-1306 800000 9/10/2014 Yuan Galvan Lawrence S 1441 $555.17 22702582 Grant Deed 0.16 7123 Resid Single Family (01)

220-04-025 1766 Briarwood Dr 95051-2118 835000 9/9/2014 Jackson Trust 1212 $688.94 22701341 Grant Deed 0.2 8794 Resid Single Family (01)

294-35-011 191 Serena Way 95051-7012 1111500 9/8/2014 Rastogi Pino John Living Trust 1075 $1,033.95 22701234 Grant Deed 0.2 8908 Resid Single Family (01)

296-32-024 300 Salsbury Dr 95051-6841 1400000 9/5/2014 Zhang Kemp C & E 1983 Trust 1785 $784.31 22698741 Grant Deed 0.18 8029 Resid Single Family (01)

216-22-031 2628 Meadowbrook Dr 95051-1114 650500 9/4/2014 Song Hering William M & Jennifer 897 $725.20 22697155 Grant Deed 0.15 6622 Resid Single Family (01)

220-27-017 2817 Mark Ave 95051-2329 730000 9/3/2014 Zhao Wong May 1993 Trust 1158 $630.40 22696331 Grant Deed 0.2 8835 Resid Single Family (01)

296-36-049 3068 Cameron Way 95051-6808 1050000 8/29/2014 Jawle Saxton Patrick C & Claire R 1240 $846.77 22693297 Grant Deed 0.13 5648 Resid Single Family (01)

293-07-036 3460 Eden Dr 95051-6012 1000000 8/28/2014 Rastogi Barrett J & M 1991 Trust 1462 $683.99 22689873 Grant Deed 0.15 6375 Resid Single Family (01)

293-04-027 3427 Forbes Ave 95051-6038 960000 8/28/2014 Wong Barbao Family Trust 1462 $656.63 22689732 Grant Deed 0.16 6871 Resid Single Family (01)

220-17-032 2289 Crocker Way 95051-1403 920000 8/28/2014 Kavert Perrault Alan R & Martha B 1689 $544.70 22689602 Grant Deed 0.16 6794 Resid Single Family (01)

290-31-082 930 Rose Ct 95051-5311 1090000 8/27/2014 Zhang Nazario F & C Trust 3068 $355.28 22689325 Grant Deed 0.24 10471 Resid Single Family (01)

220-15-095 3381 Gonzaga Pl 95051-1514 965000 8/27/2014 Anderson Olson Family Trust 1668 $578.54 22688864 Grant Deed 0.14 6301 Resid Single Family (01)

313-31-095 3620 Warbler Ave 95051-4575 1388000 8/26/2014 Li Dewang 1850 $750.27 22688443 Grant Deed 0.12 5085 Resid Single Family (01)

290-15-112 1156 Phillips Ct 95051-3816 926000 8/25/2014 Kim Garlick Lincoln G & Alicia M 1343 $689.50 22686706 Grant Deed 0.17 7339 Resid Single Family (01)

293-09-014 3343 Duke Ct 95051-6130 1078000 8/22/2014 Sharma Kentzel J & M Family Trust 1760 $612.50 22685160 Grant Deed 0.14 6263 Resid Single Family (01)

220-13-009 2131 Nobili Ave 95051-1914 860000 8/20/2014 Feng Baker D P Family Trust 1732 $496.54 22683376 Grant Deed 0.14 5971 Resid Single Family (01)

220-10-035 3427 Bella Vista Ave 95051-2114 785000 8/20/2014 Zhang Manzano Emilio 1212 $647.69 22683062 Grant Deed 0.14 6077 Resid Single Family (01)

220-10-067 1971 Santa Rosa Ct 95051-2134 850000 8/15/2014 Leung Dias Janice C Trust 1212 $701.32 22680462 Grant Deed 0.13 5844 Resid Single Family (01)

220-23-094 2179 Monterey Ave 95051-1645 700000 8/15/2014 Katardjiev Ybarra Family 1992 Trust 1478 $473.61 22679937 Grant Deed 0.12 5041 Resid Single Family (01)

216-06-063 2642 Ralston Ct 95051-2418 1125000 8/13/2014 Hoyem French P A & D L Trust 2698 $416.98 22677552 Grant Deed 0.13 5587 Resid Single Family (01)

220-16-042 2186 Del Monte Ave 95051-1907 760000 8/13/2014 Mariserla Dean Michael R & Layne M 1240 $612.90 22676847 Grant Deed 0.14 6006 Resid Single Family (01)

293-19-023 503 Flannery St 95051-6112 1160000 8/12/2014 Mccallion Mccallion Barbara E Trust 1749 $663.24 22675686 Grant Deed 0.27 11556 Resid Single Family (01)

220-32-037 3081 Jerald Ave 95051-2935 955000 8/12/2014 Asuri Bowman Family Trust 2398 $398.25 22675670 Grant Deed 0.16 7049 Resid Single Family (01)

220-07-030 3187 Dallas Ct 95051-2730 835000 8/12/2014 Swaminathan & Sriram Living 1550 $538.71 22675621 Grant Deed 0.12 5319 Resid Single Family (01)

216-06-015 2713 Crosby Ct 95051-2416 785000 8/8/2014 Phan King Phillip F & Christine R 1534 $511.73 22673716 Grant Deed 0.14 6279 Resid Single Family (01)

220-17-033 2299 Crocker Way 95051-1403 860000 8/8/2014 Hung Klotzbaugh Victorine A 1715 $501.46 22673715 Grant Deed 0.18 7749 Resid Single Family (01)

220-13-095 3375 Cabrillo Ave 95051-2209 885000 8/6/2014 Li Leung C Family Trust 1998 $442.94 22671508 Grant Deed 0.15 6442 Resid Single Family (01)

313-19-001 3744 Benton St 95051-4508 1125000 8/6/2014 Obrien Mackie Family Trust 1568 $717.47 22671498 Grant Deed 0.18 7745 Resid Single Family (01)

220-14-010 3360 Georgetown Pl 95051-1511 850000 8/5/2014 Jung Nadalet Isaleen B Trust 1414 $601.13 22671195 Grant Deed 0.16 6894 Resid Single Family (01)

293-24-031 772 Fairlane Ave 95051-5608 1000000 8/1/2014 Swerdlow Aroras & Friends Llc 1338 $747.38 22667921 Grant Deed 0.15 6437 Resid Single Family (01)

296-17-005 92 Claremont Ave 95051-6640 1065000 7/31/2014 Wang Nazer Living Trust 1292 $824.30 22667587 Grant Deed 0.18 7638 Resid Single Family (01)

220-12-071 3583 Cabrillo Ave 95051-2126 770000 7/31/2014 Vora Martin Ronald C & Marilyn Y 1240 $620.97 22666633 Grant Deed 0.13 5836 Resid Single Family (01)

293-21-021 2901 Pruneridge Ave 95051-5652 915000 7/31/2014 Lewis Cypress Pacific Llc 1749 $523.16 22666404 Grant Deed 0.25 10678 Resid Single Family (01)

220-08-027 1858 Calabazas Blvd 95051-2328 700000 7/31/2014 Warsitz Maines Ralph E 2007 Trust 1914 $365.73 22666122 Grant Deed 0.13 5818 Resid Single Family (01)

294-23-069 733 Salberg Ave 95051-5718 920000 7/30/2014 Roberts Eric R & Christina Y 1230 $747.97 22665318 Grant Deed 0.12 5249 Resid Single Family (01)

224-37-026 2485 Alvarado Dr 95051-1304 654000 7/30/2014 Jamal Citimortgage 1288 $507.76 22665150 Grant Deed 0.18 7720 Resid Single Family (01)

220-25-099 2854 Augusta Ct 95051-1713 750000 7/25/2014 Wang Medina Tony & Barbara 1158 $647.67 22661718 Grant Deed 0.19 8454 Resid Single Family (01)

316-13-024 381 Lowell Dr 95051-5816 1402500 7/25/2014 Ma Johnston Family Trust 1508 $930.04 22661671 Grant Deed 0.16 7034 Resid Single Family (01)

220-18-014 2382 Nobili Ave 95051-1412 800000 7/23/2014 Yeung Graser Michael & Norma L 1368 $584.80 22659638 Grant Deed 0.19 8138 Resid Single Family (01)

294-25-013 645 Wilson Ct 95051-6214 890000 7/23/2014 Kong Araujo R & J Living Trust 1606 $554.17 22658929 Grant Deed 0.13 5703 Resid Single Family (01)

220-24-071 2166 San Rafael Ave 95051-1610 685000 7/18/2014 Vera Wright Paula M 1078 $635.44 22649306 Grant Deed 0.12 5082 Resid Single Family (01)

216-20-061 2412 Borax Dr 95051-1141 625000 7/17/2014 Chen Ogle Harold F & Darcy 897 $696.77 22648902 Grant Deed 0.13 5643 Resid Single Family (01)

216-18-002 2917 Kearney Ave 95051-1734 700000 7/17/2014 Rosario R & G Family Trust 1320 $530.30 22648183 Grant Deed 0.13 5711 Resid Single Family (01)

296-05-022 3341 Tracy Dr 95051-6426 1250000 7/15/2014 Mueller Robert & Lisa 1265 $988.14 22645994 Grant Deed 0.14 6282 Resid Single Family (01)

224-37-019 2415 Alvarado Dr 95051-1304 645000 7/14/2014 Khanitsky Par Angel R & G P Trust 1254 $514.35 22644106 Grant Deed 0.16 6988 Resid Single Family (01)

216-19-077 2625 Meadowbrook Dr 95051-1113 748000 7/10/2014 Pham Pham Trung 2139 $349.70 22642251 Grant Deed 0.2 8571 Resid Single Family (01)

294-23-055 728 Bucher Ave 95051-5707 970000 7/8/2014 Shah King Lea Trust 1166 $831.90 22639780 Grant Deed 0.14 5910 Resid Single Family (01)

220-15-025 2261 Nobili Ave 95051-1409 875000 7/8/2014 Sinha Johnson Gary S 1670 $523.95 22639509 Grant Deed 0.15 6609 Resid Single Family (01)

316-13-004 400 La Herran Dr 95051-6328 1411500 7/3/2014 Shaw Trust 1656 $852.36 22637449 Grant Deed 0.16 7031 Resid Single Family (01)

216-22-013 3168 Agate Dr 95051-1106 705000 7/2/2014 Lin Rueda Javier F 1170 $602.56 22636711 Grant Deed 0.16 7097 Resid Single Family (01)

293-09-002 3361 Pruneridge Ave 95051-6137 1000000 7/1/2014 Ippili Davis David A & Sandra E 1442 $693.48 22635042 Grant Deed 0.18 7923 Resid Single Family (01)

296-29-012 3029 Mauricia Ave 95051-6844 1325000 7/1/2014 Long Fisher Michael & Cheryl L 1792 $739.40 22634696 Grant Deed 0.12 5311 Resid Single Family (01)

2 of 2 220-08-140 3270 Cabrillo Ave 95051-2230 28000000 9/30/2014 Spieker Richard T & Catherine R 22686 $1,234.24 22729585 Grant Deed 0.81 35452 Resid 5+ Family (04)

1 of 2 220-08-049 3311 Cabrillo Ave 95051-2210 28000000 9/30/2014 Spieker Richard T & Catherine R 68058 $411.41 22729585 Grant Deed 1.96 85167 Resid 5+ Family (04)

Reg Sale 290-23-048 3301 Homestead Rd 95051-5167 8800000 6/30/2011 Element Property Co Llc 36505 $241.06 21222236 Grant Deed 1.14 49752 Resid 5+ Family (04)

290-14-231 2520 Arroyo Dr 95051-3962 1580000 2/26/2015 Angelo J & A Trust 3807 $415.02 22864330 Grant Deed 0.3 13258 Resid 5+ Family (04)

216-26-070 3488 Agate Dr 95051-1006 14250000 2/18/2015 Xuereb Family Trust 18640 $764.48 22857417 Grant Deed 0.84 36541 Resid 5+ Family (04)

216-26-073 3518 Agate Dr 95051-1028 14250000 2/18/2015 Xuereb Family Trust 18536 $768.77 22857417 Grant Deed 0.7 30639 Resid 5+ Family (04)

216-15-026 2665 South Dr 95051-1267 6106500 11/14/2014 Bracher Associates 45000 $135.70 22769070 Grant Deed 2.39 104310 Resid 5+ Family (04)

213-32-034 2002 Halford Ave 95051-2064 2844000 7/17/2014 Housing Authority Of County/santa 8944 $317.98 22648815 Grant Deed 0.42 18084 Resid 5+ Family (04)

293-03-011 3352 Homestead Rd 95051-5120 1920000 6/30/2015 Forsythe Robert W 3854 $498.18 23002465 Grant Deed 0.2 8848 Resid 3- & 4-family (03)

296-33-041 101 Warren Dr 95051-6925 554500 12/29/2014 Cunha John & Carmelita 3556 $155.93 22814754 Grant Deed 0.2 8763 Resid 3- & 4-family (03)

220-08-044 3290 Cabrillo Ave 95051-2224 1300000 8/22/2014 Bull Coelho Manuel A & Lucia 3332 $390.16 22685151 Grant Deed 0.19 8451 Resid 3- & 4-family (03)

216-16-099 2510 Bowers Ave 1-3 95051-0915 885000 8/8/2014 Kim Schimberg Family Trust 2356 $375.64 22674227 Grant Deed 0.15 6684 Resid 3- & 4-family (03)

293-11-054 797 Cornell Dr 95051-5567 1200000 8/1/2014 Ma Batra Lalita 2791 $429.95 22667941 Grant Deed 0.14 6317 Resid 3- & 4-family (03)

One Sale 290-14-210 1200 White Dr 95051-3936 104500 6/15/2015 Roman Rojas Josefina Trust 1680 $62.20 22986191 Grant Deed 0.15 6336 Resid 2-family (02)

216-26-051 2630 Agate Ct 95051-1001 875000 4/28/2015 Mendonca A & M Trust 1753 $499.14 22928845 Grant Deed 0.32 13837 Resid 2-family (02)

290-40-006 3531 Brookdale Dr 95051-4625 900000 4/22/2015 Lin Mendonca Monica M 1504 $598.40 22924515 Grant Deed 0.16 7150 Resid 2-family (02)

290-40-010 3571 Brookdale Dr 95051-4625 910000 3/17/2015 Iwanciow Iwanciow Stephen F 1504 $605.05 22885213 Grant Deed 0.16 7139 Resid 2-family (02)

290-41-022 941 Live Oak Dr 95051-4709 903000 1/2/2015 Erzen Bonsack 2001 Trust 1762 $512.49 22818551 Grant Deed 0.16 6780 Resid 2-family (02)

216-03-056 1756 Ravizza Ave 95051-3028 890000 12/31/2014 Pfendt H & S 1989 Trust 1628 $546.68 22817312 Grant Deed 0.13 5519 Resid 2-family (02)

290-18-063 2953 Benton St 95051-3735 412500 12/30/2014 Sanchez Sanchez Trust 2406 $171.45 22815637 Grant Deed 0.18 7642 Resid 2-family (02)

296-18-045 90 Cabot Ave 95051-6638 1220000 12/19/2014 Hsia Pavy Re Lp 1696 $719.34 22805296 Grant Deed 0.18 7889 Resid 2-family (02)

216-26-005 3331 Agate Dr 95051-1002 775000 10/24/2014 Lai Magdaleno Michael 2076 $373.31 22749059 Grant Deed 0.16 6874 Resid 2-family (02)

313-17-035 1068 Wood Duck Ave 95051-4259 1225000 9/3/2014 Ma Delvillaggio C Trust 2497 $490.59 22696323 Grant Deed 0.2 8597 Resid 2-family (02)

296-17-004 3490 Bennett Ave 95051-6634 1080000 7/31/2014 Amirkhany Huse Family Trust 1608 $671.64 22667513 Grant Deed 0.18 8056 Resid 2-family (02)

296-18-027 3563 Bennett Ave 95051-6635 1230000 7/10/2014 Shi Andrews William A 1937 $635.00 22641966 Grant Deed 0.16 6954 Resid 2-family (02)

216-28-113 2550 Walsh Ave 95051-1345 25236000 5/21/2015 2550 Walsh Holdings Vi Llc 65840 $383.29 22960595 Grant Deed 3.29 143383 Research & Develop (14)

216-33-037 3300 Central Expy 95051-0704 3300000 10/28/2014 Elek Joe & Patricia 9824 $335.91 22751054 Grant Deed 0.79 34257 Office/bank/clinic (59)

290-43-021 1020 Live Oak Dr 95051-4712 1275000 2/25/2015 Feidman Kastner Barbara A 1671 $763.02 22863102 Grant Deed 0.15 6720 Hospital (75)

2 of 4 205-38-015 3607 Kifer Rd 95051 51875000 12/12/2014 Texas Instruments Inc 26738 $1,940.12 22798595 Grant Deed 1.6 69759 General Industrial (16)

216-28-089 2905 Mead Ave 95051 15250000 8/25/2014 Ppf Orch Industrial 2899 Mead 121671 $125.34 22686292 Grant Deed 5.91 257282 General Industrial (16)

216-33-001 3305 Kifer Rd 95051-0708 7500000 5/1/2015 Moutafian Family Lp 11666 $642.89 22936646 Grant Deed 0.94 41001 Equipment Yard (17)

4 of 4 205-38-022 3697 Tahoe Way 95051-0607 51875000 12/12/2014 Texas Instruments Inc 32480 $1,597.14 22798595 Grant Deed 1.77 77316 Electrical Machinery (36)

3 of 4 205-38-008 2999 San Ysidro Way 39 95051-0604 51875000 12/12/2014 Texas Instruments Inc 15485 $3,350.02 22798595 Grant Deed 1 43468 Electrical Machinery (36)

1 of 4 205-38-021 2950 San Ysidro Way 95051 51875000 12/12/2014 Texas Instruments Inc 137500 $377.27 22798595 Grant Deed 4.46 194466 Electrical Machinery (36)

TPHC 290-59-047 834 Quince Ave 33 95051-5258 100000 4/9/2015 Tang Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22911090 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-032 841 Pomeroy Ave 18 95051-5264 100000 3/26/2015 Yaratha Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22896102 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-049 834 Quince Ave 35 95051-5258 100000 3/26/2015 Chen Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22896100 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-070 3320 Lochinvar Ave 56 95051-5179 100000 3/26/2015 Gomez Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22896063 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-053 834 Quince Ave 39 95051-5258 100000 3/25/2015 Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22895691 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-050 834 Quince Ave 36 95051-5258 100000 3/25/2015 Tian Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22894044 Grant Deed 0.01 500 Condo/townhouse (06)


TPHC 290-59-078 3310 Lochinvar Ave 64 95051-5119 100000 3/25/2015 Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22894040 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-023 837 Pomeroy Ave 9 95051-5263 100000 3/25/2015 Huang Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22894038 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-076 3310 Lochinvar Ave 62 95051-5119 100000 3/25/2015 Peng Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22894036 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-016 831 Pomeroy Ave 2 95051-5262 100000 3/25/2015 Lee Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22894033 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-020 831 Pomeroy Ave 6 95051-5262 100000 3/25/2015 Klaus Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22894030 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-018 831 Pomeroy Ave 4 95051-5262 100000 3/25/2015 Zhu Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22894024 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-022 831 Pomeroy Ave 8 95051-5262 100000 3/25/2015 Ramirez Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22894022 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-025 837 Pomeroy Ave 11 95051-5263 100000 3/25/2015 Dai Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22894020 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-028 837 Pomeroy Ave 14 95051-5263 100000 3/25/2015 Khachaturyan Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22894018 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-091 832 Pomeroy Ave 77 95051-5233 100000 3/19/2015 Albrecht Twin Pines Housing Coooerative 954 $104.82 22889194 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-034 841 Pomeroy Ave 20 95051-5264 100000 3/19/2015 Van Vo Twin Pines Housing Cooperative 954 $104.82 22888551 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-087 832 Pomeroy Ave 73 95051-5233 100000 3/19/2015 Drinkwine Twin Pines Housing Cooperative 1113 $89.85 22888549 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-036 841 Pomeroy Ave 22 95051-5264 100000 3/19/2015 Kenkere Twin Pines Housing Cooperative 954 $104.82 22888547 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-056 830 Quince Ave 42 95051-5257 100000 3/19/2015 Kwok Twin Pines Housing Cooperative 1113 $89.85 22888544 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-031 841 Pomeroy Ave 17 95051-5264 100000 3/19/2015 Wood Twin Pines Housing Cooperative 1113 $89.85 22888541 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-035 841 Pomeroy Ave 21 95051-5264 100000 3/19/2015 Actor Twin Pines Housing Cooperative 954 $104.82 22888538 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-060 830 Quince Ave 46 95051-5257 100000 3/19/2015 Teklehaimanot Twin Pines Housing Cooperative 954 $104.82 22888535 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-068 3320 Lochinvar Ave 54 95051-5179 100100 3/19/2015 Connelly Twin Pines Housing Cooperative 954 $104.93 22888532 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-033 841 Pomeroy Ave 19 95051-5264 100000 3/19/2015 Friederich Twin Pines Housing Cooperative 954 $104.82 22888529 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-015 831 Pomeroy Ave 1 95051-5262 100000 3/19/2015 Martin Twin Pines Housing Cooperative 1113 $89.85 22888527 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-063 3320 Lochinvar Ave 49 95051-5179 100000 3/16/2015 Umetani Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883286 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-024 837 Pomeroy Ave 10 95051-5263 100000 3/16/2015 Vega Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883284 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-054 834 Quince Ave 40 95051-5258 100000 3/16/2015 Kim Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883282 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-067 3320 Lochinvar Ave 53 95051-5179 100000 3/16/2015 Bazzini Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883280 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-072 3310 Lochinvar Ave 58 95051-5119 100000 3/16/2015 Zhang Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883278 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-065 3320 Lochinvar Ave 51 95051-5179 100000 3/16/2015 Ngo Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883276 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-079 836 Pomeroy Ave 65 95051-5261 100000 3/16/2015 Parker Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883274 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-080 836 Pomeroy Ave 66 95051-5261 100000 3/16/2015 Lay Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883272 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-081 836 Pomeroy Ave 67 95051-5261 100000 3/16/2015 Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883270 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-083 836 Pomeroy Ave 69 95051-5261 100000 3/16/2015 Dinh Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883264 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-045 840 Quince Ave 31 95051-5259 100000 3/16/2015 Olarte Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883262 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-066 3320 Lochinvar Ave 52 95051-5179 100000 3/16/2015 Chun Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883259 Grant Deed 0.01 500 Condo/townhouse (06)


TPHC 290-59-084 836 Pomeroy Ave 70 95051-5261 100000 3/16/2015 Slane Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883255 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-055 830 Quince Ave 41 95051-5257 100000 3/16/2015 Downing Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883251 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-088 832 Pomeroy Ave 74 95051-5233 100000 3/16/2015 Yeung Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883249 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-093 832 Pomeroy Ave 79 95051-5233 100000 3/16/2015 Wothers Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883247 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-046 840 Quince Ave 32 95051-5259 100000 3/16/2015 Chen Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883245 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-019 831 Pomeroy Ave 5 95051-5262 100000 3/16/2015 Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883243 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-086 836 Pomeroy Ave 72 95051-5261 100000 3/16/2015 Simmons Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883239 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-039 840 Quince Ave 25 95051-5259 100000 3/16/2015 Li Twin Pines Hsng Coop Cmnty Inc 1113 $89.85 22883237 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-044 840 Quince Ave 30 95051-5259 100000 3/13/2015 Phan Twin Pines Housing Cooperative 954 $104.82 22882407 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-038 841 Pomeroy Ave 24 95051-5264 100000 3/13/2015 Lindsey Twin Pines Hsng Cooperative Cm 1113 $89.85 22882368 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-069 3320 Lochinvar Ave 55 95051-5179 100000 2/24/2015 Twin Pines Housing Cooperative 954 $104.82 22861344 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-058 830 Quince Ave 44 95051-5257 150000 1/6/2015 De Camp Twin Pines Housing Cooperative 954 $157.23 22820702 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-026 837 Pomeroy Ave 12 95051-5263 150000 12/30/2014 Perez Twin Pines Housing Cooperative 954 $157.23 22815706 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-089 832 Pomeroy Ave 75 95051-5233 150000 12/18/2014 Twin Pines Housing Cooperative 954 $157.23 22804034 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-027 837 Pomeroy Ave 13 95051-5263 150000 12/18/2014 Xu Twin Pines Housing Cooperative 954 $157.23 22804032 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-094 832 Pomeroy Ave 80 95051-5233 150000 12/18/2014 Li Twin Pines Housing Cooperative 1113 $134.77 22804030 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-085 836 Pomeroy Ave 71 95051-5261 150100 12/10/2014 Massa-carrieri Twin Pines Housing Cooperative 954 $157.34 22795884 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-061 830 Quince Ave 47 95051-5257 150000 12/10/2014 Twin Pines Housing Cooperative 954 $157.23 22795881 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-052 834 Quince Ave 38 95051-5258 150000 12/10/2014 Perazzo Twin Pines Housing Cooperative 954 $157.23 22795879 Grant Deed 0.01 500 Condo/townhouse (06)



TPHC 290-59-037 841 Pomeroy Ave 23 95051-5264 150000 12/8/2014 Galvan-gressel Twin Pines Housing Cooperative 954 $157.23 22792966 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-075 3310 Lochinvar Ave 61 95051-5119 150000 12/5/2014 Hawkins Twin Pines Housing Cooperative 954 $157.23 22791787 Grant Deed 0.01 500 Condo/townhouse (06)

TPHC 290-59-092 832 Pomeroy Ave 78 95051-5233 150000 12/5/2014 Chow Twin Pines Housing Cooperative 954 $157.23 22791782 Grant Deed 0.01 500 Condo/townhouse (06)


TPHC 290-59-017 831 Pomeroy Ave 3 95051-5262 150000 12/5/2014 Taquee Twin Pines Housing Cooperative 954 $157.23 22791777 Grant Deed 0.01 500 Condo/townhouse (06)

Flip 290-59-048 834 Quince Ave 34 95051-5258 525000 6/12/2015 Chen Thorp Cynthia L 954 $550.31 22984543 Grant Deed 0.01 500 Condo/townhouse (06)

Flip 294-51-043 151 Buckingham Dr 289 95051-6527 680000 12/24/2014 Arsunukayev Golden Lotus Real Estate Llc 1442 $471.57 22810194 Grant Deed 0.04 1575 Condo/townhouse (06)

2 Sales TPHC 290-59-090 832 Pomeroy Ave 76 95051-5233 418000 12/10/2014 Csicsman Denison Nancy 954 $438.16 22795901 Grant Deed 0.01 500 Condo/townhouse (06)

294-54-016 121 Buckingham Dr 27 95051-6548 530000 6/29/2015 Singh Manpreet 1137 $466.14 23001869 Grant Deed 0.03 1260 Condo/townhouse (06)

290-69-055 3243 Benton St 95051-3738 500000 6/25/2015 Stephens Cheryl L 1564 $319.69 22997697 Grant Deed 0.02 722 Condo/townhouse (06)

220-31-105 2806 Cozumel Cir 95051-3048 686000 6/24/2015 Tsai Us Bk Na 2007-15n 1538 $446.03 22995906 Grant Deed 0.04 1677 Condo/townhouse (06)

290-62-294 980 Kiely Blvd 205 95051-5058 300000 6/22/2015 Hosie Hoang Dalena T Trust 622 $482.32 22994377 Grant Deed 0.02 696 Condo/townhouse (06)

290-65-030 1400 Bowe Ave 612 95051-3834 570000 6/19/2015 Huang Doan Michael 1062 $536.72 22993159 Grant Deed Condo/townhouse (06)

290-62-363 942 Kiely Blvd A 95051-5024 277000 6/19/2015 Martha Velyutina Svetlana 440 $629.55 22991903 Grant Deed 0.01 484 Condo/townhouse (06)

294-47-003 2532 Homestead Rd 95051-5369 780000 6/18/2015 Nadhani Zhou Zhixuan 1615 $482.97 22990877 Grant Deed 0.03 1402 Condo/townhouse (06)

290-61-070 986 Kiely Blvd K 95051-5052 419000 6/17/2015 Chaudhari Wilbert L P Living Trust 882 $475.06 22989163 Grant Deed 0.02 924 Condo/townhouse (06)

290-41-085 895 Quince Ave 13 95051-5267 659000 6/17/2015 Zhou Zhang Luping 1470 $448.30 22989107 Grant Deed 0.01 591 Condo/townhouse (06)

290-62-297 980 Kiely Blvd 211 95051-5008 310000 6/16/2015 Desai Crooks Donald B 622 $498.39 22988802 Grant Deed 0.02 696 Condo/townhouse (06)

216-39-050 2436 S Park Ln 95051-1264 820000 6/12/2015 Pyo Neilsen Michael & Leah 1491 $549.97 22985714 Grant Deed 0.04 1548 Condo/townhouse (06)

290-23-098 811 Bond Pl 95051-5100 860000 6/12/2015 Zhu Arvapalli Ramesh & Geeta V 1791 $480.18 22984528 Grant Deed 0.04 1560 Condo/townhouse (06)

220-33-006 3264 Saint Ignatius Pl 95051-1947 880000 6/10/2015 Ye Hodges James J 1536 $572.92 22981290 Grant Deed 0.02 711 Condo/townhouse (06)

213-64-083 3755 Terstena Pl 178 95051-2577 580000 6/10/2015 Koja Ratajski Caroline 912 $635.96 22981062 Grant Deed 0.02 871 Condo/townhouse (06)

216-41-023 2604 Knightsbridge Ln 95051-1232 735000 6/9/2015 Shirahatti Franzen Jeremy J 1369 $536.89 22979696 Grant Deed 0.04 1551 Condo/townhouse (06)

296-35-063 2911 Mckinley Dr 95051-6811 920000 6/9/2015 Zhao Verma Savita A 1211 $759.70 22979495 Grant Deed 0.04 1654 Condo/townhouse (06)

213-64-048 3725 Terstena Pl 143 95051-2574 465000 6/8/2015 Tskitishvili Smith Terri L 727 $639.61 22979011 Grant Deed 0.02 871 Condo/townhouse (06)

290-68-030 1400 Bowe Ave 1706 95051-3843 615000 6/8/2015 Zhou Lai Tzi-cheng 1062 $579.10 22978954 Grant Deed 0.03 1307 Condo/townhouse (06)

216-38-059 2579 Lancaster Ct 95051-1233 664000 6/4/2015 Bohlool Grilli Judy A 1197 $554.72 22975166 Grant Deed 0.04 1654 Condo/townhouse (06)

290-51-006 835 Bing Dr 6 95051-5185 500000 6/3/2015 Hendrickson Hendrickson Trust 949 $526.87 22972873 Grant Deed 0.02 999 Condo/townhouse (06)

290-64-021 1400 Bowe Ave 306 95051-3829 560000 5/29/2015 Liew Bueno Bonny A 1062 $527.31 22969854 Grant Deed Condo/townhouse (06)

216-37-051 2425 Fairview Ln 95051-1222 732000 5/29/2015 Yang Kim Hyonglark 1311 $558.35 22969545 Grant Deed 0.04 1666 Condo/townhouse (06)

294-51-065 150 Saratoga Ave 311 95051-7317 380000 5/28/2015 Norouzi Mojan 599 $634.39 22967782 Grant Deed 0.02 780 Condo/townhouse (06)

290-61-066 988 Kiely Blvd G 95051-5053 3000000 5/19/2015 Baxter Dunham Christopher G & Hollie M 440 $6,818.18 22957134 Grant Deed 0.01 484 Condo/townhouse (06)

216-38-062 2585 Lancaster Ct 95051-1233 770000 5/19/2015 Chen Jadhav Family Trust 1506 $511.29 22956402 Grant Deed 0.04 1547 Condo/townhouse (06)

294-51-062 150 Saratoga Ave 308 95051-7316 660000 5/18/2015 Heng Bana S Family Trust 1260 $523.81 22956181 Grant Deed 0.03 1260 Condo/townhouse (06)

213-61-146 1730 Halford Ave 245 95051-2650 350000 5/15/2015 Venkatesan Wu Wei-guang 678 $516.22 22953086 Grant Deed 0.04 1554 Condo/townhouse (06)

290-62-377 940 Kiely Blvd B 95051-5027 415000 5/13/2015 Huang Mcbain Ryan T 882 $470.52 22948902 Grant Deed 0.02 924 Condo/townhouse (06)

213-57-046 1909 Magdalena Cir 78 95051-2589 645000 5/11/2015 Feole Vanrhee Sandra R 1041 $619.60 22947233 Grant Deed 0.02 871 Condo/townhouse (06)

290-62-313 980 Kiely Blvd 325 95051-5011 365000 5/6/2015 Fung Cinnioglu-cubukcu Fam Trust 622 $586.82 22943149 Grant Deed 0.02 696 Condo/townhouse (06)

294-34-037 227 Kiely Blvd B 95051-7028 690000 5/6/2015 Nam Thao Hamavann & Chantal 1067 $646.67 22942871 Grant Deed 0.16 7000 Condo/townhouse (06)

294-52-038 150 Saratoga Ave 352 95051-7328 557500 4/30/2015 Lee Elhihi Maher 1028 $542.32 22934307 Grant Deed 0.03 1118 Condo/townhouse (06)

294-55-017 2580 Homestead Rd 8101 95051-5350 780000 4/28/2015 Chen Omar Ehab H 1489 $523.84 22928357 Grant Deed 0.03 1489 Condo/townhouse (06)

216-38-046 2553 Lancaster Ct 95051-1233 683000 4/23/2015 Sant Glavich Nathan & Tamara 1197 $570.59 22924884 Grant Deed 0.04 1657 Condo/townhouse (06)

290-62-272 980 Kiely Blvd 124 95051-5057 350000 4/20/2015 Deluca Glass Family Trust 622 $562.70 22922007 Grant Deed 0.02 696 Condo/townhouse (06)

213-61-094 1720 Halford Ave 234 95051-2642 360000 4/14/2015 Crooks Boudagian Y & T 2006 Trust 678 $530.97 22916434 Grant Deed 0.04 1554 Condo/townhouse (06)

294-51-030 151 Buckingham Dr 276 95051-6523 625000 4/13/2015 Kosugiyama Beldo Sarah A 1028 $607.98 22914732 Grant Deed 0.03 1118 Condo/townhouse (06)

290-62-158 960 Kiely Blvd F 95051-5063 510000 4/10/2015 Wu Messer Manuel S & Andrea K 992 $514.11 22914253 Grant Deed 0.01 456 Condo/townhouse (06)

290-47-038 3361 Benton St 95051-4417 770000 4/10/2015 Granger Logan Mary A 1325 $581.13 22913632 Grant Deed 0.03 1340 Condo/townhouse (06)

290-62-356 944 Kiely Blvd C 95051-5026 279000 4/9/2015 Chang Moitoso Paul F 440 $634.09 22911009 Grant Deed 0.01 484 Condo/townhouse (06)

290-62-383 938 Kiely Blvd B 95051-5020 435000 4/9/2015 Sanchez Ruppel Kenneth M 882 $493.20 22910962 Grant Deed 0.02 924 Condo/townhouse (06)

216-57-029 2601 Cortez Dr 3109 95051-0969 430000 4/8/2015 Kaufman Johnson Erik S 712 $603.93 22910601 Grant Deed 0.02 908 Condo/townhouse (06)

213-61-124 1730 Halford Ave 148 95051-2677 476000 4/8/2015 Si Brown W & M Living Trust 983 $484.23 22909378 Grant Deed 0.04 1554 Condo/townhouse (06)

220-08-137 2046 Rutledge Pl 95051-2255 1051000 4/2/2015 Monian Levy Martin A & Christine S 1935 $543.15 22904293 Grant Deed 0.08 3681 Condo/townhouse (06)

290-48-010 1158 Pomeroy Ave 95051-4422 660000 4/2/2015 Pan Jones 2005 Living Trust 1476 $447.15 22904272 Grant Deed 0.01 655 Condo/townhouse (06)

294-51-046 151 Buckingham Dr 292 95051-6527 631000 4/1/2015 Cochran Family Trust 1632 $386.64 22901468 Grant Deed 0.04 1575 Condo/townhouse (06)

296-17-051 51 Cabot Ave 95051-6637 1420000 4/1/2015 Liu Seed William R & Wendy L 2566 $553.39 22901209 Grant Deed 0.08 3372 Condo/townhouse (06)

216-39-044 2448 Rockridge Way 95051-1242 780000 3/26/2015 Ma Govindan Dharanilakshmi 1497 $521.04 22896090 Grant Deed 0.04 1655 Condo/townhouse (06)

220-34-003 3595 Sunnydays Ln 95051-2180 810000 3/24/2015 Xu Banerjee Anirban & Madhuparna 1652 $490.31 22892316 Grant Deed 0.04 1710 Condo/townhouse (06)

213-64-076 3755 Terstena Pl 171 95051-2577 470000 3/20/2015 Fan Ng Stephanie C 727 $646.49 22890495 Grant Deed 0.02 871 Condo/townhouse (06)

294-34-061 2743 Mauricia Ave B 95051-7040 665000 3/20/2015 Edmunds Richard N 1012 $657.11 22889455 Grant Deed 0.16 7000 Condo/townhouse (06)

290-69-066 3265 Benton St 95051-3738 625000 3/19/2015 Crider Sara 1564 $399.62 22888288 Grant Deed 0.02 721 Condo/townhouse (06)

220-18-056 3566 Monroe St 95051-1451 637000 3/18/2015 Pandian Lindo Luis E 949 $671.23 22886927 Grant Deed 0.04 1782 Condo/townhouse (06)

290-62-170 962 Kiely Blvd D 95051-5065 360000 3/6/2015 Cheng Wu Jolie 670 $537.31 22876259 Grant Deed 0.02 816 Condo/townhouse (06)

290-69-014 1113 Pomeroy Ave 95051-4410 591000 3/4/2015 Oliverio Thomas D & Petra 1564 $377.88 22872464 Grant Deed 0.02 721 Condo/townhouse (06)

216-37-030 2448 Loma Vista Ln 95051-1236 637000 3/3/2015 Ferri Wilson Glenn A 1311 $485.89 22870819 Grant Deed 0.04 1656 Condo/townhouse (06)

313-46-025 3615 Brach Way 95051-3231 827000 2/26/2015 Shashanka Teoh Chong H 1803 $458.68 22865416 Grant Deed 0.04 1835 Condo/townhouse (06)

213-59-069 3715 Terstena Pl 409 95051-2563 480000 2/25/2015 Chien Vinik Lani 968 $495.87 22862764 Grant Deed 0.04 1755 Condo/townhouse (06)

294-55-041 2580 Homestead Rd 4102 95051-5323 501000 2/24/2015 Rhome Technology Inc 984 $509.15 22861410 Grant Deed 0.02 984 Condo/townhouse (06)

290-47-006 1154 Pomeroy Ave 95051-4423 430000 2/20/2015 Chatlapalli Berman Donna T 947 $454.07 22860278 Grant Deed 0.02 969 Condo/townhouse (06)

294-52-006 150 Saratoga Ave 320 95051-7319 680000 2/18/2015 Pendyala Tarasov-nakhshunova 2014 Trust 1442 $471.57 22857232 Grant Deed 0.04 1575 Condo/townhouse (06)

216-37-042 2441 S Park Ln 95051-1251 670000 2/11/2015 Zhang Shay Michael L 1311 $511.06 22850763 Grant Deed 0.04 1585 Condo/townhouse (06)

213-61-118 1720 Halford Ave 322 95051-2607 500000 2/10/2015 Zhang Caserza Timothy 983 $508.65 22848435 Grant Deed 0.04 1554 Condo/townhouse (06)

290-61-052 990 Kiely Blvd C 95051-5004 256000 2/9/2015 White Cook Soon K 1999 Trust 440 $581.82 22847504 Grant Deed 0.01 484 Condo/townhouse (06)

294-44-002 2625 Keystone Ave 102 95051-7154 510000 2/5/2015 Lin Macmillan V T 2000 Trust 1338 $381.17 22845129 Grant Deed 0.03 1200 Condo/townhouse (06)

213-61-134 1730 Halford Ave 152 95051-2678 310000 2/3/2015 Robinson Ofelia C 678 $457.23 22842874 Grant Deed 0.04 1554 Condo/townhouse (06)

216-37-019 2435 South Dr 95051-1250 675000 2/3/2015 Hsieh Wardrop Gertrude A 1311 $514.87 22842804 Grant Deed 0.04 1668 Condo/townhouse (06)

213-61-086 1720 Halford Ave 231 95051-2642 415000 2/2/2015 Deguzman Desher E & T M 1991 Trust 983 $422.18 22842381 Grant Deed 0.04 1554 Condo/townhouse (06)

290-59-074 3310 Lochinvar Ave 60 95051-5119 425000 1/28/2015 Khorsand Donton Construction Inc Re 954 $445.49 22839174 Grant Deed 0.01 500 Condo/townhouse (06)

290-62-289 980 Kiely Blvd 304 95051-5060 328000 1/27/2015 Loya Jbmc Property 622 $527.33 22836430 Grant Deed 0.02 696 Condo/townhouse (06)

294-51-015 151 Buckingham Dr 261 95051-6519 360000 1/21/2015 Martinelli Goodwin Lisa 690 $521.74 22831548 Grant Deed 0.02 774 Condo/townhouse (06)

290-70-023 1461 Merrill Pl 95051-2602 1068000 1/20/2015 Wong Willie & Lani Trust 2004 $532.93 22830486 Grant Deed 0.04 1942 Condo/townhouse (06)

213-64-003 1912 Magdalena Cir 98 95051-2584 680000 1/16/2015 Feng Tolbert Marcus A & Gabriella 1332 $510.51 22829356 Grant Deed 0.02 871 Condo/townhouse (06)

290-59-057 830 Quince Ave 43 95051-5257 415000 1/15/2015 Cohen Donton Construction Inc 954 $435.01 22828943 Corporation Grant Deed 0.01 500 Condo/townhouse (06)

290-62-074 972 Kiely Blvd D 95051-5073 520000 1/6/2015 Shen Christensen C D Jr Trust 1145 $454.15 22820564 Grant Deed 0.03 1260 Condo/townhouse (06)

290-62-152 3001 Kaiser Dr A 95051-4700 495000 12/31/2014 Nam Dang Bryan 992 $498.99 22818073 Grant Deed 0.01 456 Condo/townhouse (06)

294-34-039 223 Kiely Blvd B 95051-7029 630000 12/23/2014 Xu Bala Surendranath R G 1012 $622.53 22808425 Grant Deed 0.16 7000 Condo/townhouse (06)

216-39-031 2478 Poett Ln 95051-1240 577000 12/18/2014 Drozek Fleshman Patricia C 904 $638.27 22804440 Grant Deed 0.05 1973 Condo/townhouse (06)

294-53-018 120 Saratoga Ave 91 95051-7371 465000 12/17/2014 Yeh Kuo Evan Y 1028 $452.33 22803479 Grant Deed 0.03 1118 Condo/townhouse (06)

213-61-034 1750 Halford Ave 216 95051-2636 324000 12/16/2014 Blevins Eric J 678 $477.88 22802070 Grant Deed 0.04 1554 Condo/townhouse (06)

213-57-040 1911 Magdalena Cir 81 95051-2590 700000 12/16/2014 Saharia Zhu Shenghuo 1332 $525.53 22801716 Grant Deed 0.02 656 Condo/townhouse (06)

290-62-031 3031 Kaiser Dr D 95051-4747 485000 12/16/2014 Liu Cioffi Brie W 1097 $442.11 22801684 Grant Deed 0.01 551 Condo/townhouse (06)

294-34-043 215 Kiely Blvd B 95051-7031 540000 12/9/2014 Deo Permsombut Kanchanapong 1067 $506.09 22794043 Grant Deed 0.16 7000 Condo/townhouse (06)

213-61-175 1760 Halford Ave 173 95051-2686 290000 12/5/2014 Castagnetto Galindo A & N Living Trust 983 $295.02 22792472 Grant Deed 0.04 1554 Condo/townhouse (06)

290-61-019 936 Kiely Blvd E 95051-5055 430000 12/5/2014 Sawkar Thayer Ross K 882 $487.53 22792187 Grant Deed 0.02 924 Condo/townhouse (06)

313-45-024 1314 Karmen Ct 95051-3207 900000 12/2/2014 Gilani Pandey Saurabh & Jyoti 1685 $534.12 22787961 Grant Deed 0.04 1951 Condo/townhouse (06)

290-62-266 946 Kiely Blvd D 95051-5030 410000 11/26/2014 Gawari Sagar S 956 $428.87 22783951 Grant Deed 0.02 1020 Condo/townhouse (06)

294-34-066 2733 Mauricia Ave B 95051-7042 571000 11/26/2014 Dai Jaber Trust 1012 $564.23 22783913 Grant Deed 0.16 7000 Condo/townhouse (06)

216-38-061 2583 Lancaster Ct 95051-1233 575000 11/21/2014 King Bell Trust 1197 $480.37 22778812 Grant Deed 0.04 1536 Condo/townhouse (06)

213-61-181 1760 Halford Ave 165 95051-2656 288000 11/19/2014 Sun Turkus D R & J L Trust 678 $424.78 22772141 Grant Deed 0.04 1554 Condo/townhouse (06)

294-43-014 163 Kiely Blvd 95051-7049 820000 11/18/2014 Jena Shanmugam Balachander 1300 $630.77 22771932 Grant Deed 0.04 1575 Condo/townhouse (06)

213-61-074 1720 Halford Ave 130 95051-2672 334182 11/18/2014 Wang Lawrence Monika A & Roger P 678 $492.89 22770344 Grant Deed 0.04 1554 Condo/townhouse (06)

296-35-010 2938 Mauricia Ave 95051-6829 730000 11/13/2014 Cheng Shoaf Jarnes R Iii & Claire R 954 $765.20 22766401 Grant Deed 0.04 1934 Condo/townhouse (06)

216-41-006 2554 Sandhill Way 95051-1244 635000 11/7/2014 Lee Sanders Brooke A 1369 $463.84 22763704 Grant Deed 0.04 1656 Condo/townhouse (06)

220-34-014 3564 Sunnydays Ln 95051-2167 860000 11/6/2014 Jiang Bhatkar Bhavesh 1652 $520.58 22763029 Grant Deed 0.04 1815 Condo/townhouse (06)

220-34-006 3590 Sunnydays Ln 95051-2167 835000 11/5/2014 Yum Mills Gayla M 1652 $505.45 22761885 Grant Deed 0.05 2035 Condo/townhouse (06)

294-52-022 150 Saratoga Ave 336 95051-7323 473500 10/24/2014 Saar Baltazar Lisa 1028 $460.60 22749413 Grant Deed Condo/townhouse (06)

294-34-023 2755 Mauricia Ave A 95051-7038 585000 10/22/2014 Liu Wong Imelda 1067 $548.27 22747491 Grant Deed 0.16 7000 Condo/townhouse (06)

213-61-223 1760 Halford Ave 360 95051-2659 425000 10/22/2014 Chu Shahabi Ali 983 $432.35 22746727 Grant Deed 0.04 1554 Condo/townhouse (06)

213-61-224 1760 Halford Ave 361 95051-2659 404000 10/16/2014 Bhosale Lee Yi-fen 983 $410.99 22742430 Grant Deed 0.04 1554 Condo/townhouse (06)

213-61-073 1720 Halford Ave 132 95051-2672 325000 10/16/2014 Landau Bibb Madera 678 $479.35 22742150 Grant Deed 0.04 1554 Condo/townhouse (06)

290-66-016 1400 Bowe Ave 908 95051-3836 485000 10/10/2014 Behl Peyzner Eva Living Trust 1062 $456.69 22738661 Grant Deed 0.03 1307 Condo/townhouse (06)

290-49-052 1063 Alta Mira Dr B 95051-4393 474000 10/10/2014 Ghanta Josefowicz Martin A 1012 $468.38 22738201 Grant Deed 0.04 1768 Condo/townhouse (06)

294-52-052 150 Saratoga Ave 366 95051-7331 481000 10/9/2014 Swerdlow Nick 1028 $467.90 22737203 Grant Deed 0.03 1118 Condo/townhouse (06)

216-42-029 2609 S Park Ln 95051-1254 565000 10/8/2014 Wapniarski Gettelman Patrick 1197 $472.01 22735629 Grant Deed 0.03 1488 Condo/townhouse (06)

220-08-130 2037 Lovell Pl 95051-2252 955000 10/7/2014 Xu Huang Chiawei 1971 $484.53 22734725 Grant Deed 0.1 4364 Condo/townhouse (06)

290-62-144 3003 Kaiser Dr C 95051-4729 420000 10/7/2014 Deshmane Filson John B & Stephanie L 992 $423.39 22734567 Grant Deed 0.01 484 Condo/townhouse (06)

213-64-044 3750 Miraverde Ct 139 95051-2582 501000 9/30/2014 Singh Malone Gary W 920 $544.57 22728852 Grant Deed 0.02 871 Condo/townhouse (06)

294-43-015 161 Kiely Blvd 95051-7049 770000 9/30/2014 Festing Deshpande Neha & Manoj R 1300 $592.31 22728757 Grant Deed 0.04 1575 Condo/townhouse (06)

213-58-039 1903 Miraplaza Ct 10 95051-7418 681000 9/26/2014 Mukundan Lee Jeffrey J 1332 $511.26 22722447 Grant Deed 0.02 661 Condo/townhouse (06)

296-17-050 47 Cabot Ave 95051-6637 1301000 9/26/2014 Geberger Wong Aye Trust 2566 $507.01 22721620 Grant Deed 0.08 3371 Condo/townhouse (06)

290-69-028 1141 Pomeroy Ave 95051-4431 535000 9/26/2014 Murray Jill D 1564 $342.07 22721431 Grant Deed 0.02 722 Condo/townhouse (06)

294-52-055 150 Saratoga Ave 369 95051-7332 455000 9/23/2014 Dunn Gaxiola Gina S 1028 $442.61 22714219 Grant Deed 0.03 1118 Condo/townhouse (06)

220-08-067 2048 Calabazas Blvd 95051-1655 903000 9/23/2014 Alvarado Keshava Kiran 2068 $436.65 22713395 Grant Deed 0.06 2526 Condo/townhouse (06)

213-58-018 1902 Miraplaza Ct 29 95051-2594 570000 9/19/2014 Leung Elizondo Rey M Jr & Geraldine P 1041 $547.55 22711097 Grant Deed 0.02 871 Condo/townhouse (06)

220-08-084 2056 Jamison Pl 95051-2240 840000 9/16/2014 Masood Shah Parag N & Sharmi P 1776 $472.97 22708255 Grant Deed 0.05 2250 Condo/townhouse (06)

294-43-022 147 Kiely Blvd 95051-7019 895000 9/12/2014 Zhou Balasubramaniam Venkatraman 1360 $658.09 22705757 Grant Deed 0.04 1567 Condo/townhouse (06)

290-62-112 3015 Kaiser Dr G 95051-4738 410000 9/12/2014 Li Fu Zhenyu 956 $428.87 22705071 Grant Deed 0.02 1020 Condo/townhouse (06)

220-08-105 2037 Jamison Pl 95051-2241 870000 9/8/2014 Zhu Larsen Carolyn H & Larry G 2094 $415.47 22700964 Grant Deed 0.1 4192 Condo/townhouse (06)

290-62-184 968 Kiely Blvd F 95051-5001 420000 9/5/2014 Dinkar Keh Mui-hing 992 $423.39 22699173 Grant Deed 0.01 455 Condo/townhouse (06)

313-20-011 1021 Wood Duck Ave 95051-4504 765000 9/5/2014 Wang Arimoto Masaru 1175 $651.06 22698835 Grant Deed 0.05 2178 Condo/townhouse (06)

290-66-021 1400 Bowe Ave 1004 95051-3837 495000 9/4/2014 Gupta Krupp Darin M 1062 $466.10 22697188 Grant Deed 0.03 1307 Condo/townhouse (06)

290-69-068 3269 Benton St 95051-3738 560000 8/29/2014 Neal Evaley A 1564 $358.06 22691849 Grant Deed 0.02 722 Condo/townhouse (06)

290-64-002 1400 Bowe Ave 210 95051-3828 466000 8/29/2014 Park Nguyen Donald 1062 $438.79 22691313 Grant Deed Condo/townhouse (06)

290-47-010 1138 Pomeroy Ave 95051-4424 639000 8/27/2014 Kong Gaines Randy L 1476 $432.93 22688794 Grant Deed 0.01 649 Condo/townhouse (06)

290-62-288 980 Kiely Blvd 204 95051-5058 280000 8/22/2014 Jhunjhunwala Cherepanova Galina 622 $450.16 22685291 Grant Deed 0.02 696 Condo/townhouse (06)

294-53-004 120 Saratoga Ave 73 95051-7307 341000 8/21/2014 Farrokhi Sphar Michael J 656 $519.82 22684497 Grant Deed 0.02 760 Condo/townhouse (06)

290-47-033 3429 Benton St 95051-4412 550000 8/20/2014 Tooker C & N Living Trust 1476 $372.63 22684261 Grant Deed 0.01 649 Condo/townhouse (06)

213-59-042 3715 Terstena Pl 206 95051-2561 525000 8/20/2014 Jing Sakamoto Steven R 1360 $386.03 22683936 Grant Deed 0.04 1536 Condo/townhouse (06)

290-61-065 988 Kiely Blvd E 95051-5053 260000 8/20/2014 Ma Kaniuga Trent J 440 $590.91 22682877 Grant Deed 0.01 484 Condo/townhouse (06)

290-61-058 990 Kiely Blvd D 95051-5004 247000 8/18/2014 Shamma Biroas Maria Trust 440 $561.36 22681652 Grant Deed 0.01 484 Condo/townhouse (06)

216-57-078 2600 Cortez Dr 8101 95051-0948 400000 8/15/2014 Kim Mun 712 $561.80 22680880 Grant Deed 0.02 878 Condo/townhouse (06)

290-69-065 3263 Benton St 95051-3738 525000 8/14/2014 Orrin Steven 1564 $335.68 22678200 Grant Deed 0.02 722 Condo/townhouse (06)

220-08-077 2061 Kimberlin Pl 95051-2245 855000 8/8/2014 Zhou Zhang Yunfei & Daqing 1776 $481.42 22673819 Grant Deed 0.05 2108 Condo/townhouse (06)

290-69-012 1109 Pomeroy Ave 95051-4400 539000 8/7/2014 Linardi Ellen 1564 $344.63 22673436 Grant Deed 0.02 722 Condo/townhouse (06)

294-55-036 2580 Homestead Rd 5201 95051-5348 460000 8/6/2014 Dea Luong Cindy 984 $467.48 22671565 Grant Deed 0.02 984 Condo/townhouse (06)

294-54-062 151 Buckingham Dr 216 95051-6533 510000 8/4/2014 Ticzon Scott Deborah L Trust 1442 $353.68 22669553 Grant Deed 0.04 1575 Condo/townhouse (06)

290-62-153 960 Kiely Blvd A 95051-5063 423000 8/1/2014 Cahill-rowley Peredia Ken 992 $426.41 22667824 Grant Deed 0.01 456 Condo/townhouse (06)

290-55-001 836 Bing Dr 95051-5105 650000 7/31/2014 Yam Zdanky William J 1659 $391.80 22667530 Grant Deed 0.04 1711 Condo/townhouse (06)

216-38-053 2567 Lancaster Ct 95051-1233 570000 7/31/2014 Tanimoto Drake Carol S 1311 $434.78 22666170 Grant Deed 0.04 1657 Condo/townhouse (06)

290-69-018 1121 Pomeroy Ave 95051-4410 500000 7/30/2014 Guido Jacqueline E Trust 1564 $319.69 22665327 Grant Deed 0.02 722 Condo/townhouse (06)

220-08-086 2052 Jamison Pl 95051-2240 775000 7/30/2014 Kim Huntsinger Living Trust 1776 $436.37 22664844 Grant Deed 0.05 2242 Condo/townhouse (06)

313-46-014 1322 Casa Ct 95051-3233 835000 7/25/2014 Zhao Liu Bryce C 1845 $452.57 22662796 Grant Deed 0.04 1727 Condo/townhouse (06)

290-62-245 952 Kiely Blvd F 95051-5035 421000 7/24/2014 Vadapalli Sreekanth B & Lakshmi 956 $440.38 22660296 Grant Deed 0.02 1020 Condo/townhouse (06)

294-43-001 2780 Mauricia Ave 95051-7046 910000 7/23/2014 Yang Kay & Woo Family Trust 1360 $669.12 22660062 Grant Deed 0.04 1575 Condo/townhouse (06)

213-57-027 1908 Magdalena Cir 67 95051-2588 585000 7/22/2014 Spinali Pereira Mary M Trust 1041 $561.96 22657567 Grant Deed 0.02 871 Condo/townhouse (06)

220-08-089 2046 Jamison Pl 95051-2240 809000 7/11/2014 Cheng Tina S 1776 $455.52 22643866 Grant Deed 0.05 2124 Condo/townhouse (06)

213-64-047 3725 Terstena Pl 142 95051-2574 410000 7/11/2014 Raghavachary Barber Janet E 727 $563.96 22643267 Grant Deed 0.02 871 Condo/townhouse (06)

290-65-005 1400 Bowe Ave 503 95051-3833 380000 7/11/2014 Roldan Leung Michael H 1062 $357.82 22643037 Grant Deed 0.03 1307 Condo/townhouse (06)

296-35-033 2928 Roma Ct 95051-6848 776000 7/11/2014 Liu Schubert D M 1992 Trust 1136 $683.10 22642764 Grant Deed 0.05 2266 Condo/townhouse (06)

290-62-080 970 Kiely Blvd D 95051-5071 468000 7/9/2014 Chen Chen Hui & J Family Trust 1145 $408.73 22640989 Grant Deed 0.03 1260 Condo/townhouse (06)

290-62-316 980 Kiely Blvd 321 95051-5011 305000 7/8/2014 Guan Borba Carlos A 622 $490.35 22639609 Grant Deed 0.02 696 Condo/townhouse (06)

290-65-007 1400 Bowe Ave 504 95051-3833 540000 7/7/2014 Prddaturi Shaw M F 2007 Living Trust 1343 $402.08 22639219 Grant Deed Condo/townhouse (06)

216-38-023 2471 Mosswood Ln 95051-1237 629000 7/3/2014 Bosas Yolanda R 1311 $479.79 22637522 Grant Deed 0.04 1536 Condo/townhouse (06)

216-38-027 2481 S Park Ln 95051-1263 605000 7/3/2014 Pandher Bhatnagar Aloke & Binny 1435 $421.60 22637511 Grant Deed 0.04 1608 Condo/townhouse (06)

213-61-127 1730 Halford Ave 143 95051-2649 315000 7/2/2014 Haskins Ghafoor Osman & Farzana J 678 $464.60 22637211 Grant Deed 0.04 1554 Condo/townhouse (06)

294-54-061 151 Buckingham Dr 215 95051-6533 491000 7/2/2014 Loy Giacomelli V F 2011 Trust 1442 $340.50 22635707 Grant Deed 0.04 1575 Condo/townhouse (06)

Possible 296-21-010 4747 Stevens Creek Blvd 95051-6758 23018 2.29 99804 Business (drive-in) (58)

296-20-004 4935 Stevens Creek Blvd 95051-6661 3700000 3/11/2015 Ljs Llc 544 $6,801.47 22879286 Grant Deed 1.05 45670 Business (drive-in) (58)

290-05-055 2930 El Camino Real 95051-2902 9062500 2/27/2015 Mjy Llc 26824 $337.85 22866797 Grant Deed 1.05 45551 Business (drive-in) (58)

303-23-037 3711 Stevens Creek Blvd 95051 3500000 2/20/2015 Breech Real Estate Lp 22860080 Grant Deed 1.54 66917 Business (drive-in) (58)

303-23-036 3701 Stevens Creek Blvd 95051-7335 11500000 2/20/2015 National Facilities Corp 22860079 Grant Deed 3.68 160319 Business (drive-in) (58)

216-01-040 2725 El Camino Real 95051-3000 4561000 10/20/2014 Jls Associates Xi Lp 16645 $274.02 22744332 Grant Deed 1.15 50251 Business (drive-in) (58)

216-01-042 2695 El Camino Real 95051-3060 600000 9/30/2014 Mathews Sheila H 1500 $400.00 22729214 Grant Deed 0.32 14009 Business (drive-in) (58)

290-04-006 3050 El Camino Real 95051-2909 6650000 8/27/2014 J & H Camino Center Llc 14984 $443.81 22689318 Grant Deed 1.15 50060 Business (drive-in) (58)

3070 Via Siena Pl 95051-6082 1316500 6/30/2015 Ho Western Pac Hsng Inc 23003636 Grant Deed SFR

290-26-034 3076 Via Siena Pl 95051-6083 1289000 6/30/2015 Ma Western Pacific Housing Inc 23003412 Grant Deed SFR

3098 Via Siena Pl 95051-6082 1336500 6/29/2015 Zhang Western Pacific Housing Inc 23001812 Grant Deed SFR

3066 Via Siena Pl 95051-6082 1352000 6/26/2015 Kim Western Pacific Housing Inc 23000716 Grant Deed SFR

Reg Sale 3072 Via Siena Pl 95051-6082 1358500 6/26/2015 Pei Western Pacific Fndg Inc 23000366 Grant Deed SFR

3078 Via Siena Pl 95051-6082 1297000 6/25/2015 Wang Western Pacific Housing Inc 22999301 Grant Deed SFR

290-26-034 3086 Via Siena Pl 95051-6083 1388482 6/25/2015 Ye Western Pacific Housing Inc 22998833 Grant Deed SFR

290-26-034 3090 Via Siena Pl 95051-6082 1219500 6/25/2015 Sridharan Western Pacific Housing Inc 22998161 Grant Deed SFR

3094 Via Siena Pl 95051-6082 1256000 6/19/2015 Mathur Western Pacific Housing Inc 22993285 Grant Deed SFR

290-26-034 95051-6083 1313500 6/18/2015 Yim Western Pacific Hsng Mgmt Inc 22991749 Grant Deed SFR

Reg Sale 290-26-034 3110 Via Siena Pl 95051-6083 1338500 5/28/2015 Yu Western Pacific Hsng Inc 22968034 Grant Deed SFR

3122 Via Siena Pl 95051-6083 1240000 5/28/2015 Gor Western Pacific Housing Inc 22967255 Grant Deed SFR

290-26-034 3104 Via Siena Pl 95051-6083 1342000 5/27/2015 Huang Western Pacific Housing Inc 22965413 Grant Deed SFR

3130 Via Siena Pl 95051-6083 1241000 5/22/2015 Huang Western Pacific Housing Inc 22962639 Grant Deed SFR

3126 Via Siena Pl 95051-6083 1329000 5/22/2015 Nguyen Western Pacific Housing Inc 22962355 Grant Deed SFR

290-26-034 3140 Via Siena Pl 95051-6083 1226500 4/29/2015 Jiang Western Pacific Housing Inc 22931559 Grant Deed SFR

290-26-034 3136 Via Siena Pl 95051-6083 1282500 4/28/2015 Chen Western Pacific Housing Inc 22928804 Grant Deed SFR

Reg Sale 290-26-034 3134 Via Siena Pl 95051-6083 1348500 4/28/2015 Li Western Paciifc Housing Inc 22928799 Grant Deed SFR

3164 Via Siena Pl 95051-6083 1262000 4/8/2015 Shaikh Western Pacific Housing Inc 22909803 Grant Deed SFR

290-26-034 3172 Via Siena Pl 95051-6083 1314500 4/1/2015 Chen Western Pacific Housing Inc 22902051 Grant Deed SFR

290-26-034 3180 Via Siena Pl 95051-6083 1278500 3/30/2015 Liu Western Pacific Housing Inc 22900003 Grant Deed SFR

3152 Via Siena Pl 95051-6083 1321000 3/30/2015 Western Pacific Housing Inc 22899978 Grant Deed SFR

290-26-034 95051-6083 1286500 3/27/2015 Rajagopalan Western Pacific Housing Inc 22899262 Grant Deed SFR

3158 Via Siena Pl 95051-6083 1268000 3/26/2015 Yol Western Pacific Housing Inc 22896356 Grant Deed SFR

3156 Via Siena Pl 95051-6083 1259000 3/26/2015 Kasibatta Western Pacific Housing Inc 22896353 Grant Deed SFR

3150 Via Siena Pl 95051-6083 1271000 3/26/2015 Leung Western Pacific Housing Inc 22896304 Grant Deed SFR

290-26-034 3176 Via Siena Pl 95051-6083 1285500 3/25/2015 Wang Western Pacific Housing Inc 22895426 Grant Deed SFR

95054 SalesComment APN Situs Address Situs ZIP/ZIP+4 Sale Price Recording Date Owner Last Name Seller Bldg/Living Area Price per Square Foot Document Number Deed Type

101-15-011 3415 Victor St 95054-2319 38500000 6/2/2015 Ktr Bay South I Llc 12268 $3,138.25 22972107 Grant Deed

224-42-001 1600 Duane Ave 95054-3421 5500000 10/17/2014 1600 Duane Lp 22302 $246.61 22743285 Grant Deed

2 Sales 104-40-020 3935 Freedom Cir 95054-1203 10100000 3/11/2015 Ab/lgp Santa Clara Land Llc 16931 $596.54 22879283 Grant Deed

Reg Sale 101-13-001 800 Laurelwood Rd 95054-2715 10/15/1999 Hanson Ruth A 4200 15020292 Affidavit

Reg Sale 104-12-203 2025 Ash St 95054-2511 512000 5/29/2013 First Free Will Baptist Church 22236965 Corporation Grant Deed

097-35-013 2320 Avenida De Guadalupe 95054-1404 586000 8/28/2014 Ojha Styczynski Family Trust 1245 $470.68 22689866 Grant Deed

097-35-011 2330 Avenida De Guadalupe 95054-1404 510000 11/4/2014 Kroman Carr D M Living Trust 1121 $454.95 22760715 Grant Deed

097-34-035 2390 Avenida De Guadalupe 95054-1406 567000 11/5/2014 Manley Garcia Jack & Sharon 1245 $455.42 22761137 Grant Deed

097-90-054 4417 Headen Way 95054-4134 1050000 6/11/2015 Walia Sabourin T & J Liv Trust 1894 $554.38 22982933 Grant Deed

097-97-058 4038 Lick Mill Blvd 95054-3584 818000 2/10/2015 Peng Toung I-jen 1437 $569.24 22848625 Grant Deed

097-97-071 4014 Fitzpatrick Way 95054-4186 954000 12/23/2014 Gao Forney David 1700 $561.18 22808655 Grant Deed

097-89-116 822 Transill Cir 95054-4174 965000 7/10/2014 Lindseth Dave Neil 1700 $567.65 22641964 Grant Deed

097-89-123 821 Transill Cir 95054-4177 975000 6/9/2015 Arora Peterson Robert A 1588 $613.98 22980936 Grant Deed

097-90-092 4432 Headen Way 95054-4133 875000 8/11/2014 Kwon Cho Hanjun & Eunsil 1716 $509.91 22674945 Grant Deed

097-36-001 5096 Plaza Corona 95054-1444 520000 5/8/2015 Wang Hamilton Marion & Hewley 1240 $419.35 22944762 Grant Deed

097-90-078 4493 Headen Way 95054-4135 800000 7/22/2014 Zarekar Casadonte & Collins Trust 1464 $546.45 22657686 Grant Deed

097-97-034 4068 Fitzpatrick Way 95054-4196 905000 8/7/2014 Agrawal Smith Andrew B 1583 $571.70 22672836 Grant Deed

097-97-042 4050 Lick Mill Blvd 95054-3584 900000 7/3/2014 Thimmaiah-shankaramurthy Famil 1583 $568.54 22638226 Grant Deed

097-97-093 4111 Crandall Cir 95054-4193 1085000 5/8/2015 Pham Camtu 1894 $572.86 22944608 Grant Deed

104-54-008 2200 Agnew Rd 111 95054-1504 465000 7/14/2014 Kamepalli Vaidya Vivek S 1316 $353.34 22644965 Grant Deed

104-37-017 2363 Shoreside Ct 95054-1351 580000 11/12/2014 Ngo Reding Kathleen A 1400 $414.29 22765329 Grant Deed

097-36-033 2225 Avenida De Los Alumnos 95054-1422 553000 9/18/2014 Melik Salha Rhett & Arlene 1245 $444.18 22710136 Grant Deed

097-37-094 4467 Laird Cir 95054-4197 788000 4/29/2015 Kannan Sansone Jess & Elizabeth 1437 $548.36 22931897 Grant Deed

097-37-052 4515 Laird Cir 248 95054-4236 928000 7/15/2014 Hung Dormal Savage Trust 1700 $545.88 22645452 Grant Deed

097-37-101 4441 Laird Cir 95054-4197 932000 8/6/2014 Varshney Le Don & Kelly D 1700 $548.24 22672213 Grant Deed

097-37-081 4493 Laird Cir 95054-4197 940000 10/31/2014 Ramesh Maliuanag Perry A 1588 $591.94 22757728 Grant Deed

097-37-071 4513 Laird Cir 95054-4236 950500 9/30/2014 Adusumilli Lewis Alexander Iii 1700 $559.12 22728738 Grant Deed

097-44-009 2224 Calle De Primavera 95054-1437 521000 9/18/2014 Nguyen Shah Chintan & Devanshi 1232 $422.89 22710087 Grant Deed

097-99-007 921 Garrity Way 95054-4128 845000 3/19/2015 Punjabi Shah Utpal M & Kinjal 1464 $577.19 22889029 Grant Deed

097-10-246 3901 Lick Mill Blvd 166 95054-4309 429000 3/19/2015 Miriyala Gordon Miles 900 $476.67 22888465 Grant Deed

097-10-249 3901 Lick Mill Blvd 169 95054-4309 680000 2/13/2015 Tu Verma Amit 1280 $531.25 22853860 Grant Deed

097-20-155 1822 Garzoni Pl 95054-1663 865000 7/17/2014 Talwar Tawade Trust 1726 $501.16 22648007 Grant Deed

097-10-365 3901 Lick Mill Blvd 347 95054-4303 735000 5/21/2015 Smith Jesse L & Ruth M 1148 $640.24 22961244 Grant Deed

097-10-417 3901 Lick Mill Blvd 434 95054-4316 602000 6/30/2015 Jagday Mcmillan Ross & Marisa N 908 $663.00 23003133 Grant Deed

097-99-030 4484 Lick Mill Blvd 95054-3586 854000 7/1/2014 Shetty Bhagat Darshant B & Payal 1716 $497.67 22634802 Grant Deed

097-20-145 1833 Silva Pl 95054-1673 743000 8/29/2014 Yu Nguyen Tuan A & Cecilia T 1458 $509.60 22691930 Grant Deed

097-10-276 3901 Lick Mill Blvd 227 95054-4302 561000 8/6/2014 Voleti Mahashin Ab Living Trust 1148 $488.68 22671792 Grant Deed

097-10-342 3901 Lick Mill Blvd 324 95054-4314 630000 2/5/2015 Yue Handa Rajeev & Sanvedana 1138 $553.60 22846200 Grant Deed

097-10-369 3901 Lick Mill Blvd 351 95054-4315 458000 12/19/2014 Weiss Bayer Daniela 866 $528.87 22805067 Grant Deed

097-10-201 3901 Lick Mill Blvd 121 95054-4302 590000 8/8/2014 Mitra Bowling John & Allison 1148 $513.94 22673787 Grant Deed

097-10-339 3901 Lick Mill Blvd 321 95054-4302 705000 3/18/2015 Karve Shih David K 1148 $614.11 22886931 Grant Deed

097-10-340 3901 Lick Mill Blvd 322 95054-4302 625000 12/19/2014 Kim Stacy Douglas S & Hui Z C 1148 $544.43 22806106 Grant Deed

097-10-345 3901 Lick Mill Blvd 327 95054-4314 660000 4/8/2015 Pierce Alquetra Randolph A & Flora 1148 $574.91 22909361 Grant Deed

097-10-250 3901 Lick Mill Blvd 201 95054-4312 580000 5/5/2015 Cheng Don Nannette 865 $670.52 22939918 Grant Deed

097-10-305 3901 Lick Mill Blvd 256 95054-4304 643000 12/5/2014 Chakravarty Christensen Brandon & Danna M 1148 $560.10 22792546 Grant Deed

097-10-215 3901 Lick Mill Blvd 135 95054-4300 569000 8/15/2014 Choe Chandran Family Trust 1148 $495.64 22680581 Grant Deed

097-10-372 3901 Lick Mill Blvd 354 95054-4315 615000 9/12/2014 Sharathkumar Reyes Michael A 1148 $535.71 22705061 Grant Deed

097-10-413 3901 Lick Mill Blvd 428 95054-4314 720000 4/1/2015 Bhardwaj Libiran Juancho 1192 $604.03 22901616 Grant Deed

097-49-006 2197 Hogan Dr 95054-1630 430000 10/2/2014 Shen Velasquez Raoul & Felicitas 961 $447.45 22731567 Grant Deed

097-20-185 1897 Garzoni Pl 95054-1662 737000 7/24/2014 Poon Gonzalez-camacho & Reynoso-ort 1458 $505.49 22660366 Grant Deed

101-21-068 1031 Clyde Ave 1703 95054-1936 516000 2/25/2015 Fenichel Mark 1300 $396.92 22864183 Grant Deed

097-90-036 4345 Headen Way 95054-4134 995000 4/10/2015 Gupta Pbd 1716 $579.84 22913401 Grant Deed

104-54-021 2200 Agnew Rd 207 95054-1505 375000 10/30/2014 Ng Shahidi Joseph 816 $459.56 22756957 Grant Deed

097-90-120 4477 Headen Way 95054-4135 1011000 3/17/2015 Li Davis Shirley A 1716 $589.16 22885537 Grant Deed

097-89-143 847 Transill Cir 95054-4179 730000 8/29/2014 Nho Wang Zhong 1437 $508.00 22691476 Grant Deed

097-10-302 3901 Lick Mill Blvd 253 95054-4304 535000 5/13/2015 Bhandari Guay Ronald W 2013 Trust 900 $594.44 22950411 Grant Deed

097-10-410 3901 Lick Mill Blvd 424 95054-4314 625000 11/14/2014 Holthaus Bashyam Mangai 1280 $488.28 22768484 Grant Deed

097-97-030 4096 Lick Mill Blvd 95054-3588 750000 11/26/2014 Narayanan Shrikhande Family Trust 1437 $521.92 22784931 Grant Deed

097-11-358 1883 Agnew Rd 366 95054-4243 530000 5/15/2015 Sayadi Ng Seok J 870 $609.20 22952954 Grant Deed

097-11-369 1883 Agnew Rd 424 95054-4244 582000 10/2/2014 Wodarczyk Paul 1070 $543.93 22731599 Grant Deed

097-11-366 1883 Agnew Rd 421 95054-4244 670500 5/29/2015 Shah Cheng Hsiao-ping K 1070 $626.64 22969858 Grant Deed

097-20-292 4479 Moulin Pl 95054-1671 840000 1/28/2015 Udinoor Navala Marko Trust 1646 $510.33 22838839 Grant Deed

097-20-242 2037 Garzoni Pl 95054-1667 980000 11/5/2014 Jagannatharao Ramamurthy Vivin & Mona 2077 $471.83 22761183 Grant Deed

097-20-238 2005 Garzoni Pl 95054-1667 985000 4/28/2015 Vacheri Ramanathan Ramasamy 1646 $598.42 22928528 Grant Deed

097-20-240 2013 Garzoni Pl 95054-1667 1010000 6/25/2015 Shah Suresh & Divya Trust 1726 $585.17 22999094 Grant Deed

097-99-015 4406 Billings Cir 95054-4106 825000 7/22/2014 Yeh Shing Jonathan D 1464 $563.52 22657695 Grant Deed

097-90-096 4456 Headen Way 95054-4133 1035000 6/3/2015 Deshpande Ferguson Jeffrey D & Rebecca J 1907 $542.74 22973710 Grant Deed

097-20-281 4462 Moulin Pl 95054-1670 847000 12/18/2014 Chen Tandriono Setiono 1646 $514.58 22803943 Grant Deed

097-20-264 4497 Lafayette St 95054-1660 900000 3/19/2015 Kotwal Sundersingh David 1930 $466.32 22888969 Grant Deed

097-20-251 2069 Garzoni Pl 95054-1667 1003000 2/18/2015 Sachan Ahsan Tanjeem & Sarah P R 2077 $482.91 22857268 Grant Deed

097-90-074 4382 Headen Way 95054-4171 940000 10/15/2014 Thomas Peela Syama S R & Suneeta 1894 $496.30 22741917 Grant Deed

097-11-218 1883 Agnew Rd 108 95054-1789 500000 7/29/2014 Tsai Nguyen Hung 1070 $467.29 22663573 Grant Deed

097-11-223 1883 Agnew Rd 113 95054-1789 520000 10/1/2014 Fleming Paul 1152 $451.39 22730284 Grant Deed

097-11-295 1883 Agnew Rd 303 95054-4241 575000 9/17/2014 Bapat Aponte Carlos 1070 $537.38 22708553 Grant Deed

097-11-272 1883 Agnew Rd 248 95054-4240 588000 10/15/2014 Shah Lin Dennis C & Frank X 1070 $549.53 22741370 Grant Deed

097-11-390 1883 Agnew Rd 445 95054-4245 600000 10/24/2014 Darwish Siavoshy Mehdi 1070 $560.75 22749012 Grant Deed

097-11-306 1883 Agnew Rd 314 95054-4241 640000 7/8/2014 Saggu Sorenson Heber L & Christina E 1361 $470.24 22639391 Grant Deed

097-11-279 1883 Agnew Rd 255 95054-4240 750000 3/24/2015 Lee Halder Amitava 1361 $551.07 22892513 Grant Deed

097-97-046 4076 Lick Mill Blvd 95054-3588 780000 2/10/2015 Chaphekar Parks Jason B & Regan M 1437 $542.80 22849006 Grant Deed

097-10-328 3901 Lick Mill Blvd 310 95054-4307 460000 12/12/2014 Fazli Homer Matthew 900 $511.11 22798209 Grant Deed

097-36-011 5090 Plaza Corona 95054-1444 490000 8/29/2014 Nguyen Pothana Sai K 1240 $395.16 22691886 Grant Deed

097-11-267 1883 Agnew Rd 243 95054-4239 655000 4/20/2015 Liu Halloran Alicia 1070 $612.15 22921029 Grant Deed

097-97-041 4048 Lick Mill Blvd 95054-3584 760000 8/29/2014 Heredia Wong Henry Y 1437 $528.88 22691602 Grant Deed

097-89-072 4082 Rivermark Pkwy 95054-4148 905000 4/7/2015 Walters Kim James 1437 $629.78 22907219 Grant Deed

097-10-258 3901 Lick Mill Blvd 209 95054-4312 585000 6/5/2015 Kadia Smith Haleem A 900 $650.00 22976312 Grant Deed

097-13-161 1535 Agnew Rd 5 95054-1781 823000 12/24/2014 Kailaje Yadav Rishi & Lali 1645 $500.30 22810374 Grant Deed

097-36-008 5084 Plaza Corona 95054-1444 630000 5/8/2015 Ding Brunnings Sam & Tiffany 1240 $508.06 22945930 Grant Deed

104-35-024 4243 Erie Ct 95054-1314 520000 11/24/2014 Petersen Alice E 1215 $427.98 22780864 Grant Deed

097-37-085 4485 Laird Cir 95054-4197 1103000 5/29/2015 Sannomiya Haldar Amlan 1700 $648.82 22969449 Grant Deed

097-10-423 3901 Lick Mill Blvd 443 95054-4316 460000 8/18/2014 Pires Berta M 908 $506.61 22681542 Grant Deed

104-35-056 2324 Falling Water Ct 95054-1315 725000 9/19/2014 Thaniserikaran Chen Miao 1800 $402.78 22711292 Grant Deed

097-13-122 1540 Avina Cir 6 95054-4261 965000 6/29/2015 Lau Hu Bo 1845 $523.04 23001876 Grant Deed

097-10-271 3901 Lick Mill Blvd 222 95054-4302 610000 9/25/2014 Kali Sane Sachin 1148 $531.36 22716039 Grant Deed

097-37-046 4457 Lick Mill Blvd 95054-3589 745000 11/14/2014 Masaracioglu Li Zhao 1437 $518.44 22768392 Grant Deed

097-13-146 1655 Agnew Rd 2 95054-4256 812000 8/20/2014 Dustmann Pola Family Trust 1645 $493.62 22683515 Grant Deed

097-97-117 4044 Crandall Cir 95054-4118 1020000 12/12/2014 Toung Dowhaniuk Brad 1716 $594.41 22798390 Grant Deed

097-97-044 4072 Lick Mill Blvd 95054-3588 1030000 6/22/2015 Tripathi Shariff Ruzbeh N 1700 $605.88 22994404 Grant Deed

097-20-196 4501 Saint Palais Pl 95054-1669 1050000 6/29/2015 Chen Ethiopia Samuel 1930 $544.04 23001604 Grant Deed

097-11-219 1883 Agnew Rd 109 95054-1789 585000 3/11/2015 Hmelar Yang Billy C 1070 $546.73 22879164 Grant Deed

097-10-256 3901 Lick Mill Blvd 207 95054-4312 449000 12/8/2014 Chan Kennis Y 900 $498.89 22792851 Grant Deed

101-21-074 1031 Clyde Ave 1901 95054-1938 260000 10/21/2014 Webster Mccracken Albert G & Ethelyn J 1300 $200.00 22746370 Grant Deed

104-36-012 2261 River Bed Ct 95054-1345 515000 11/26/2014 Mishra Holen Maria 1215 $423.87 22784431 Grant Deed

097-99-074 4514 Billings Cir 95054-4108 906000 4/30/2015 Chen Yang Bob & Emily 1464 $618.85 22934112 Grant Deed

Flip 097-20-204 1890 Garzoni Pl 95054-1663 830000 4/28/2015 Huang Werner Ulf & Eva 1458 $569.27 22929503 Grant Deed

2 Sales 097-97-043 4052 Lick Mill Blvd 95054-3584 850000 4/21/2015 Lal Lal Indu & Vijay M 1700 $500.00 22922838 Grant Deed

One Sale 097-37-028 4581 Laird Cir 95054-4234 950000 12/23/2014 Ye Quintero Daniel 1700 $558.82 22809597 Grant Deed

One Sale 097-20-202 4525 Saint Palais Pl 95054-1669 1037000 6/19/2015 Agrawal Sparer Nathan D 2077 $499.28 22992864 Grant Deed

097-10-324 3901 Lick Mill Blvd 306 95054-4307 445000 7/15/2014 Bagasol Chellamy Geraldine 834 $533.57 22645974 Grant Deed

097-49-012 2185 Hogan Dr 95054-1630 465000 4/29/2015 Hui Henessy Michael T 961 $483.87 22931070 Grant Deed

097-36-007 5082 Plaza Corona 95054-1444 475000 7/25/2014 Nawbatt Zeigler Evelyn L 1240 $383.06 22661578 Grant Deed

097-36-014 5070 Plaza Corona 95054-1444 495000 1/7/2015 Ranade Diangelo Norma A 1240 $399.19 22822393 Grant Deed

097-36-012 5074 Plaza Corona 95054-1444 525000 3/26/2015 Rayarikar Basurto Martin 1240 $423.39 22897204 Grant Deed

101-21-052 1031 Clyde Ave 1302 95054-1932 530000 6/19/2015 Arora Wang W & L Living Trust 1300 $407.69 22992764 Grant Deed

097-10-193 3901 Lick Mill Blvd 113 95054-4311 725000 5/6/2015 Hahn Kumar Santosh 1148 $631.53 22942127 Grant Deed

097-37-109 4466 Laird Cir 95054-4137 752000 12/5/2014 Xu Yang Sung K 1437 $523.31 22791653 Grant Deed

097-13-121 1540 Avina Cir 5 95054-4261 922000 6/11/2015 Zhang Starly Vineeth P 1645 $560.49 22982890 Grant Deed

097-22-085 1681 Shore Pl 1 95054-4017 1150000 6/11/2015 Jha Truong Tony K 1910 $602.09 22982678 Grant Deed

2015 Sale 104-04-136 3055 Patrick Henry Dr 95054-1815 11/18/1993 Spieker-french Foster No 249 Partne 68075 12219200 Grant Deed

2015 Sale 104-49-022 3003 Bunker Hill Ln 95054-1144 11950000 12/13/2012 Marcos 3003 Bunker Hill Llc 80878 $147.75 22002124 Grant Deed

101-11-021 3390 Viso Ct 95054-2625 2398500 3/26/2015 Marcinkowski B J Trust 12022 $199.51 22896806 Grant Deed

104-14-052 1855 Norman Ave 95054-2029 3300000 11/24/2014 J & L Acquisitions Llc 23295 $141.66 22781683 Grant Deed

104-14-142 1550 Norman Ave 95054-2028 2500000 5/15/2015 Microstar Llc 12000 $208.33 22953181 Grant Deed

224-42-003 3060 Kenneth St 95054-3415 5985000 3/19/2015 Spieker Stratmore Kenneth Llc 31906 $187.58 22888561 Grant Deed

1 of 2 224-44-001 3028 Scott Blvd A 95054-3320 26745000 3/17/2015 Cwca San Tomas 26 Llc 42500 $629.29 22885001 Grant Deed

2 of 2 224-44-013 2942 Scott Blvd 95054-3312 26745000 3/17/2015 Cwca San Tomas 26 Llc 295220 $90.59 22885001 Grant Deed

224-46-006 3226 Scott Blvd 95054-3007 8800000 3/4/2015 Deerfield-scott Llc 34876 $252.32 22872801 Grant Deed

104-13-096 2305 Mission College Blvd 95054-1562 93000000 12/19/2014 2305 Mcb Llc 300253 $309.74 22804916 Grant Deed

Double Escrow 097-46-011 5185 Lafayette St 95054-1011 4262500 1/23/2015 Malley Gregory 13020 $327.38 22834910 Grant Deed

1 of 3 097-46-016 5151 Lafayette St 95054-1010 22325000 1/15/2015 Lafayette Business Partners Ll 23400 $954.06 22828196 Grant Deed

2 of 3 097-46-017 2300 Calle De Luna 95054-1003 22325000 1/15/2015 Lafayette Business Partners Ll 23400 $954.06 22828196 Grant Deed

3 of 3 097-46-018 5122 Calle Del Sol 95054-1009 22325000 1/15/2015 Lafayette Business Partners Ll 23400 $954.06 22828196 Grant Deed

Reg Sale 101-11-004 891 Laurelwood Rd 95054-2724 928500 4/15/1997 Orphan Angelo A 14832 $62.60 13674079 Grant Deed

Reg Sale 101-11-014 3380 Keller St 95054-2612 7/26/2004 Cravalho Trust 22825 17919712 Grant Deed

Reg Sale 101-16-025 3393 De La Cruz Blvd 95054-2633 4/24/2014 Parsley Family Trust 33900 22576051 Grant Deed

104-14-141 1500 Norman Ave 102 95054-2067 1850000 5/15/2015 Verduzco Genaro 10807 $171.19 22953175 Grant Deed

101-15-006 430 Aldo Ave 95054-2301 1896500 1/27/2015 Dinsmore Allen G Trust 10250 $185.02 22837169 Grant Deed

101-17-009 330 Laurelwood Rd 95054-2311 2868500 12/30/2014 Hou Laurelwood I Lp 17760 $161.51 22815371 Grant Deed

224-08-099 3060 Raymond St 95054-3430 4135000 11/14/2014 Perez Trust A 28988 $142.65 22768548 Grant Deed

104-14-125 3500 Thomas Rd 95054-2049 14250000 5/27/2015 Dollinger Thomas Road Assoc Lp 112793 $126.34 22966065 Grant Deed

216-52-018 3350 Scott Blvd B53 95054-3104 700000 5/19/2015 Shea Sutton Oneal & Janis 3990 $175.44 22956663 Grant Deed

216-50-007 3350 Scott Blvd B-7 95054-3104 1180000 10/14/2014 Mooney D & L Living Trust 3990 $295.74 22740224 Grant Deed

Reg Sale 101-12-009 3390 De La Cruz Blvd L 95054-2631 215000 7/31/2014 Imwalle D & K Trust 1000 $215.00 22666140 Grant Deed

Reg Sale 101-09-032 519 Aldo Ave 95054-2205 5598

216-53-015 3350 Scott Blvd B61 95054-3104 1225000 8/8/2014 J H 2014 Trust 4980 $245.98 22673720 Grant Deed

104-53-011 4701 Patrick Henry Dr 1401 95054-1819 925000 6/24/2015 Joy Luck Financial Group Llc 3408 $271.42 22995943 Grant Deed

216-46-002 3290 Scott Blvd 95054 32150000 9/18/2014 Bowers Fcp8 Owner Llc 90000 $357.22 22710552 Grant Deed

216-45-038 2505 Augustine Dr 95054-3003 35750000 8/8/2014 Sff Augustine Llc 62828 $569.01 22674134 Grant Deed

104-04-118 4888 Patrick Henry Dr 95054-1820 25542500 2/24/2015 Drawbridge Patrick Henry Llc 74035 $345.01 22861759 Grant Deed

104-16-091 4500 Great America Pkwy 95054-1283 23975000 3/5/2015 4500 Great American Parkway Ll 74276 $322.78 22873565 Grant Deed

104-40-019 3900 Freedom Cir Cl 95054-1222 136500000 1/9/2015 Ab/legacy Santa Clara Business 427500 $319.30 22824096 Grant Deed

224-43-004 2925 Scott Blvd 95054-3313 3065000 10/16/2014 Glen Loma Corp 6562 $467.08 22742233 Corporation Grant Deed

1 of 2 216-31-084 3355 Scott Blvd 95054-3103 88200000 6/4/2015 Santa Clara Campus Owner I Llc 152294 $579.14 22975534 Grant Deed

2 of 2 216-31-086 3315 Scott Blvd 95054-3103 88200000 6/4/2015 Santa Clara Campus Owner I Llc 153421 $574.89 22975534 Grant Deed

224-47-010 3211 Scott Blvd 95054-3009 9660000 1/30/2015 Devcon Associates 24 36340 $265.82 22840816 Grant Deed

216-31-077 3535 Garrett Dr 95054-2811 25925000 9/30/2014 Applied Materials Inc 118800 $218.22 22729208 Grant Deed

216-31-085 3325 Scott Blvd 95054-3103 37800000 6/4/2015 Santa Clara Campus Property Ow 153932 $245.56 22975535 Grant Deed

104-50-018 5301 Patrick Henry Dr 95054-1114 17000000 12/31/2014 Abbott Laboratories 117500 $144.68 22817162 Grant Deed

216-46-004 3130 Coronado Dr 95054-3205 18250000 2/20/2015 Realty Associates Fund Viii Lp 101346 $180.08 22858986 Grant Deed

224-47-017 3300 Olcott St 95054-3005 38000100 6/19/2015 Santa Clara Office Partners Ll 100573 $377.84 22992111 Grant Deed

216-46-003 3200 Coronado Dr 95054-3231 12500000 12/18/2014 Chawla Ventures Llc 25126 $497.49 22804219 Grant Deed

104-50-011 5200 Patrick Henry Dr 95054-1113 25400000 7/29/2014 5200 Ph Investors Llc 90120 $281.85 22663851 Grant Deed

216-29-053 3230 Scott Blvd 95054-3011 15400000 12/23/2014 Prologis Targeted Us Logistics 42240 $364.58 22808457 Grant Deed

104-15-143 3350 Thomas Rd 95054-2062 6660000 4/1/2015 Thomas Road Llc 36000 $185.00 22901237 Grant Deed

101-22-024 3610 Haig St 95054-2008 2100000 2/11/2015 Millfelt Living Trust 7416 $283.17 22850040 Grant Deed

101-07-051 3542 Aberdeen St 95054-2201 875000 3/6/2015 Corpion Miranda 1994 Trust 2385 $366.88 22876133 Grant Deed

101-22-067 1038 Leith Ave 95054-1952 780000 2/5/2015 Jayaraman Reyes Rodolfo M & Erlinda R 1578 $494.30 22845328 Grant Deed

104-11-020 4352 Davis St 95054-2543 620000 1/5/2015 Su Ragosta Arthur E 1007 $615.69 22819663 Grant Deed

101-14-022 435 Greenwood Dr 95054-2134 1000500 6/4/2015 Balakrishnan Dong Liwei 1666 $600.54 22975003 Grant Deed

101-24-035 537 Woodstock Way 95054-2158 890000 12/4/2014 Osullivan Wallace & Boockholdt Joint Liv 1666 $534.21 22790829 Grant Deed

104-10-041 4441 Davis St 95054-2544 435000 11/14/2014 Friedlund Eric M & Eleanor C 728 $597.53 22768441 Grant Deed

104-61-029 2177 Esperanca Ave 95054-1390 755000 9/23/2014 Iyer Lang David 1473 $512.56 22713320 Grant Deed

104-59-024 2209 Duvall Ct 95054-1373 947000 8/19/2014 Kapoor Doty Kimberly 2086 $453.98 22681875 Grant Deed

101-22-069 3671 Beth Ct 95054-1901 639500 2/10/2015 Chen Truong Thanh K 1008 $634.42 22848547 Grant Deed

101-07-016 3579 Haig St 95054-2227 598000 8/29/2014 Habon M A & R G Trust 1244 $480.71 22691416 Grant Deed

104-54-057 2168 Hunter Pl 95054-2581 1100000 5/19/2015 Rahmatullah Devon Bank 1796 $612.47 22956652 Grant Deed

101-07-044 3573 Macintosh St 95054-2246 779000 9/18/2014 Conlon Nguyen Timothy T & Jovita 1748 $445.65 22710065 Grant Deed

104-12-127 4120 Bassett St 95054-2514 552500 10/2/2014 Sorbo Deutsche Bank 2006-he1 1016 $543.80 22731546 Grant Deed

097-88-012 4138 Tobin Cir 95054-4158 1360000 4/10/2015 Viswanathan Yu Benjamin & Lori K 2036 $667.98 22914058 Grant Deed

097-94-002 910 Hargis Way 95054-4130 1360000 12/5/2014 Ghosh Cromwell Family Trust 2128 $639.10 22792319 Grant Deed

097-88-044 4187 Tobin Cir 95054-4173 1025000 12/23/2014 Lu Choi Trust 1657 $618.59 22807805 Grant Deed

104-66-006 2179 Kingsbury Cir 95054-4008 825000 7/11/2014 Huang Teves Stephen J & Maria C 1589 $519.19 22642873 Grant Deed

097-87-042 1041 Garrity Way 95054-4129 1400000 8/1/2014 Miller Nanavati Mihir & Aval 2331 $600.60 22667919 Grant Deed

097-91-002 1056 Garrity Way 95054-4127 1520100 7/3/2014 Wong Thornton D Whitney Ii & Jane C 3044 $499.38 22638194 Grant Deed

097-88-005 4118 Tobin Cir 95054-4158 1020000 7/17/2014 Han Tobin Katharine M & Patrick 1657 $615.57 22647931 Grant Deed

097-88-033 4222 Tobin Cir 95054-4160 1180000 10/29/2014 Batchu Nguyen Chinh 2036 $579.57 22755100 Grant Deed

101-07-042 3553 Macintosh St 95054-2246 600000 1/8/2015 Vinluan Gamboa Mary G 1008 $595.24 22822671 Grant Deed

097-93-012 1040 E River Pkwy 95054-4188 1360000 7/3/2014 Chandrasekhar Lockett Family 1999 Trust 2331 $583.44 22638347 Grant Deed

097-93-004 1180 E River Pkwy 95054-4143 1414000 8/1/2014 Jones Adam R 2645 $534.59 22667925 Grant Deed

097-93-006 1140 E River Pkwy 95054-4143 1530000 6/10/2015 Mendoza Wu Jimmy K 2331 $656.37 22981197 Grant Deed

104-61-036 2191 Esperanca Ave 95054-1391 878000 3/30/2015 Kumar Pablo Roland J & Maria R 1473 $596.06 22900780 Grant Deed

104-65-015 2166 Esperanca Ave 95054-4004 858000 9/30/2014 Patel Jinkal Suresh 1589 $539.96 22728759 Grant Deed

104-60-015 4708 Wilcox Ave 95054-1379 740000 9/5/2014 Koppad Siddiqi Atif & Amina 1473 $502.38 22699138 Grant Deed

097-98-038 4395 Laird Cir 95054-4199 1050000 9/26/2014 Tancau Fong Brian 1657 $633.68 22721618 Grant Deed

097-88-009 4126 Tobin Cir 95054-4158 1200000 12/22/2014 Cheng Le Chen Michael 2036 $589.39 22807259 Grant Deed

097-98-048 4411 Laird Cir 95054-4197 1005000 9/9/2014 Han Tran Robert N 1657 $606.52 22701483 Grant Deed

104-08-016 4289 Macedo Pl 95054-2589 680000 5/29/2015 Wang Ae Yabut Investment Properties 1199 $567.14 22968531 Grant Deed

104-62-014 4230 Ramshall Pl 95054-2587 750000 3/27/2015 Gutta Aceq Investment Llc 1382 $542.69 22897755 Grant Deed

104-63-037 2230 Schott Ct 95054-0901 960000 6/11/2015 Satpathy Venkatachar A Family Trust 1589 $604.15 22983916 Grant Deed

101-24-053 530 Woodstock Way 95054-2157 1069000 5/19/2015 Cassidy Swenson Jon V 1565 $683.07 22957734 Grant Deed

104-54-066 2198 Hunter Pl 95054-2582 950000 7/31/2014 Chen Molina Charles & Aida B 1796 $528.95 22667308 Grant Deed

097-91-018 4289 Rivermark Pkwy 95054-4153 1730000 5/8/2015 Gargan Jang Harvey & Susan 3044 $568.33 22946353 Grant Deed

104-65-013 2170 Esperanca Ave 95054-4004 955000 3/26/2015 Jayaraman Luong-gerard Family Trust 1602 $596.13 22897209 Grant Deed

097-86-031 4170 Marston Ln 95054-4182 1320000 9/18/2014 Zhang Leung King H T 2128 $620.30 22710741 Grant Deed

097-95-058 841 E River Pkwy 95054-4144 1545000 7/9/2014 Parawira Weisshaut Benjamin J & Mimi L 2989 $516.90 22641026 Grant Deed

104-60-030 4676 Wilcox Ave 95054-1388 915000 4/16/2015 Narravula Dhandapani Sowmya 1473 $621.18 22918769 Grant Deed

097-87-003 1057 Garrity Way 95054-4129 1600000 3/23/2015 Shah Dooley Mary N & Robert L 2408 $664.45 22891752 Grant Deed

097-95-067 4310 Burdick Ln 95054-4113 1050000 8/28/2014 Baheti Prashant 1657 $633.68 22690066 Grant Deed

104-12-215 1942 Beech St 95054-2520 1094000 5/8/2015 Mangalath Balchandani S 2010 Trust 1920 $569.79 22945970 Grant Deed

097-95-013 952 Garrity Way 95054-4126 1700000 10/23/2014 Mohideen Mohamed I & Malalai O 3395 $500.74 22747870 Grant Deed

097-16-012 2005 Hogan Dr 95054-1628 701000 6/16/2015 Gong Bartas 2014 Family Liv Trust 1095 $640.18 22987254 Grant Deed

097-88-032 4226 Tobin Cir 95054-4160 1052000 10/31/2014 Tsoi Keshav Vijay 1657 $634.88 22757594 Grant Deed

097-98-026 4365 Laird Cir 95054-4199 1180000 6/29/2015 Mauritzson Richard A & Carolyn 1657 $712.13 23001818 Grant Deed

101-22-086 855 Orkney Ave 95054-2252 740000 6/4/2015 Chen Nguyen Danny T 1097 $674.57 22975102 Grant Deed

097-87-021 1161 Doyle Cir 95054-4121 1412000 12/11/2014 Kapadia Cartus Financial Corp 2645 $533.84 22797535 Grant Deed

097-88-035 4238 Tobin Cir 95054-4160 1015000 7/7/2014 Nagre Gee Stephen & May 1657 $612.55 22638504 Grant Deed

104-06-075 2201 Gianera St 95054-1321 949000 4/7/2015 Ng Nesting David M 1685 $563.20 22909065 Grant Deed

104-63-034 2236 Schott Ct 95054-0901 885000 10/23/2014 Dandekar Warren James 1705 $519.06 22748782 Grant Deed

097-88-034 4242 Tobin Cir 95054-4160 967000 9/23/2014 Hou Gupta Tarun & Tanvi R 1590 $608.18 22713367 Grant Deed

097-91-025 4233 Rivermark Pkwy 95054-4153 1550000 7/23/2014 Tan Mehandru Karan 3044 $509.20 22660015 Grant Deed

104-56-018 2272 Lenox Pl 95054-1374 960000 2/25/2015 Clyne Gopalan Balachander 1667 $575.88 22862504 Grant Deed

104-46-035 2338 Sawyer Ct 95054-1348 1100000 3/18/2015 Arnold Aslam Muhammad 1850 $594.59 22887041 Grant Deed

101-24-037 527 Woodstock Way 95054-2158 517000 6/30/2015 Thompson Mccracken Albert G & Ethelyn J 1666 $310.32 23002374 Grant Deed

097-17-111 4739 Snead Dr 95054-1652 556000 10/8/2014 Kumar Narasimhan Murali K 1167 $476.44 22735768 Grant Deed

097-93-056 4317 Marston Ln 95054-4105 1330000 2/6/2015 Chen Li Wenguang 2128 $625.00 22847017 Grant Deed

101-07-063 851 Keith Ln 95054-2233 780000 7/25/2014 Patel Kumar Niranjan 1097 $711.03 22662800 Grant Deed

101-24-066 3735 Pinewood Pl 95054-2152 790000 9/19/2014 Phillips White James R & Colleen A 1312 $602.13 22711162 Grant Deed

097-95-014 946 Garrity Way 95054-4126 485500 7/15/2014 Lim Christina J 2989 $162.43 22646182 Grant Deed

101-24-064 485 Wildwood Way 95054-2132 935000 1/20/2015 Kuo Corpion Joseph M & Diosdada M 1666 $561.22 22830528 Grant Deed

104-08-011 4248 Macedo Pl 95054-2589 695000 5/29/2015 Laroia Matthews Ivy Y & Michael S 1199 $579.65 22970044 Grant Deed

097-98-024 4436 Laird Cir 95054-4137 995000 7/22/2014 Lin Jakher Satwant 1590 $625.79 22657688 Grant Deed

104-59-027 2221 Duvall Ct 95054-1373 975000 4/7/2015 Devarajan Liu Gaoxiang 1667 $584.88 22909104 Grant Deed

Flip 101-07-034 840 Keith Ln 95054-2232 850000 2/17/2015 Kadous Century Real Estate Inc 1528 $556.28 22855355 Grant Deed

104-12-043 4124 Cheeney St 95054-2525 359091 4/21/2015 Long Meyer Charles A Trust 1920 $187.03 22922594 Grant Deed

104-12-037 4194 Cheeney St 95054-2525 515000 11/7/2014 Dao Rebello Family Living Trust 731 $704.51 22763509 Grant Deed

104-12-174 1680 Chestnut St 95054-2532 582000 12/26/2014 Song Rising Financial Llc 1358 $428.57 22814105 Grant Deed

097-19-022 1730 Nelson Dr 95054-1644 600000 10/23/2014 Wilke Cesarski Sandra L 1095 $547.95 22747752 Grant Deed

101-24-007 402 Greenwood Dr 95054-2133 600000 6/26/2015 Tajii Ichinaga 1993 Living Trust 1565 $383.39 23000032 Grant Deed

104-12-091 1801 Chestnut St 95054-2533 601000 2/20/2015 Tam Tate Kimberly 1060 $566.98 22858897 Grant Deed

101-22-010 1039 Leith Ave 95054-1953 610000 10/17/2014 Tran Skrainar Living Trust 1207 $505.39 22743140 Grant Deed

104-12-052 4024 Cheeney St 95054-2523 680000 9/12/2014 Gong Escobar Manuel S Trust 945 $719.58 22705570 Grant Deed

101-10-022 788 Orkney Ave 95054-2250 680000 12/23/2014 Mandac Nguyen Linh & Stephanie X 1097 $619.87 22807972 Grant Deed

101-10-017 769 Laurie Ave 95054-2238 695000 1/14/2015 Phan Schanz W E Family Trust 1097 $633.55 22827573 Grant Deed

101-07-010 3519 Haig St 95054-2227 730000 6/30/2015 Liu Du Xinian 1097 $665.45 23002670 Grant Deed

101-23-015 851 Clyde Ave 95054-1903 740000 1/27/2015 Nguyen Vu Billy 1657 $446.59 22837700 Grant Deed

097-17-064 4656 Armour Dr 95054-1601 745000 3/9/2015 Liu Ancheta Domingo & Natividad 1919 $388.22 22876470 Grant Deed

104-05-084 2392 Klune Ct 95054-1327 750000 9/18/2014 Kommera Bollman Heather L 1341 $559.28 22710174 Grant Deed

097-16-033 2086 Fairway Glen Dr 95054-1441 752100 4/1/2015 Wang Gabriel-villanueva Ginabelle A 1410 $533.40 22901610 Grant Deed

104-63-031 2242 Schott Ct 95054-0901 810000 10/8/2014 Sanganee Kataria Vineet & Renu 1602 $505.62 22735757 Grant Deed

101-10-006 843 Laurie Ave 95054-2240 890000 3/18/2015 Ivers Jensen Dianne Trust 1587 $560.81 22887721 Grant Deed

101-14-046 3620 Eastwood Cir 95054-2118 892000 6/4/2015 Xu Long Family Living Trust 1666 $535.41 22975182 Grant Deed

101-27-033 434 Greenwood Dr 95054-2135 1024000 4/30/2015 Chen Congistre Heidi 1312 $780.49 22934320 Grant Deed

101-14-041 3642 Eastwood Cir 95054-2118 1028000 6/12/2015 Chen Stemplinger John J & Laurie D 1565 $656.87 22984544 Grant Deed

101-14-052 472 Clarkwood Ct 95054-2108 1100000 6/9/2015 Xu Smyth Family Trust 1666 $660.26 22979718 Grant Deed

104-47-057 2316 Gianera St 95054-1358 1135000 6/11/2015 Ayer Paturzo Francesco G 2326 $487.96 22983856 Grant Deed

224-08-006 870 Duane Ave 95054-3410 16900000 12/24/2014 Duane Qwest Comm Llc 30000 $563.33 22810465 Grant Deed

097-46-028 5102 Calle Del Sol 95054-1009 9454000 10/14/2014 Fairfield Calle Del Sol Llc 35600 $265.56 22739272 Grant Deed


The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services

RESIDENTIAL SALE COMPARABLE LOCATION MAPS



COMMERCIAL SALE COMPARABLE LOCATION MAP



INDUSTRIAL SALE COMPARABLE LOCATION MAP



RESIDENTIAL SALE COMPARABLE LOCATION MAPS



COMMERCIAL SALE COMPARABLE LOCATION MAP



INDUSTRIAL SALE COMPARABLE LOCATION MAP

SILICON VALLEY

Office Snapshot Second Quarter 2015

2015 Setting New Records

The office market in the Silicon Valley ended Q2 2015 with a vacancy rate of 8.5%. This is down from the 9.5% rate recorded in Q1 and down substantially from the 10.7% reading of one year ago. The 8.5% vacancy translates to 6.1 million square feet (MSF) of availabilities down from 7.3 MSF from one year ago. Even with more than 4.5 MSF of new office space added over the last 12 months, local vacancy levels continue to decrease as most of this new development is either in the form of build-to-suits (BTS) or speculative projects that are being leased up prior to delivery.

The market recorded 2.4 MSF of occupancy growth in Q2 surpassing Q1’s record number of 2.1 MSF. This brings the year-to-date occupancy growth to 4.4 MSF. In just the first six months of 2015, the market has recorded the same level of positive net absorption that it had throughout all of 2013 and 2014 combined. Deal activity is also at its highest since 2000; we tracked 3.7 MSF of gross absorption in Q2. This surpassed the record level of 3.4 MSF posted last quarter and brings annual totals to nearly 7.1 MSF. At its current pace, the market is on track to record 14.2 MSF of deal activity in 2015; the previous record of 11.7 MSF was set in 2000. In the largest deal of the quarter Palo Alto Networks signed a 751,000 SF lease from Menlo Equities on their project in Santa Clara. PAN will take one existing and two planned buildings. This deal marks the full leasing of this class A office/R&D project which had completed phase I of three speculative buildings in 2013. LinkedIn signed a lease for two planned buildings totaling 456,000 SF in Mountain View. This project will start construction soon with completion scheduled for Q4 2016. Other noteworthy deals include Applied Micro (53,000 SF) and Malwarebytes (51,000 SF), both in Santa Clara as well as Merrill Lynch (50,000 SF in Palo Alto).

The average asking rate for office space increased in Q2 to $3.42

per square foot (PSF) on a monthly full service basis. This number

stood at $3.14 PSF one year ago. The 101 Tech Corridor cities

command the highest rents (currently averaging $6.86 PSF). The

West Valley submarkets are averaging $3.13 PSF while the Central

Silicon Valley trade areas are averaging $2.95 PSF. The average

deal rate for the region now stands at $4.43 PSF. The 101 Tech

Corridor submarkets continue to record the highest deal rates in the

region; this metric now stands at $8.08 PSF. The Central Silicon

SILICON VALLEY OFFICE

Economic Indicators

Q2 14 Q2 15 12-Month

Forecast

Santa Clara Co. Employment 880K 988K

Santa Clara Co. Unemployment 5.4% 4.0%

U.S. Unemployment 6.1% 5.5%

Market Indicators

Q214 Q215 12-Month

Forecast

Overall Vacancy 10.7% 8.5%

Net Absorption SF 796K 2.4M

Under Construction SF 4.2M 5.6M

Net Absorption/Asking Rent (FS) NET ABSORPTION 4Q TRAILING AVERAGE

Overall Vacancy

Average Asking Rent (FS) $3.14 $3.42

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

$3.50

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2011 2012 2013 2014 2015

4Q Trailing Net Abs.(MSF)

Avg Asking (FS)

8%

10%

12%

14%

16%

18%

2011 2012 2013 2014 2015

Historical Average = 12.1%

www.dtz.com | 2

SILICON VALLEY


Valley submarkets presently average $3.72 PSF while the average

rate for the West Valley now stands at $3.70 PSF.

Investor demand for Silicon Valley product remains robust,

particularly for well-located, modern buildings with long-term

tenancy from tenants in place. Top transactions in Q2 include the

sale of SV Towers in Downtown San Jose to Harvest Properties/

Invesco. The Equity Office portfolio also closed this quarter.

Hudson Pacific purchased 79 buildings located in the Bay Area

totaling 8.2 MSF for $3.6B. Of these properties approx. 5 MSF

are located in Silicon Valley with the balance situated on the

Peninsula.

Construction across the region stands at 5.6 MSF. This total

construction breaks down to 3.5 MSF of BTS product and 2 MSF

of speculative product. Vacancy may tick up slightly this year as

speculative projects are completed. However, demand remains

extremely strong for Class A product and there are several large

tenants in the market looking for space. The Silicon Valley shows

no signs of slowing. We are currently tracking 12.1 MSF of active

office/R&D requirements. We expect new space at speculative

developments to be leased up at a fairly brisk pace. Meanwhile,

look for rents to continue to climb in 2015.

Average Asking Rate by Submarket (FS) NORTHERN CITIES COMMANDING HIGHEST RENTS

Availabilities by Size Segment LACK OF SUPPLY FOR QUALITY LARGE BLOCK SPACE

Average Asking Rate by Class (Full Service) CBD CLASS A RENTS INCREASED 22% SINCE 2010

Outlook

Occupancy growth in Q2 was 2.4 MSF, bringing year-to-date totals to a whopping 4.4 MSF. This compares to 4.4 MSF in all of 2013 and 2014 combined.

The current average asking rent of $3.42 PSF (full service) is up 9% from one year ago and 24% from the Q2 2011 post-recession low-water mark of $2.77 PSF.

We are tracking 5.5 MSF of new office product under development, of which just 2.0 MSF is speculative. BTS campus projects will continue to drive strong occupancy growth numbers heading into 2016.

NN

N

$8.07

$7.02

$4.86 $4.85 $4.48 $4.36

$3.45 $3.41 $3.24

$2.86 $2.69 $2.68

$2.48 $2.41 $2.22 $2.10 $1.97

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

MP Mtv Cup Cam Lgs/Sar Downtn Al/Civic Mil Fre

682

163

8243

0-5K5-10K10-20K20K+

970

Listings

$1.60

$2.10

$2.60

$3.10

$3.60

$1.80

$2.30

$2.80

$3.30

$3.80

$4.30

2010 2011 2012 2013 2014 2015

Class A Class B

Cla

ss A

Occupancy is a record levels—Q2 net absorption came in at 2.4 MSF bringing the year-to-date total to 4.4 MSF.

Cla

ss B

www.dtz.com | 3

SILICON VALLEY


Key Lease Transactions Q2 15

PROPERTY SF TENANT LANDLORD TRANSACTION TYPE SUBMARKET

The Campus@3333 751,953 Palo Alto Networks Menlo Equities Relocation Santa Clara

Village at San Antonio 456,760 LinkedIn Merlone Geier Partners Relocation Mountain View

4555 Great America Parkway 53,718 Applied Micro Tellabs Sublease Santa Clara

3979 Freedom Circle 51,170 Malwarebytes Prudential Real Estate Relocation Santa Clara

3075 Hansen Way 50,293 Merrill Lynch JP Morgan Renewal Palo Alto

Key Investment Sale Transactions Q2 15

PROPERTY SF BUYER SELLER SALE PRICE SUBMARKET

SV Towers 435,897 Harvest Properties/Invesco Legacy Partners $62,000,000 Downtown San Jose

150 W Iowa Avenue 11,896 Francis & Evelyn Lee Auclair, et al $4,240,000 Sunnyvale

16130 Juan Hernandez Drive 16,000 Morgan Hill Medical Prop. Hong Trust $2,850,000 Morgan Hill

70 N Second Street 22,525 Jason Oberman Fillhardt Living Trust $2,200,000 Downtown San Jose

INVENTORY SUBLET

VACANT

DIRECT

VACANT

VACANCY

RATE

CURRENT

NET

ABSORPTION

YTD NET

ABSORPTION

UNDER

CONSTRUCTION

AVERAGE ASKING

RENT (ALL

Classes)

AVERAGE

ASKING RENT

(CLASS A)

Submarket

Menlo Park 4,504,344 46,189 163,061 4.6% (326) 571,853 0 $8.07 $9.07

Palo Alto 9,308,439 106,264 311,571 4.5% 78,986 140,344 66,672 $7.02 $7.82

Los Altos 1,096,613 3,880 52,429 5.1% (1,611) 19,262 0 $4.85 $4.94

Mountain View 4,859,259 30,693 72,080 2.1% 809,843 1,244,894 0 $4.86 $6.59

Cupertino 4,374,739 2,639 82,129 1.9% 12,706 233,577 2,840,820 $4.48 $0.00

Campbell 2,327,849 18,680 194,344 9.2% 8,941 4,255 0 $3.45 $4.03

Los Gatos/Saratoga 2,006,669 0 96,646 4.8% 6,994 10,407 6,813 $3.24 $4.25

West San Jose 3,778,762 4,358 265,424 7.1% (846) (104,796) 232,340 $2.41 $3.94

Sunnyvale 8,784,613 59,442 290,736 4.0% 372,418 1,213,052 597,812 $4.36 $4.55

Santa Clara 8,126,642 105,438 665,444 9.5% 764,193 834,013 408,062 $3.41 $3.98

San Jose Airport 3,730,710 78,695 450,085 14.2% 20,006 (4,056) 357,106 $2.68 $2.96

North San Jose 3,844,041 88,088 890,067 25.4% 105,308 56,778 1,034,351 $2.86 $3.26

Alameda/Civic Center 2,249,215 0 130,968 5.8% 26,366 31,604 0 $2.48 $0.00

South San Jose 1,603,680 7,199 230,823 14.8% 83,763 79,581 0 $2.10 $2.29

Downtown San Jose 8,474,453 123,837 1,260,747 16.3% 96,318 88,101 0 $2.69 $3.14

Milpitas 955,137 2,599 80,334 8.7% (22,323) (22,182) 0 $2.22 $1.95

Fremont 2,504,718 10,702 210,214 8.8% 9,328 32,169 10,931 $1.97 $2.23

Office Class Breakdown

Class A 38,719,623 492,038 2,549,539 7.9% 0 0 5,554,907 $3.98

Class B 19,622,498 168,748 1,825,616 10.2% 0 0 N/A $3.15

TOTAL 72,529,883 688,703 5,447,102 8.5% 2,370,064 4,428,856 5,554,907 $3.42 $3.98

www.dtz.com | 4

About DTZ

DTZ is a global leader in commercial real estate services providing occupiers, tenants and

investors around the world with a full spectrum of property solutions. The company’s core

capabilities include agency leasing, tenant representation, corporate and global occupier

services, property management, facilities management, facilities services, capital markets,

investment and asset management, valuation, research, consulting, and project and

development management. DTZ provides property management for 1.9 billion square feet, or

171 million square meters, and facilities management for 1.3 billion square feet, or 124

million square meters. The company completed $63 billion in transaction volume globally in

2014 on behalf of institutional, corporate, government and private clients. Headquartered in

Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in

50 countries and represent the company’s culture of excellence, client advocacy, integrity

and collaboration. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.

Julie Leiker Director of Research, Silicon Valley 300 Santana Row Fifth Floor San Jose, CA 95128 Tel: 408 615 3400 Fax: 408 615 3444

Managing Editor:

Garrick Brown VP of Research, West Region [email protected] The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. Copyright © 2014 DTZ. All rights reserved.

Office Submarkets

SILICON VALLEY


M A R K E T O V E R V I E W

RetailResearchSan Jose Metro Area Second Quarter 2015

Retail Rents Set to Recapture Previous High Watermark

The San Jose market is under-retailed, which will enable retail owners to join the bull commercial real estate market in a more meaningful way this year. Although conditions have been tightening since early 2010, rents have been difficult to push higher. In fact, some of the occupancy increases at the beginning of the recovery came at the expense of lower rents. Asking rates continued to decrease for 18 months after space demand began outpacing supply additions, creating a sizable disparity between equilibrium occupancy and revenues. As five-year leases roll over and retailers queue up to target the market’s well-paid technology workers, owners with dark space in desirable locations should be able to command much higher rents. By year end, asking rents are projected to eclipse pre-recession highs and should continue to climb for several more quarters. A lack of new supply is supporting revenue growth projections as most underway projects are minor, and significant redevel-opments remain distant. The largest rumored project could be a redevelopment of Vallco Mall, which could lose the rest of its anchors by year end.

The imbalance between supply and demand has been noted by investors, particularly developers that can breathe new life into old centers. The growing affluent population in the Silicon Valley is eager to spend their high salaries and is faced with limited options. New, trendy centers will likely capture an eclectic blend of high-end retailers seeking to expand in the metro. As a result, most of the upside potential rests in neglected centers positioned near the thousands of new apartments or major office districts. Although many of the local city councils have historically been an impediment to new construction, competition to land major employers is loosening up the permitting process. Evidence of this trend is already prevalent in the office and multifamily sectors, and should spill into the retail segment in the coming quarters. Investors willing to com-mit capital following an acquisition could quickly fill the pipeline with Class A offerings, though build-out could take years.

2015 Annual Retail Forecast

4.1%increase in

totalemployment

500,000square feet

will becompleted

50 basispoint

decrease invacancy

7.4%increase in

askingrents

Employment: The pace of job growth in Silicon Valley will remain robust as employers add 42,000 positions this year, lifting staffing levels 4.1 percent. Last year, 49,100 spots were generated.

Construction: Construction will be constrained again this year, limiting competition for exist-ing properties. In 2015, approximately 500,000 square feet of retail space will be completed, following 720,000 square feet last year.

Vacancy: Although vacancy softened during the first quarter, the rate will fall through the rest of the year to 3.5 percent in the fourth quarter, an annual improvement of 50 basis points. Last year, vacancy retreated 90 basis points.

Rents: Retail operators will aggressively raise rates as the sector joins office and apartment properties in enjoying the current tech boom. After a 3.9 percent rise in 2014, asking rents will jump 7.4 percent to $32.30 per square foot in 2015.

Employment TrendsMetro United States

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Economy■ Technology firms are charging ahead with expansions in the Silicon Valley,

supporting a 5.3 percent jump in payrolls during the past 12 months. Em-ployers added 53,000 jobs during that time, up from 43,200 spots during the previous year.

■ The professional and business services sector continues to lead job growth, adding 18,900 positions over the past 12 months, representing an 9.5 percent rise in payrolls. While technology firms account for a significant share of hir-ing, every sector posted positive growth year over year.

■ Over the past 12 months, retail sales climbed 4.5 percent as new entrants to the market purchased big-ticket items. In the prior year-long stretch, retail sales gains measured just 1.7 percent.

■ Outlook: The pace of job growth in Silicon Valley will remain robust as em-ployers add 42,000 positions this year, lifting staffing levels 4.1 percent. Last year, 49,100 spots were generated.

Construction■ In the past year, a handful of projects amounting to 580,000 square feet of

space came online in the metro, lifting retail stock 0.8 percent. In the previous year, builders completed a similar amount of space.

■ Developers have just 380,000 square feet of space underway in the market as construction remains focused on other property types. Roughly one-third of the space under construction is pre-leased. An additional 1.3 million square feet is on the drawing board, down modestly from one year ago.

■ The largest project underway is the Sun Garden retail center at 1600 Monterey Road. A Wal-Mart Neighborhood Market is already on the site, while con-struction wraps up on the remaining space. A total of 210,000 square feet will be developed, including pad sites.

■ Outlook: Construction will be constrained again this year, limiting competi-tion for existing properties. In 2015, approximately 500,000 square feet of retail space will be completed, following 720,000 square feet last year.

Vacancy■ In the first quarter, vacancy ticked up 30 basis points to 4.0 percent as anchor

stores shuttered in South San Jose. Despite the uptick, vacancy remains 50 basis points below the year-ago rate.

■ At neighborhood/community and strip centers, vacancy was 5.2 percent in this year’s opening period, down 90 basis points from the first quarter of 2014. The rate is 270 basis points below the 2010 peak.

■ Most malls in Silicon Valley have almost no available space, while power cen-ters have room for improvement. In the first quarter, mall vacancy was 1.6 percent and power center vacancy was 5.4 percent after respective gains of 20 basis points and 60 basis points over the past year.

■ Outlook: Although vacancy softened during the first quarter, the rate will fall through the rest of the year to 3.5 percent in the fourth quarter, an annual improvement of 50 basis points. Last year, vacancy retreated 90 basis points.

page 2 Marcus & Millichap u Retail Research Report

* Forecast


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Rents■ Operators are leveraging tight conditions to restore asking rents. Over the past

year, rents for available space have soared 6.6 percent to $31.21 per square foot, following a 2.2 percent rise in the prior year-long period.

■ Rents at smaller open-air centers were $27.82 per square foot in 2015’s open-ing period, up 3.4 percent year over year. Although momentum is forming in this segment, asking rents remain 12 percent below the 2006 level.

■ In Palo Alto, where vacancy is below 1 percent due to intense demand from retailers hoping to gain a foothold at the heart of Silicon Valley, asking rents soared 11.2 percent in the past year. The Morgan Hill/Gilroy and Santa Clara submarkets also posted double-digit gains in the past year.

■ Outlook: Retail operators will aggressively raise rates as the sector joins office and apartment properties in enjoying the current tech boom. After a 3.9 per-cent rise in 2014, asking rents will jump 7.4 percent to $32.30 per square foot in 2015.

Single-Tenant Sales Trends**■ Limited construction activity has hampered single-tenant sales velocity in

Silicon Valley over the past year. A significant decline in restaurant sales was recorded, along with storefronts. However, a greater number of fast-food es-tablishments changed hands.

■ Fast-food properties traded at an average price of more than $1,000 per square foot for the second consecutive year, while restaurants sold for more than $400 per square foot.

■ Average cap rates are among the lowest in the country due to insatiable inves-tor demand for local single-tenant properties. Drugstores and fast-food prop-erties can change hands at first-year returns well below 5 percent.

■ Outlook: Another year of lackluster development will limit new opportunities for investors seeking prime single-tenant properties with new leases. Creative buyers will target properties with near-term lease expirations to reposition and lift rents with a new tenant.

Multi-Tenant Sales Trends**■ During the most recent 12-month period, deal flow surged by more than 50

percent in the multi-tenant sector as buyers eager to acquire single-tenant properties widened their parameters.

■ Investors paid an average of $387 per square foot during the past year, up 3 percent from the prior year. Buyers purchased larger assets during the period, masking some of the price appreciation in the market.

■ Average cap rates for multi-tenant assets tightened 40 basis points during the most recent 12-month period to the low-5 percent range. First-year returns are 300 basis points below the 2010 peak.

■ Outlook: Intense demand for multi-tenant properties will persist this year as buyers await an opportunity to acquire real estate in the metro. Investors will explore repositioning plays in East San Jose, where entry price points are lower, affording more capital for improvements.

Marcus & Millichap u Retail Research Report page 3

* Forecast** Trailing 12 months through first quarter

Sources: CoStar Group, Inc.; Real Capital Analytics

Capital MarketsBy WILLIAM E. HUGHES, Senior Vice President, Marcus & Millichap Capital Corporation

■ The Fed recently indicated that it may raise its short-term lending benchmark as early as June, though September is the most likely target as the central bank awaits further tightening in the labor market and stronger wage growth. Against the pros-pect of an inevitable rise in interest rates, investors remain highly motivated to purchase retail assets and debt providers continue to compete for market share while also maintaining underwriting discipline.

■ Loan-to-value ratios generally range from 60 percent to 75 percent, depending on as-set age and quality, location, tenant mix, and tenant credit rating. Multi-tenant assets with strong anchors and a stable mix of national in-line tenants remain preferred. Debt-service ratios range from 1.25x to 1.35x and debt yields of 8 to 9 percent. Fi-nancing for bridge loans for stabilized assets typically carry a 65 to 70 percent LTV and spreads range 250 basis points to 425 basis points over LIBOR. Repositioned assets are underwritten at 80 percent of cost with a spread between 300 basis points to 475 basis points over LIBOR.

■ Lending rates remain low for performing assets in primary markets. All-in rates for five-year retail loans typically start in the mid- to high-3 percent range, while seven- and 10-year loans price between 3.7 percent and 4.4 percent. Loans up to 20 years range from 4.8 percent to 5.85 percent.

■ CMBS lenders participated in slightly more than 50 percent of loans in the tertiary markets, and national banks funded 25 percent. Banks, both national and regional/local, have increased their market share in all markets.

Local Highlights■ Macy’s recently opted out of its lease in the Vallco Mall, and the other two

anchors, Sears and J.C. Penney, have leases that may expire this year. After a recent acquisition of the mall, the new owner appears to be making plans to raze and redevelop a mixed-use project on the site if Cupertino approves.

■ Once bankrupt, Bennigan’s has announced plans to open 100 restaurants in California, including several in the Bay Area. The first store recently opened in Santa Clara and another location is underway in San Jose. The chain will open both Bennigan’s and Steak and Ale locations.

■ Developer Jay Paul has acquired a piece of Lockheed’s campus in Sunnyvale and is expected to purchase another portion by year end. Anticipated plans call for an office campus with more than 1.6 million square feet of space. The increase in local workers will benefit nearby retailers.

■ BAE Systems recently inked a deal for more than 150,000 square feet of office space in South San Jose. The firm will move hundreds of workers from their Santa Clara site, which will be demolished and redeveloped into a large office campus in the coming years.

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated using seasonally adjusted quarterly averages. Sales data includes transactions valued at $1,000,000 and greater unless otherwise noted. Triple-net rents are used. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Economy.com; Real Capital Analytics; TWR/Dodge Pipeline; U.S. Census Bureau.

COLOR LINE VERSION

BLACK TEXT VERSION

WHITE TEXT VERSION

Visit www.NationalRetailGroup.com or call:Bill RoseVice President, National DirectorNational Retail GroupTel: (858) 373-3100 [email protected]

Prepared and edited by Stephen Hovland

Senior AnalystResearch Services

For information on national retail trends, contact

John ChangFirst Vice President, Research Services

Tel: (602) 687-6700 [email protected]

Palo Alto Office:Steven Seligman

Vice President, Regional [email protected]

2626 Hanover StreetPalo Alto, California 94304

Tel: (650) 391-1700Fax: (650) 391-1710

Price: $150

© Marcus & Millichap 2015www.MarcusMillichap.com

SANTA CLARA COUNTY

Retail Market Snapshot Second Quarter •••• 2015

SANTA CLARA COUNTY RETAIL

Economic Indicators

Q2 14 Q2 15

12-Month

Forecast


Santa Clara Co. Unemployment 5.4% 4.0%


Market Indicators

Q2 14 Q2 15 12-Month

Forecast


Net Absorption SF 139K 58K

Under Construction SF 599K 501K

Net Absorption/Asking Rent (NNN) NET ABSORPTION 1Q TRAILING AVERAGE

Overall Vacancy

Average Asking Rent (NNN) $27.96 $28.32

High Demand for Quality Product

At the close of Q2 2015, shopping center vacancy in Santa Clara

County stood at 5.3%, down from the 5.5% rate of a year ago

but a slight increase from the 5.0% rate posted three months

ago. The lion’s share of this increase comes from the San Jose

(Downtown/South/Campbell/Los Gatos) submarket, where

vacancy ticked up from 4.8% to 5.4% in Q2. We divide the

marketplace into six distinct trade areas; this was the only one to

see a significant uptick in vacancy. In this case, the San Jose

market added 171,000 square feet (SF) of new product but

recorded only 51,000 SF of actual occupancy growth. Most of

this quarter’s deliveries were expansions or additional pad

buildings at existing centers and leasing activity is already brisk

on what was delivered to the marketplace empty so this should

actually translate into a surge of occupancy growth and falling

vacancy numbers for this trade area come Q3.

San Jose aside, this was a relatively flat quarter for shopping

center activity in Silicon Valley. Two of the region’s submarkets

(Milpitas and Morgan Hill) saw no movement in vacancy. Vacancy

currently stands at a tight 5.4% in Milpitas (compared to 5.5% a

year ago). It has stood at 7.9% for the past six months in the

Morgan Hill/Gilroy area (compared to 8.4% a year ago). As the

core markets of Silicon Valley have grown tighter we have seen

more retailer interest in this outlying submarket, however, until

we see residential development ramping up here we don’t

anticipate this market to see the same robust levels of demand

that are in place in virtually every other Silicon Valley trade area.

All told, the market recorded just 59,000 SF of occupancy

growth in Q2, bringing year-to-date tallies back into the black to

the tune of 15,000 SF. The already tight Sunnyvale market saw

its vacancy rate plummet further (from 3.6% to just 3.4%) as it

experienced 14,000 SF of occupancy growth. But it was the San

Jose marketplace that was the big winner with 51,000 SF of

expansion. Meanwhile, Santa Clara lost approximately -1,000 SF

of occupancy as its vacancy rate ticked up from 4.3% to 4.4%

and Palo Alto experienced the same trend. It recorded -9,000 SF

of negative net absorption as its vacancy level inched up from

3.3% to 3.6%. These weak occupancy growth totals are not a

reflection of demand, but supply. The lack of quality available

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

2011 2012 2013 2014 2015

4Q Trailing Net Abs.(100K SF)

Avg Asking (NNN)

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2011 2012 2013 2014 2015


SANTA CLARA COUNTY


www.dtz.com | 2

space in the region continues to hinder growth. This quarter’s

growth was almost exclusively limited to new product being

delivered. There is just over 39.0 million square feet (MSF) of

total shopping center inventory in the region and just under 2.1

MSF of currently available product. The problem is that

roughly 1.8 MSF of that total is space in local Class B or Class

C centers, when retailer demand is overwhelmingly focused on

high quality space with tenants willing to pay the difference.

The current average asking rent for the region is $28.32 per

square foot (PSF) on an annual triple net basis. This statistic

has increased from the $27.96 asking price posted only a year

earlier but it is important that we note that this statistic only

takes into account what is currently on the market regardless of

class or size. With Class B and C centers accounting for most of

what is currently available; this number is far from the $48.00

PSF or more that we are regularly seeing for small shop space.

In fact, we are regularly seeing premium shop space in brand

new centers lease at $70.00 PSF of more. This divide in rents

won’t end anytime soon. We are tracking 502,000 SF of space

in the development pipeline. These new projects will continue

to command most of the growth and activity in the region, as

well as the top rents. Meanwhile, with new product siphoning

off most of the local occupancy gains, the marketplace for

Class B-/C space will remain extremely competitive.

Average Asking Rate by Market (NNN) SANTA CLARA COUNTY RETAIL RENTS INFLUENCED BY TECH BOOM

Availabilities by Center Type SPACE PREDOMINANTY IN NEIGHBORHOOD & COMMUNITY CENTERS

Average Asking Rate by Type (NNN) STRIP CENTERS SEE RISE IN RENTS FOR Q1

Outlook

• We are tracking 502,000 SF of new product in the

development pipeline currently; 363,000 SF of this is in the

San Jose market while Sunnyvale accounts for 139,000 SF.

• The San Jose market accounted for the lion’s share of

growth in Q2; Shopping center occupancy increased by

51,000 SF. But the addition of 171,000 SF of new

product meant vacancy increased from 4.8% to 5.4%

• Sunnyvale remains the region’s tightest marketplace with a

vacancy rate of just 3.4%.

With new product siphoning most of the local

occupancy gains, the marketplace for Class B-/C

space will remain extremely competitive...

$37.68

$35.28

$33.48

$30.24

$28.92

$18.60

$15

$20

$25

$30

$35

$40

SV/CP PA/MV/LA SC SJDT/CB/LG MP/NSJ MH/GIL

69%

17%

14%0%

Neighborhood &Community

Strip

Power & RegionalMall

Specialty

2.0M

Square Feet

$15

$17

$19

$21

$23

$25

$27

$29

$31

$33

$35

2011 2012 2013 2014 2015

Neighborhood & Community Strip

Power & Regional Mall

SANTA CLARA COUNTY


www.dtz.com | 3

INVENTORY

SUBLEASE

AVAILABLE

SPACE

DIRECT

AVAILABLE

SPACE

TOTAL

AVAILABLE

SPACE

VACANCY

RATE

Q1-15 NET

ABSORPTION

YTD NET

ABSORPTION

AVERAGE

ASKING

RENT NNN

Submarket

San Jose (DT/South)/Campbell/Los Gatos 18,640,577 964,011 49,091 1,013,102 5.4% 50,790 80,219 $30.24

Sunnyvale/Cupertino 4,622,497 151,049 6,246 157,295 3.4% 14,023 93,524 $37.68

Santa Clara 2,550,252 78,386 33,350 111,736 4.4% (836) 154,851 $33.12

Shopping Centers by Type

Neighborhood & Community 26,270,884 1,400,992 64,396 1,465,388 5.6% 42,170 44,507 $28.20

Strip 5,882,113 308,772 6,246 315,018 5.4% 16,656 7,908 $28.68

Power & Regional 5,166,201 249,857 18,045 267,902 5.2% 55 (33,217) $32.52

Specialty 1,690,438 11,305 0 11,305 0.7% 0 (3,900) -

TOTAL 39,009,636 1,970,926 88,687 2,059,613 5.3% 58,881 399,071 $28.32

Palo Alto/Mountain View/Los Altos 2,705,823 98,590 0 98,590 3.6% (9,335) 42,730 $35.28

Milpitas/North San Jose 4,876,107 265,715 0 265,715 5.4% (2,124) 1,830 $28.92

Morgan Hill/Gilroy 4,718,147 372,791 0 372,791 7.9% 1,075 24,610 $18.60

Key Lease Transactions Q2 15Key Lease Transactions Q2 15Key Lease Transactions Q2 15Key Lease Transactions Q2 15

PROPERTY SF TENANT TRANSACTION TYPE CITY

1035 Capitol Expy 14,000 Laser Quest New Lease San Jose

1513 Parkmoor Ave 11,000 Cycle Cear New Lease San Jose

15991 Los Gatos Blvd 8,688 Adobe Animal New Lease Los Gatos

15965 Los Gatos Blvd 7,560 Adobe Veterinary Marketplace New Lease Los Gatos

Key Investment Sale Transactions Q2 15Key Investment Sale Transactions Q2 15Key Investment Sale Transactions Q2 15Key Investment Sale Transactions Q2 15

PROPERTY SF BUYER SALE PRICE MARKET

20745 Stevens Creek Blvd 126,247 Paragon Commercial Properties $49,500,000 Cupertino

7900 Arroyo Cir 125,957 Randy Scianna & Kim-Anh Nguyen $6,000,000 Gilroy

Evergreen Commons 61,250 Safeway $4,958,000 San Jose

www.dtz.com | 4

About DTZ










Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in

50 countries and represent the company’s culture of excellence, client advocacy, integrity and

collaboration. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.

Garrick Brown VP of Research, West Region

[email protected]

201 California Street

Suite 800

San Francisco, CA 94111

Tel: 916.329.1558

Fax: 415.956.3381

The information contained within this report is gathered from

multiple sources considered to be reliable. The information may

contain errors or omissions and is presented without any warranty or

representations as to its accuracy.

Copyright © 2015 DTZ Retail Terranomics. All rights reserved.

Retail Submarkets Santa Clara County

SANTA CLARA COUNTY


SILICON VALLEY

Industrial Snapshot Second Quarter 2015

Industrial Vacancy Drops in Q2

Industrial vacancy in Silicon Valley decreased slightly in Q2

2015. It currently stands at 4.0% down from 4.8% three months

ago. Exactly one year ago local vacancy stood at 5.9%.

Manufacturing product closed Q2 with vacancy of just 3.3%

whereas warehouse product was 5.1%. One year ago, this metric

stood at 5.8% for warehouse and 5.9% for the manufacturing

sector.

After a relatively flat first quarter the Silicon Valley industrial

market recorded occupancy growth of 763,000 square feet (SF)

in Q2. This compares to 68,000 SF in Q1. Although the net

absorption seems to have rebounded this quarter it still pales in

comparison to the annual number of 3.8 MSF recorded in 2014.

Occupancy growth has plummeted because there is little left in

the way of available quality product. Though the current 4.0%

vacancy rate translates into nearly 4.5 MSF of available space,

more than 75% of this product is 25 years or older and much of

it suffers from varying degrees of functional obsolescence. This

is impacting growth levels as well as deal activity.

We tracked 3.8 MSF of deal activity in Q2. This compared to 2.5

MSF of gross absorption last quarter. The largest transaction was

the Tesla lease of the former Solyndra facility in Fremont, a

506,000 SF industrial building that had been on the market for

four years. Other notable deals included two warehouse deals by

Apple - 151,000 SF in Santa Clara and 105,000 SF in

Sunnyvale. Included in the key transactions for Q2 were several

renewals as large blocks of available quality space for expansion

are now a rarity. Flextronics renewed on 155,000 SF in Morgan

Hill. S&M Moving renewed on 125,000 SF and Air Systems

renewed on 120,000 SF, both in San Jose.

Prologis broke ground on two industrial buildings totaling

623,000 SF in Fremont this quarter. All of the spec projects that

began construction last year were quickly leased before

completion. Meanwhile, tenant demand has only been on the

increase. In Silicon Valley we are seeing a perfect storm of

spiking demand from both local and regional users as well as

SILICON VALLEY INDUSTRIAL

Economic Indicators

Q2 14 Q2 15 12-Month

Forecast


Santa Clara Co Unemployment 5.4% 4.0%


Market Indicators

Q2 14 Q2 15 12-Month

Forecast


Net Absorption SF 375K 763K

Under Construction SF 1.2M 624K

Net Absorption/Asking Rent (NNN) NET ABSORPTION 4Q TRAILING AVERAGE

Overall Vacancy

Average Asking Rent (NNN) $0.62 $0.73

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

2011 2012 2013 2014 2015

Net Absorption, MSF

Asking Rent (NNN)

4%

5%

6%

7%

8%

9%

2011 2012 2013 2014 2015


www.dtz.com | 2

SILICON VALLEY


national and global e-commerce players. The market added

over 1.7 MSF of new product in 2014 (the highest level we’ve

tracked since 1997) and yet this was nowhere near enough.

Today’s tenants are willing to pay for modern Class A warehouse

facilities with higher clear heights, good power and truck

staging. The problem is that these properties are simply not

available. Occupancy growth will be driven by speculative

development in 2015. Activity will pick up as more projects

enter the construction pipeline.

The average asking rent for industrial space in Silicon Valley is

now $0.73 per square foot (PSF) on a triple net basis. This

metric has increased 16% over the past year from $0.62 PSF.

The average asking rent for warehouse space is now $0.59 PSF,

up from $0.52 PSF one year ago. As aggressive as this growth

has been, declining vacancy, increasing demand levels and

new, high quality speculative construction will only accelerate

the pace of rental rate growth in the year ahead. But deal

activity and net absorption tallies are likely to be paltry until the

development pipeline begins to provide some much needed

supply.

Direct & Sublease Available Space DIRECT SPACE STAYS FLAT

Availabilities by Size Segment LARGE CONTIGUOUS SPACE A SCARCITY

Average Asking Rate by Submarket (NNN) STEADY RENT GROWTH ACROSS THE 880 CORRIDOR

Outlook

Vacancy dropped this quarter. It now stands at 4.0% down from 4.8% in Q1.

The market posted an occupancy gain of 763,000 SF in Q2, an increase from the 68,000 SF recorded in Q1. Contributing to the increased absorption is the huge Tesla deal on 506,000 SF in Fremont.

The current average asking rate of $0.73 PSF has increased nearly 18% over the past year.

With vacancy at the 4.0% mark, the lim-ited availability of modern space has been a factor inhibiting growth.

MSF

0

2

4

6

8

10

12

2011 2012 2013 2014 2015

Direct Sublease

45

24

12

1010K SF - 24.9K SF

25K SF - 49.9K SF

50K SF - 99.9K SF

100K SF +

91

Listings

$1.43 $1.38

$1.23

$1.12 $1.05

$0.86

$0.74 $0.73 $0.65

$0.58

$0.46

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

Mtv Cam Sun New PA SC Mil N. SJ S. SJ Fre MH/Gil

www.dtz.com | 3

SILICON VALLEY


Key Lease Transactions Q2 15

PROPERTY SF TENANT LANDLORD TRANSACTION TYPE SUBMARKET

901 Page Avenue 506,490 Tesla Motors Stockbridge Capital Expansion Fremont 925 Lightpost Way 155,520 Flextronics TBI-Mission West Renewal Morgan Hill 337 Brokaw Avenue 151,000 Apple Inc. KJL Associates Expansion Santa Clara 48551 Warm Springs Blvd 125,550 S&M Moving Systems U.S. REIF Fremont, CA Renewal Fremont 940 Remillard Court 119,560 Air Systems, Inc. Remillard Court Holdings Renewal Fremont

Key Sale Transactions Q2 15

PROPERTY SF BUYER SELLER SALE PRICE SUBMARKET

3011 N First Street 146,159 Sand Hill Properties South Bay Development $31,000,000 North San Jose

1130 Olinder Court 63,600 Highridge Provender DD&J Properties $6,100,000 San Jose 37399 Centralmont Place 59,000 Dirk Laukien Galgon Trust $6,000,000 Fremont

1551 Las Plumas Avenue 280,000 Therma Corp. D.R. Stephens & Co. $27,500,000 North San Jose

INVENTORY SUBLET VACANT DIRECT VACANT VACANCY CURRENT NET YTD NET UNDER CONST AVG ASKING

Submarket

Palo Alto 594,577 0 6,000 1.0% 3,000 0 0 $1.05

Mountain View 2,625,908 0 5,490 0.2% (61,670) (48,920) 0 $1.43

101 Technology Corridor 3,220,485 0 11,490 0.4% (58,670) (48,920) 0 $1.23

Campbell 1,567,921 0 57,747 3.7% (21,815) (53,207) 0 $1.38

Sunnyvale 5,784,651 20,000 217,674 4.1% 18,101 98,274 0 $1.23

Santa Clara 15,514,559 36,763 413,094 2.9% 265,349 186,072 0 $0.86

North San Jose 18,878,844 6,096 536,592 2.9% 189,093 149,011 0 $0.73

South San Jose 23,594,505 144,415 1,191,211 5.7% (128,869) (183,523) 0 $0.65

Central Silicon Valley 65,340,480 207,274 2,416,318 4.0% 321,859 196,627 0 $0.77

TOTAL 111,881,228 368,194 4,100,320 4.0% 763,431 831,559 623,920 $0.73

*Industrial asking rates converted to NNN

Morgan Hill/Gilroy 7,093,134 1,056 398,138 5.6% 21,243 11,925 0 $0.46

Milpitas 8,206,806 17,472 776,946 9.7% (72,622) (69,395) 0 $0.74

Fremont 8,430,042 45,158 119,455 2.0% 549,518 637,623 623,920 $1.12

Newark 19,590,281 97,234 377,973 2.4% 2,103 103,699 0 $0.58

South I-880 Corridor 36,227,129 159,864 1,274,374 4.0% 478,999 671,927 0 $0.73

www.dtz.com | 4

About DTZ










Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices

in 50 countries and represent the company’s culture of excellence, client advocacy, integrity

and collaboration. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.

Julie Leiker Director of Research, Silicon Valley 300 Santana Row Fifth Floor San Jose, CA 95128 Tel: 408 615 3434 Fax: 408 615 3444

Managing Editor:

Garrick Brown VP of Research, West Region [email protected] The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. Copyright © 2014 DTZ. All rights reserved.

Industrial Submarkets Silicon Valley

SILICON VALLEY


Research & Forecast Report

Still Going Strong > Leasing activity topped out at 7.2 million square feet

> Total available space dipped 14% in the second quarter

> Net absorption stands at 5.4 million square feet year to date

Silicon Valley’s economy is thriving as we cross the halfway point of 2015. It is without dispute that the Silicon Valley’s red-hot economy continues to lead the nation with extraordinary growth in jobs, income, innovation, and venture capital investment. Silicon Valley companies took claim to 33.2% of the total global venture capital dollars invested during the second quarter. This translates to more than $9 billion invested in 412 deals. Job growth within the San Jose metropolitan area is climbing at an annual pace of 6% - the best in the nation - according to data released by the Bureau of Labor Statistics. Adding more than 50,000 jobs over the prior twelve months, the unemployment rate has dipped to 4.1% as of May 2015.

The commercial market is on fire in the Silicon Valley. During the second quarter of 2015 a total of 7.23 million square feet of new deals transacted across all product types. This amount of demand translated into an occupancy gain of 3.04 million square feet. Total available space in the Silicon Valley now measures 26.1 million square feet, translating into an overall availability rate of 7.9% for all product types throughout the Valley. Available space continues to decline in the Valley and is at its lowest level since the first quarter of 2001, when the availability rate was just 6.49%.

SAN JOSE | SILICON VALLEYQ2 2015

Summary Statistics Q2 2015 Silicon Valley All Products

Previous Quarter

Current Quarter

Overall Vacancy Rate 7.17% 6.11%Net Absorption 2,400,296 3,041,367Construction Completed 1,919,775 432,375Under Construction 8,311,364 9,248,791Office Asking Rents* $3.63 FS $3.68 FSR&D Asking Rents* $1.61 NNN $1.69 NNNIndustrial Asking Rents* $0.79 NNN $0.86 NNNWarehouse Asking Rents* $0.71 NNN $0.70 NNN

*Asking Rents Reported Monthly

Economic Indicators Previous Quarter

Current Quarter

Total VC Funding $6.0 Billion $9.8 BillionTotal Number of Deals 323 412Unemployment Rate 4.4% 4.1%

OFFICEWarehouse

D&R

Industrial

$0.00

$1.00

$2.00

$3.00

$4.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.50

$1.00

$1.50

$2.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

$0.00

$0.13

$0.26

$0.39

$0.52

$0.65

0.00%

3.00%

6.00%

9.00%

12.00%

3

4

5

1

2

0

R&D O�ce Industrial Warehouse

Squa

re F

eet i

n M

illio

ns

All

0.00%

3.00%

6.00%

9.00%

12.00%

15.00%

18.00%

Vacancy Rate Availability Rate

Q1-15

Q2-15

Q3-13

Q4-13

Vacancy Rate Availability RateAvg. Starting Rent


Vacancy Rate Availability RateAvg. Starting RentVacancy Rate Availability RateAvg. Starting Rent

$5.00

Q1-14

Q2-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q3-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q2-14

Q3-14

$2.50

15.00%

Q4-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Vacancy Vs. Availability RatesSilicon Valley | All Products

Availability Rate Vacancy Rate

Overall availability dipped 136 basis to 7.9% points during the second quarter of 2015, while vacancy fell by 60 basis points to 6.5%

Market TrendsRelative to prior quarter Q2 2015 Q3 2015*

Vacancy

Net Absorption

Construction

Rental Rate

*Projected

SANFRANCISCO

SAN JOSE

Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International

2 Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International

237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680

Office > Leasing activity measured 2.48 million square feet

> Net absorption stands at 2.0 million square feet year to date, and is within 1% of the total occupancy gain measured in all four quarters combined of 2014

> Total available space fell 15.3%, to an overall availability rate of 9.6%

> Average asking rates are up 14% year-over-year

During the second quarter of 2015 office activity was strong in the Silicon Valley, registering a total of 2.48 million square feet of gross absorption, finishing the first half of the year with another strong quarter on the books. This is now the fifth straight quarter that office demand has surpassed the 2.0 million square foot mark on a quarterly basis, demonstrating the long run of heightened demand for office space in the Silicon Valley.

During the second quarter less “rollover” space found its way back to the market, as tenants gave back just 1.51 million square feet to the market, the lowest level since the first quarter of 2014. As a result, the Silicon Valley office market recorded another occupancy gain during the second quarter, measuring 972,289 square feet. This is the twelfth straight quarter that the office market has recorded positive net absorption. The office market has absorbed more than 2 million square feet year to date, and is within 1% of the total occupancy gain measured in all four quarters combined of 2014. This is in line with Colliers’ forecast, and 2015 is on the right track to be a record year.

The Silicon Valley skyline continues to fill with cranes and steel as new construction continues to break ground. Colliers is now tracking more than 7 million square feet of office projects currently under construction, with total potential development reaching more than an astounding 40 million square feet in the form of proposed developments. Of the 25 projects currently under construction only nine are without a tenant in tow. The pipeline of construction has a steady flow; as many projects near completion, others are beginning to file for building permits and others have started the early phases of site work. New completions recorded during the second quarter include the first one of six buildings at Moffett Place, the 1.9 million square foot campus leased by Google in 2014, Palo Alto Medical Foundation’s new building on Los Gatos Boulevard and Quora’s new headquarter location on Castro Avenue in Mountain View.

As a result of the heightened demand, the office market measured an uptick in starting rates during the second quarter of 2015. Average starting rates for office space in the Silicon Valley have climbed 12.5% over the previous twelve months, closing the quarter at $3.77 per square foot, full service. Average asking rents in the office sector followed a similar trend line and are up 14% from averages measured during the same period of 2014. Office space in the Silicon Valley is now being marketed at an average rental rate of $3.68 per square foot, full service.

Office Availability & Rent Trends

Source: Colliers International Research

OFFICEWarehouse

D&R

Industrial

$0.00

$1.00

$2.00

$3.00

$4.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.50

$1.00

$1.50

$2.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

$0.00

$0.13

$0.26

$0.39

$0.52

$0.65

0.00%

3.00%

6.00%

9.00%

12.00%

3

4

5

1

2

0


Squa

re F

eet i

n M

illio

ns

All

0.00%

3.00%

6.00%

9.00%

12.00%

15.00%

18.00%


Q1-15

Q2-15

Q3-13

Q4-13




$5.00

Q1-14

Q2-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q3-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q2-14

Q3-14

$2.50

15.00%

Q4-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Office Availability RatesSelect Silicon Valley Cities


20.76%

14.63%

6.81%

11.90%

3.85%

2.87%

5.57%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

Morgan Hill

San Jose

West Valley

Santa Clara

Sunnyvale

Mountain View

Palo Alto

Office AvailabilityBreakdown by Size Range


33%

33%

20%

9%5%

Office

3,000 SF - 5,000 SF

5,001 SF - 10,000 SF

10,001 SF - 20,000 SF

20,001 SF - 50,000 SF

50,001 SF +

237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680

3Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International

Select Colliers’ Transactions - Office Sale Activity

PROPERTY ADDRESS SIZE SELLER BUYER

50-90 N 1st Street, San Jose 61,241 The Marshall Squares FF Realty LLC

1708 McCarthy Boulevard, Milpitas 47,636 Nanotechnology Partners, LLC JW Equities, LLC

1700 S Winchester Boulevard, Campbell 18,360 1700 Winchester LLC 936 E. Duane Avenue, LLC

2496 El Camino Real, Palo Alto 6,300 Louis Storino Trust Louis Storino Trust

6010 Hellyer Avenue, Suite 100 & 150, San Jose 4,478 3dos LLC Nirman Medical Center

Select Colliers’ Transactions Office Lease Activity

Palo Alto Networks3325 Scott Boulevard, Santa Clara

Build to Suit/Direct Lease

721,953 SF

Aruba3315 Scott Boulevard, Santa Clara

Build to Suit/Direct Lease

239,994 SF

LinkedInSan Antonio Road, Mountain View

Build-to-suit

456,600 SF

Move.com

3315 Scott Boulevard, Santa Clara

Direct Lease

52,455 SF

Applied Micro Circuits4555 Great America Parkway, Santa Clara

Sublease

55,393 SF


237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680

R&D > Leasing activity was up 12.2% quarter-over-quarter, measuring 2.72 million square feet of tenant demand

> Total available space dipped 9.7% in the second quarter

> 1.15 million square feet of R&D space was absorbed during the second quarter in the Silicon Valley

The Silicon Valley R&D sector measured robust levels of activity during the second quarter of 2015. Measuring 2.72 million square feet of gross absorption, this is 12.2% more than the 2.42 million square feet recorded the prior quarter. While R&D demand increased during the first quarter, so did occupancy levels. Measuring 1.15 million square feet of net absorption, this is a 49.3% increase in total occupancy gain quarter-over-quarter and brings the year to date total for R&D net absorption to 1.92 million square feet.

On the supply side, the pipeline of pre-improved R&D space that came on the market during the second quarter decreased 5% from totals measured during the first quarter, to 1.57 million square feet, the lowest it has been since the second quarter of 2013. This is now the fourth quarter in a row that the R&D market has seen less than 2.0 million square feet of space find its way back to the market, demonstrating that tenants are holding on to space as the market tightens.

Total available R&D space in the Silicon Valley declined 9.53% during the second quarter, bringing the overall availability rate to 9.79%, the first time since the first quarter of 2001 that total availability has dipped into the single digit range. When comparing only vacant space, the overall vacancy rate in the Silicon Valley R&D sector stands at just 7.79%, the lowest it has been since the third quarter of 2001.

During the second quarter the Silicon Valley R&D market measured a 43% increase in the number of deals signed as 181 tenants flooded the market competing for space. Also of note was that the average size of a new deal signed during the second quarter decreased 21.8% from 19,259 square feet during the first quarter to 15,047 square feet, demonstrating that the increase in demand measured during the second quarter was not solely due to any handful of monster deals, and that there continues to be a healthy amount of demand from small and mid-sized tenants in the market.

The largest new deals signed for R&D space during the second quarter were both for more than 100,000 square feet. BAE Systems inked a deal for 131,718 square feet on San Ignacio Road in San Jose and Apple signed a long term lease for 129,119 square feet on Patrick Henry Drive in Santa Clara. Of the ten largest new deals completed during the second quarter, four were owner/user sales.

Average starting rates for R&D space in the Silicon Valley have climbed 13.1% since the beginning of the year, closing the books on the first half at $1.55 per square foot, NNN. The weighted-average asking rent for R&D space is now $1.69 per square foot NNN, up 22.4% from the same period one year earlier.

R&D Availability & Rent Trends


OFFICEWarehouse

D&R

Industrial

$0.00

$1.00

$2.00

$3.00

$4.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.50

$1.00

$1.50

$2.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

$0.00

$0.13

$0.26

$0.39

$0.52

$0.65

0.00%

3.00%

6.00%

9.00%

12.00%

3

4

5

1

2

0


Squa

re F

eet i

n M

illio

ns

All

0.00%

3.00%

6.00%

9.00%

12.00%

15.00%

18.00%


Q1-15

Q2-15

Q3-13

Q4-13




$5.00

Q1-14

Q2-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q3-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q2-14

Q3-14

$2.50

15.00%

Q4-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

R&D Availability RatesSelect Silicon Valley Cities


3.88%

13.61%

9.21%

15.91%

11.35%

5.77%

2.35%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%

Morgan Hill

Fremont

Milpitas

San Jose

Santa Clara

Sunnyvale

Mountain View

R&D AvailabilityBreakdown by Size Range


35%

29%

13%

8%

9%6%

R&D

5,000 SF - 20,000 SF

20,001 SF - 40,000 SF

40,001 SF - 60,000 SF

60,001 SF - 80,000 SF

80,001 SF - 100,000 SF

100,001 SF +

237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680



48603-48633 Warm Springs Boulevard, Fremont 141,440 Terreno Realty Corporation Franmar Company

3300 Olcott Street, Santa Clara 105,664 Menlo Equities PSAI Realty Partners

2711-2717 N 1st Street, San Jose 76,568 Lane Partners, LLC JJ & W, Co., Inc

401 Whitney Place, Fremont 72,776 McKay Henry, LLC Champion Telecom, Inc

2550 Walsh Avenue, Santa Clara 65,840 Lane Partners, LLC JJ & W, Co., Inc

Select Colliers’ Transactions - R&D Sale Activity

Apple690 E Arques Avenue, Sunnyvale

Direct Lease

65,055 SF

Mosaic

1220 Memorex Drive, Santa Clara

Direct Lease

55,600 SF

Trimble Navigation945 Stewart Drive, Sunnyvale

Direct Lease

30,354 SF

BioKey

44370 Old Warm Springs Boulevard, Fremont

Renewal

28,176 SF

Groupware Technology541 Division Street, Campbell

Direct Lease

35,400 SF

Select Colliers’ Transactions R&D Lease Activity


237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680

Industrial > Leasing activity measured 1.48 million square feet

> Total available industrial space decreased by 36.6% during the second quarter

> Net absorption measured 852,523 square feet, the largest quarterly occupancy gain since 1994

> Average asking rates are up 13.2% year-to-date

It was a strong quarter for the Silicon Valley’s industrial sector. Activity was up nearly two times from the previous quarter, measuring 1.48 million square feet of gross absorption. As a result of the increased level of activity, the industrial sector closed the second quarter with an 852,523 square foot occupancy gain, a welcome turnaround from the minor occupancy loss measured during the first quarter of the year, putting the market back in the black half way through the year. This is the largest occupancy gain measured on a quarterly basis since the fourth quarter of 1994, when just over 1 million square feet of positive absorption was measured in the industrial sector.

Total available space decreased by 36.6% during the second quarter, totaling only 1.9 million square feet of available space throughout the Silicon Valley. The total available space rate fell 184 basis points during the second quarter, resting at an overall availability rate of 3.18% in the Silicon Valley industrial market. This is the lowest level of available space measured in the Silicon Valley industrial market since 1998.

The second quarter of 2015 marked a milestone for the Fremont industrial market as Tesla Motors leased the single largest remaining vacancy in the Silicon Valley. At just over a half million square feet, 901 Page was the only building left over from the Solyndra fallout in 2011 that haunted the industrial market up until now. With the removal of this space from available inventory, the overall availability rate in Fremont plummeted to 1.7%, the lowest it has been since Colliers began tracking the Fremont industrial market in 1989.

Fremont is not the only city in the Silicon Valley with historically low levels of available supply. Not one of the nine cities that Colliers is tracking for industrial space has an availability rate greater than 10%, and six stake claim to availability rates less than 6%. Mountain View claims the title as the city with the lowest level of available industrial supply, with an overall availability rate of just 0.1%, followed by Fremont and Santa Clara, tied at an availability rate of 1.7%.

When comparing average starting rates for deals closed, the weighted average remained flat quarter-over-quarter at $0.74 per square foot, NNN. However, in what is likely a demonstration of landlords and owners sensing the heightened demand for space from tenants, weighted average asking rates measured an uptick and surpassed the $0.80 mark during the second quarter for the first time since 2002. At the close of the quarter, average asking rates were 13.2% more than those recorded at the beginning of 2015.

Industrial Availability & Rent Trends


OFFICEWarehouse

D&R

Industrial

$0.00

$1.00

$2.00

$3.00

$4.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.50

$1.00

$1.50

$2.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

$0.00

$0.13

$0.26

$0.39

$0.52

$0.65

0.00%

3.00%

6.00%

9.00%

12.00%

3

4

5

1

2

0


Squa

re F

eet i

n M

illio

ns

All

0.00%

3.00%

6.00%

9.00%

12.00%

15.00%

18.00%


Q1-15

Q2-15

Q3-13

Q4-13




$5.00

Q1-14

Q2-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q3-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q2-14

Q3-14

$2.50

15.00%

Q4-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Industrial Availability RatesSelect Silicon Valley Cities


6.04%

1.73%

6.67%

3.57%

1.74%

2.51%

4.26%

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%

Morgan Hill

Fremont

Milpitas

San Jose

Santa Clara

Sunnyvale

Campbell

Industrial AvailabilityBreakdown by Size Range


78%

14%

3%

2% 2% 1%Industrial

5,000 SF - 20,000 SF

20,001 SF - 40,000 SF

40,001 SF - 60,000 SF

60,001 SF - 80,000 SF

80,001 SF - 100,000 SF

100,001 SF +

237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680



37399 Centralmont Place, Fremont 59,000 Galgon Trust Drewniany & Laukin

936 Duane Avenue, Sunnyvale 33,977 936 E. Duane Avenue, LLC Watt Investments

45957 Hotchkiss Street, Fremont 30,192 R.G. Miller Enterprises, LP CWC Income Properties 4, LLC

6700 Brem Lane, Gilroy 27,549 Marina Barreras Martin Baccaglio

2901 Mission Street, Santa Cruz 16,200 Wave Crest Development Nantec, LLC

Select Colliers’ Transactions - Industrial Sale Activity

Homelegance Inc44560-44660 Osgood Road, Fremont

Direct Lease

87,592 SF

SJ Automotive1500 Coleman Avenue, San Jose

Direct Lease

24,800 SF

WeDriveU660 Walsh Avenue, Santa Clara

Direct Lease

28,000 SF

Alom Technology Corporation48105 Warm Springs Boulevard, Fremont

Renewal

120,433 SF

Select Colliers’ Transactions Industrial Lease Activity

UAG Stevens Creek II, Inc525 Sunol Street, San Jose

Direct Lease

19,738 SF


237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680

Warehouse > Leasing activity totaled 536,452 square feet in Q2

> Warehouse availability is the lowest it has been since 2000, at 5.05% throughout the Silicon Valley

> Year-to-date net absorption stands at 743,277 square feet

Activity in the Silicon Valley warehouse sector was modest during the second quarter of the year, following a milestone first quarter which marked the completion of the first speculative warehouse project in over a decade in the Silicon Valley, which was 100% leased upon completion. Measuring 536,452 square feet of gross absorption, this is down more than 60% from the prior quarter, and 43% from the same period one year earlier.

Despite the mild demand during the quarter, the warehouse sector recorded an occupancy gain of 65,599 square feet of net absorption, bringing the year-to-date tally to 743,277 square feet and a demonstration that less space is getting returned to the market.

This is now the third quarter in a row that the warehouse market has measured lower levels of pre-improved space coming onto the market. Down 32.4% from the first quarter, warehouse tenants in the Silicon Valley only kicked back 470,853 square feet of vacant space to the market.

After two consecutive quarters of positive net absorption, available space continues to decline. Total available warehouse space in the Silicon Valley now measures only 1.92 million square feet. This amount of space translates to an overall availability rate of 5.05%, and is the lowest that available space has dipped since the fourth quarter of 2000. When measuring only vacant space within the warehouse market, true vacancy stands at just 3.2% throughout the Silicon Valley.

There were only 12 new deals inked for warehouse space during the second quarter of the year, down from the 26 recorded during the first quarter. With only 60 available spaces at the close of the second quarter, tenants are limited in their options and may begin looking in neighboring regions such as the East Bay and Central Valley for viable space. The average deal size measured during the second quarter was 44,704 square feet, also down from the 52,885 square foot average recorded during the first quarter of the year. Notable transactions signed during the second quarter include Leale’s RV signing on for 99,000 square feet of space on 7th Street in San Jose and Teknion’s lease of 91,202 square feet on Brennan Street, also in San Jose.

Colliers is tracking nearly 1.0 million square feet of new warehouse construction throughout the Silicon Valley. With the historically low level of available supply developers can barely keep up with demand as every square foot of the new warehouse construction is spoken for by tenants like Tesla Motors, JFC International and United National Foods. More projects are expected to break ground this year in the warehouse sector, and it is unlikely they will reach completion without a tenant scooping it up first.

Warehouse Availability & Rent Trends


OFFICEWarehouse

D&R

Industrial

$0.00

$1.00

$2.00

$3.00

$4.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.50

$1.00

$1.50

$2.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

$0.00

$0.13

$0.26

$0.39

$0.52

$0.65

0.00%

3.00%

6.00%

9.00%

12.00%

3

4

5

1

2

0


Squa

re F

eet i

n M

illio

ns

All

0.00%

3.00%

6.00%

9.00%

12.00%

15.00%

18.00%


Q1-15

Q2-15

Q3-13

Q4-13




$5.00

Q1-14

Q2-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q3-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q2-14

Q3-14

$2.50

15.00%

Q4-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Q2-14

Q4-14

Q1-15

Q2-15

Q3-13

Q4-13

Q1-14

Q3-14

Warehouse Availability RatesSelect Silicon Valley Cities


6.13%

4.30%

1.07%

11.37%

5.05%

5.51%

3.22%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%

Gilroy

Morgan Hill

Fremont

Milpitas

San Jose

Santa Clara

Sunnyvale

Warehouse AvailabilityBreakdown by Size Range


16%

34%

12%

13%

25%

Warehouse

5,000 SF - 20,000 SF

20,001 SF - 40,000 SF

40,001 SF - 60,000 SF

60,001 SF - 80,000 SF

80,001 SF - 100,000 SF

100,001 SF +

237

85

87

MORGAN HILL/GILROY

FREMONT

SAN JOSE

MILPITAS

SANTACLARA

CUPERTINO/SARATOGA

MT.VIEW

PALOALTO

LOS ALTOS

CAMPBELL/LOS GATOS

SUNNYVALE

SANFRANCISCO

BAY

280

101

101

80

580

880

880

680



1985 E Bayshore Road, Palo Alto 49,668 American Storage Associates Public Storage Inc

43015 Osgood Road, Fremont 22,764 All Season Mini Storage Storage Solutions

Select Colliers’ Transactions - Warehouse Sale Activity

Actiontec Electronics, Inc44931 Industrial Drive, Fremont

Renewal

14,000 SF

Leale’s RV, Inc. 2070 S 7th Street, San Jose

Direct Lease

99,000 SF

Air Systems, Inc.940 Remillard Court, San Jose

Renewal

119,560 SF

Rossiter Relocations40577 Albrae Street, Fremont

Direct Lease

27,642 SF

Select Colliers’ Transactions Warehouse Lease Activity

Techcon Landscaping

18145 Peet Road, Morgan Hill

Direct Lease

18,000 SF

Market Comparisons – Silicon Valley

OFFICE MARKET

CLASSTOTAL

INVENTORY SF

DIRECT VACANT

SF

SUBLEASE VACANT

SF

DIRECT OCCUPIED

SF

SUBLEASE OCCUPIED

SF

TOTAL AVAILABLE

SF

AVAILABILITYRATE

Q2-2015

AVAILABILITYRATE

Q1-2015

NET ABSORPTIONQ2-2015 YTD

COMPLETED Q2-2015

UNDER CONST.

SF

FSWTD AVGASKING

CAMPBELL / LOS GATOS

A 1,483,712 89,196 - 41,329 10,659 141,184 9.5% 13.0% (44,001) (7,211) 40,000 6,813 $4.03 B 2,188,889 87,573 - 13,138 - 100,711 4.6% 5.1% 6,654 (13,510) - - $2.82 C 227,312 8,009 - - 2,984 10,993 4.8% 5.2% 780 (1,406) - - $3.55 Total 3,899,913 184,778 - 54,467 13,643 252,888 6.5% 7.8% (36,567) (22,127) 40,000 6,813 $3.56

CUPERTINO / SARATOGA

A 901,524 1,551 - 9,460 - 11,011 1.2% 0.0% (1,551) (1,551) - 3,096,246 $4.99

B 2,783,137 32,914 4,066 56,439 1,823 95,242 3.4% 3.4% (9,764) (624) - - $4.32 C 156,752 931 - 1,040 - 1,971 1.3% 0.0% (931) - - - $3.25 Total 3,841,413 35,396 4,066 66,939 1,823 108,224 2.8% 2.5% (12,246) (2,175) - 3,096,246 $4.49

FREMONT / MILPITAS

A 863,229 162,888 - 7,490 4,040 174,418 20.2% 18.9% (3,771) (4,222) - 9,656 $2.03 B 1,666,819 225,749 - 31,491 - 257,240 15.4% 14.9% (1,571) 17,384 - - $2.22 C 579,071 11,958 - - - 11,958 2.1% 2.1% - - - - $1.57 Total 3,109,119 400,595 - 38,981 4,040 443,616 14.3% 13.6% (5,342) 13,162 - 9,656 $2.14

GILROY / MORGAN HILL

A 578,491 109,639 - 25,000 - 134,639 23.3% 23.4% 692 2,509 - - $1.80 B 187,330 18,237 2,500 2,477 - 23,214 12.4% 12.2% - - - - $1.86 C 312,700 32,977 - - - 32,977 10.5% 13.0% - - - - $2.05 Total 1,078,521 160,853 2,500 27,477 - 190,830 17.7% 18.6% 692 2,509 - - $1.81

LOS ALTOS

A 277,215 6,564 - 1,358 - 7,922 2.9% 4.7% 23,971 24,844 21,207 - $5.28 B 500,812 30,404 - 1,872 - 32,276 6.4% 9.1% 5,184 (4,896) - - $4.61 C 375,197 699 - 17,600 - 18,299 4.9% 4.7% 759 759 - - $4.98 Total 1,153,224 37,667 - 20,830 - 58,497 5.1% 6.7% 29,914 20,707 21,207 - $4.84

MOUNTAIN VIEW

A 3,554,990 - - 45,812 26,614 72,426 2.0% 1.4% 55,792 937,025 29,924 - $8.18 B 1,223,791 27,774 - 19,977 12,901 60,652 5.0% 5.6% 12,066 5,571 - - $4.45 C 476,305 17,550 - - - 17,550 3.7% 4.4% - (2,315) - - $4.15 Total 5,255,086 45,324 - 65,789 39,515 150,628 2.9% 2.6% 67,858 940,281 29,924 - $6.05

PALO ALTO

A 4,596,946 49,601 - 155,927 13,563 219,091 4.8% 5.1% 45,751 33,606 25,972 220,416 $8.62 B 4,338,993 227,399 13,819 52,120 14,123 307,461 7.1% 9.4% 56,458 (38,841) - - $6.30 C 1,249,575 10,618 4,029 14,876 10,854 40,377 3.2% 3.0% 3,704 (3,201) - - $7.15 Total 10,185,514 287,618 17,848 222,923 38,540 566,929 5.6% 6.7% 105,913 (8,436) 25,972 220,416 $7.38

SAN JOSE

A 12,530,117 1,739,046 117,661 326,654 129,009 2,312,370 18.5% 19.3% 37,278 56,774 - 1,840,075 $3.43 B 9,744,037 926,883 60,590 107,677 22,330 1,117,480 11.5% 13.6% (18,895) (113,106) - - $2.46 C 3,991,645 330,130 2,066 81,851 - 414,047 10.4% 12.0% 52,006 17,458 - - $2.17 Total 26,265,799 2,996,059 180,317 516,182 151,339 3,843,897 14.6% 16.1% 70,389 (38,874) - 1,840,075 $3.09

SANTA CLARA

A 6,483,087 403,803 84,614 173,283 173,192 834,892 12.9% 22.2% 525,431 384,009 - 1,088,686 $3.97 B 4,542,387 251,510 53,598 155,751 22,500 483,359 10.6% 10.9% (66,261) (87,200) - - $2.65 C 617,833 59,881 - 6,925 - 66,806 10.8% 11.6% 4,470 7,961 - - $1.81 Total 11,643,307 715,194 138,212 335,959 195,692 1,385,057 11.9% 17.0% 463,640 304,770 - 1,088,686 $3.64

SUNNYVALE

A 8,945,605 136,820 73,320 14,047 5,116 229,303 2.6% 4.4% 303,966 762,694 315,272 1,508,746 $4.97 B 1,361,710 59,278 - 24,694 - 83,972 6.2% 5.1% (17,008) 21,671 - - $3.90 C 490,595 102,790 - - - 102,790 21.0% 21.2% 1,080 7,370 - - $3.84 Total 10,797,910 298,888 73,320 38,741 5,116 416,065 3.9% 5.3% 288,038 791,735 315,272 1,508,746 $4.76

SILICON VALLEY TOTALSA 40,214,916 2,699,108 275,595 800,360 362,193 4,137,256 10.3% 12.6% 943,558 2,188,477 432,375 7,770,638 $3.98 B 28,537,905 1,887,721 134,573 465,636 73,677 2,561,607 9.0% 10.1% (33,137) (213,551) - - $3.15 C 8,476,985 575,543 6,095 122,292 13,838 717,768 8.5% 9.4% 61,868 26,626 - - $2.86 Total 77,229,806 5,162,372 416,263 1,388,288 449,708 7,416,631 9.6% 11.3% 972,289 2,001,552 432,375 7,770,638 $3.68

QUARTERLY COMPARISON AND TOTALS

2Q-15 77,229,806 5,162,372 416,263 1,388,288 449,708 7,416,631 9.6% 11.3% 972,289 2,001,552 432,375 7,770,638 $3.68 1Q-15 76,705,120 5,926,588 532,015 1,731,090 505,245 8,694,938 11.3% 11.1% 1,029,263 1,029,263 1,228,557 8,090,151 $3.63 4Q-14 75,136,480 6,014,559 554,237 1,164,914 576,782 8,310,492 11.1% 12.2% 878,251 2,021,065 581,837 8,086,492 $3.52 3Q-14 72,659,597 6,589,439 547,995 1,146,398 600,304 8,884,136 12.2% 13.3% 483,501 1,142,814 70,802 8,258,649 $3.47 1Q-14 72,452,104 7,057,523 698,229 1,389,412 467,955 9,613,119 13.3% 14.2% 364,663 659,313 246,000 4,993,108 $3.22


Market Comparisons – Silicon Valley

R&D, INDUSTRIAL & WAREHOUSE MARKETS

TYPETOTAL

INVENTORY SF

DIRECT VACANT

SF

SUBLEASE VACANT

SF

DIRECT OCCUPIED

SF

SUBLEASE OCCUPIED

SF

TOTAL AVAILABLE

SF

AVAILABILITYRATE

Q2-2015

AVAILABILITYRATE

Q1-2015

NET ABSORPTIONQ2-2015 YTD

COMPLETED Q2-2015

UNDER CONSTR.

SF

NNNWTD AVGASKING

CAMPBELL

R&D 1,371,053 72,397 - 65,023 24,660 162,080 11.8% 14.4% 42,558 46,508 - - $1.78 IND 953,359 23,220 - 17,399 - 40,619 4.3% 3.1% (7,320) (20,220) - - $1.50

TOTAL 2,324,412 95,617 - 82,422 24,660 202,699 8.7% 9.8% 35,238 26,288 - - $1.77

CUPERTINO

R&D 2,856,248 - - - - - 0.0% 0.0% - - - - $-

TOTAL 2,856,248 - - - - - 0.0% 0.0% - - - - $-

FREMONT

R&D 19,684,938 2,124,079 147,182 338,420 70,418 2,680,099 13.6% 16.8% 463,778 726,802 - - $1.13 IND 9,684,396 151,148 - 16,000 - 167,148 1.7% 8.2% 582,622 541,739 - 354,540 $0.72 WSE 7,319,293 24,626 - 53,410 - 78,036 1.1% 2.3% 54,642 748,018 - 475,696 $0.62 TOTAL 36,688,627 2,299,853 147,182 407,830 70,418 2,925,283 8.0% 11.6% 1,101,042 2,016,559 - 830,236 $1.09

GILROY

R&D 372,104 107,938 - - - 107,938 29.0% 26.6% (8,789) (31,938) - - $0.75 IND 1,581,961 89,932 8,806 - - 98,738 6.2% 5.1% (21,464) (27,568) - - $0.66 WSE 3,382,070 207,470 - - - 207,470 6.1% 6.1% - 48,190 - 450,000 $0.50 TOTAL 5,336,135 405,340 8,806 - - 414,146 7.8% 7.3% (30,253) (11,316) - 450,000 $0.59

LOS GATOS

R&D 337,324 14,470 - 9,923 - 24,393 7.2% 4.3% - (14,470) - - $2.07

TOTAL 337,324 14,470 - 9,923 - 24,393 7.2% 4.3% - (14,470) - - $2.07

MILPITAS

R&D 13,545,297 948,719 139,464 86,479 72,960 1,247,622 9.2% 9.1% (56,624) 216,687 - - $1.46 IND 3,058,976 120,522 15,090 68,432 - 204,044 6.7% 7.9% 108,102 60,040 - - $0.78 WSE 4,705,691 163,351 - 366,934 4,806 535,091 11.4% 12.0% - (163,351) - - $0.67

TOTAL 21,309,964 1,232,592 154,554 521,845 77,766 1,986,757 9.3% 9.5% 51,478 113,376 - - $1.17

MORGAN HILL

R&D 2,768,135 86,688 13,200 7,654 - 107,542 3.9% 3.7% (27,546) (49,848) - - $0.94 IND 2,235,576 48,693 5,040 81,185 - 134,918 6.0% 6.2% - (17,220) - - $0.95 WSE 482,538 20,754 - - - 20,754 4.3% 4.3% - - - - $0.49

TOTAL 5,486,249 156,135 18,240 88,839 - 263,214 4.8% 4.8% (27,546) (67,068) - - $0.90

MOUNTAIN VIEW

R&D 13,757,754 117,239 43,327 94,361 68,617 323,544 2.4% 2.9% 52,297 (2,296) - - $2.79 IND 1,670,654 2,000 - - - 2,000 0.1% 1.2% 1,196 7,780 - - $-TOTAL 15,428,408 119,239 43,327 94,361 68,617 325,544 2.1% 2.7% 53,493 5,484 - - $2.79

PALO ALTO

R&D 13,369,975 22,494 57,666 - 28,151 108,311 0.8% 0.9% (37,666) (40,778) - 47,917 $4.15 TOTAL 13,369,975 22,494 57,666 - 28,151 108,311 0.8% 0.9% (37,666) (40,778) - 47,917 $4.15

SAN JOSE

R&D 41,202,364 4,915,565 298,926 929,681 410,960 6,555,132 15.9% 17.1% 356,497 357,655 - 150,000 $1.61 IND 22,885,223 465,992 47,536 302,864 - 816,392 3.6% 4.9% 149,431 134,150 - - $0.84 WSE 16,856,594 563,658 120,000 168,015 - 851,673 5.1% 5.5% (131,759) (19,696) - - $0.60 TOTAL 80,944,181 5,945,215 466,462 1,400,560 410,960 8,223,197 10.2% 11.2% 374,169 472,109 - 150,000 $1.45

SANTA CLARA

R&D 19,739,735 1,776,522 118,021 250,442 95,302 2,240,287 11.3% 11.9% 124,986 335,736 - - $1.98 IND 11,497,421 164,238 10,060 25,436 - 199,734 1.7% 2.7% 29,785 90,005 - - $1.38 WSE 3,193,166 78,256 - 97,551 - 175,807 5.5% 7.5% 64,836 30,636 - - $0.84 TOTAL 34,430,322 2,019,016 128,081 373,429 95,302 2,615,828 7.6% 8.4% 219,607 456,377 - - $1.91

SUNNYVALE

R&D 22,940,873 768,671 58,169 303,369 193,682 1,323,891 5.8% 7.2% 241,465 377,734 - - $2.33 IND 6,059,982 135,427 - 16,806 - 152,233 2.5% 3.1% 5,171 (11,364) - - $0.93 WSE 1,763,134 56,773 - - - 56,773 3.2% 10.5% 77,880 99,480 - - $2.30 TOTAL 30,763,989 960,871 58,169 320,175 193,682 1,532,897 5.0% 6.6% 324,516 465,850 - - $2.25

SILICON VALLEY TOTALSR&D 151,945,800 10,954,782 875,955 2,085,352 964,750 14,880,839 9.8% 10.8% 1,150,956 1,921,792 - 197,917 $1.69 IND 60,841,303 1,318,834 86,532 528,122 - 1,933,488 3.2% 5.0% 852,523 775,042 - 354,540 $0.86 WSE 38,132,805 1,114,888 120,000 685,910 4,806 1,925,604 5.0% 6.0% 65,599 743,277 - 925,696 $0.70 TOTAL 250,919,908 13,388,504 1,082,487 3,299,384 969,556 18,739,931 7.5% 8.7% 2,069,078 3,440,111 - 1,478,153 $1.53

QUARTERLY COMPARISON AND TOTALS2Q-15 250,919,908 13,388,504 1,082,487 3,299,384 969,556 18,739,931 7.5% 8.7% 2,069,078 3,440,111 - 1,478,153 $1.53 1Q-15 249,910,294 15,875,910 1,084,472 3,349,747 1,452,806 21,762,935 8.7% 8.8% 1,371,033 1,371,033 691,218 221,213 $1.42 4Q-14 248,937,322 16,903,856 1,351,619 2,554,630 1,003,083 21,813,188 8.8% 9.9% 1,106,844 1,974,384 111,100 912,009 $1.32 3Q-14 248,562,811 18,773,662 1,421,121 3,483,689 920,725 24,599,197 9.9% 10.3% 192,582 867,540 275,000 1,023,109 $1.25 2Q-14 247,642,980 18,762,522 1,836,049 3,978,883 950,207 25,527,661 10.3% 10.7% 1,093,741 674,958 - 1,124,813 $1.22


12 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International

Copyright © 2015 Colliers International.The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

FOR MORE INFORMATIONExecutive Managing DirectorJeff Fredericks, SIORExecutive Managing [email protected] +1 408 282 3801CA License No. 00802610

San Jose ResearchJennifer VauxRegional Research [email protected] +1 408 282 3898

Colliers International | San Jose450 West Santa Clara StreetSan Jose, CA 95113United Statestel +1 408 282 3800fax +1 408 292 8100CA License No. 00490878

502 offices in 67 countries on 6 continentsUnited States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108

$2.3billion in annual revenue

1.7billion square feet under management

16,300professionals and staff

Understanding AbsorptionColliers uses several measurements to track market conditions and deal flow. While related, the formulas to arrive at these measurements differ. Using the results of the most recent quarter, here is how Colliers measures change in availability, net absorption and effective net absorption.

Change in Availability: This measurement is simply the difference between the amounts of space available at the end of one period to the next. The table below shows that total available space decreased by 4,138,417 square feet in the year’s second quarter. Note that “change in availability” includes adjustments for space that is “taken off the market”. Space “taken off the market” is not a factor in net absorption measurements. Total Available end of 1Q15 30,457,873Plus: Vacant & Occupied Space that came available in 2Q15 2,790,763Plus: New Shell added in 2Q15 432,375

1Q15 Available + Newly Available in 2Q15 36,011,380Less: 2Q15 Gross Absorption -7,233,211Less: 2Q15 Adjustments/Taken off Market 128,344Total Available end of 2Q15 26,156,562

Net Absorption: Net absorption measures the change in occupied space from one period to the next. In this measurement, it is important to distinguish that a building may be “available”, but not vacant (often the case in a sublease situation, for example). Therefore, occupancy is not reduced (negative net absorption) until the space is vacated, and sometimes that does not happen until the space is leased, creating a net absorption “wash” for the deal and for that particular period. New Vacant Space that came available 2Q15 -801,033Previously Available Space that was vacated in 2Q15 -3,390,811

2Q15 Total Vacant added (Occupancy Loss) -4,191,844 1Q15 Gross Absorption (occupancy gain) 7,233,211 2Q15 Net Absorption (change in Occupancy) 3,041,367

Effective Net Absorption: In 2003, Colliers created a measurement of “effective net absorption”. Effective net absorption uses the same formula as the net absorption formula, except that it treats any space that comes available as if it is vacant, whether it is or it is not. The purpose of the measurement is to get a better “real time” gauge of occupancy flow in and out of the market, acknowledging that space that is available for lease is likely to be vacated shortly and underutilized presently.

New Vacant Space that came available 2Q15 -801,033Occupied Space that came available 2Q15 -4,989,7301Q15 Total Available added -2,790,763 2Q15 Gross Absorption 7,233,2112Q15 Effective Net Absorption 4,442,448

, Graph 1 – Q4 Trailing

Page 1, Graph 2

Page 2, Graph 2 – Availabilities by Size Segment

Page 2, Graph 1 – Average Asking Rate by Submarket (FS)

Page 2, Graph 3 – Average Asking Rate by Class

Page 1, Graph 1 – Q4 Trailing

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FRANK E. SCHMIDT, MAI, SRA CURRICULUM VITAE, June 2015

The Schmidt-Prescott Group, Inc. Valuation Consulting, Forensic and General Appraisal, Expert Testimony

MAI and SRA MEMBER of the APPRAISAL INSTITUTE, No. 11933 California Certified General Appraiser, License No. AG005421 Certified until 11/30/2016

Phone (408)255-6840, Ext. 310 - Fax (408)255-1788 2010 N. First Street, #390, San Jose, CA 95131

email: [email protected] or Visit us on the web @ http://www.ValuationConsultant.net Mr. Schmidt has been appraising proposed and existing real estate since 1975. He has testified as an expert witness frequently during his career for both plaintiffs and defendants. Mr. Schmidt has served on numerous professional committees and boards, and in 2014was reappointed to a 3-year term by County Supervisor to the Santa Clara County Assessment Appeals Board. Notable recent assignments include the appraisal of fee and/or easement rights for a 350-acre dairy, the 56-acre San Jose Flea Market, Seven Springs Ranch comprising a historical structure and 40 acres of undeveloped land, and diminution in value consultation on the San Bruno, CA PG&E gas line that ruptured and ignited in 2010 destroying 38 homes. Mr. Schmidt was raised on a dairy farm which he entitled and converted into a residential subdivision. His land development background brings added insight and credibility to his analysis. EXPERT WITNESS TESTIMONY U.S. District Court Santa Clara County Superior Court San Joaquin County Superior Court San Francisco County Superior Court Public Utility Commission of the State of CA American Arbitration Association Standard of Care Eminent Domain VALUATION OPINIONS Real property dispute arbitration and mediation Tax Appeals Forensic Appraisals Condemnation and Inverse Condemnation Right of Way Partial Interest Bankruptcy Court Litigation Support Construction Defects Gifting and Taxation Easements Historic Properties Asphalt Batch Plants Mobile Home Parks Refuse Transfer Station Movie Theaters Dormitories and Sororities Funeral Home Self-storage Skilled Nursing Auto Dealerships Schools Gas Stations Medical Office Surgery Center Agricultural Land Residential Subdivisions and Land Development Commercial, Industrial and Residential

FRANK E. SCHMIDT, MAI, SRA Curriculum Vitae, Page 2 PROFESSIONAL AFFILIATIONS Membership in: Appraisal Institute [MAI (2002) and SRA Member (1989)] – Continuing Education Certified

through December 31, 2016 Membership in: International Right of Way Association Licensed as: Certified General Real Estate Appraiser, State of California, AG005421 – Certified through

November 30, 2016 PROFESSIONAL SERVICE 2015 Membership Chair/Board of Directors, International Right of Way Association San Jose Chapter 42 2014 Fall Conference Presenter, Appraiser DNA, N. CA Chapter of the Appraisal Institute 2012 -2014 and 2014-2017 Assessment Appeals Board, Santa Clara County, appointed by County Supervisor 2011, 2014 & 2015 Committee Member, Spring Litigation Conference, No. CA Chapter of the Appraisal Institute 2013 Fall Conference Presenter, Business Value & Special Purpose Properties, N. CA Chapter of the Appraisal Institute 2012 & 2013 Conference Chair Spring Litigation Conference, No. CA Chapter of the Appraisal Institute 2005 Fall Conference Moderator, Subdivision Appraising, N. CA Chapter of the Appraisal Institute Ex Officio/Director, International Right of Way Association, San Jose Chapter 42, 2005-2006 President, International Right of Way Association, San Jose Chapter 42, 2005 Vice President, International Right of Way Association, San Jose Chapter 42, 2004 Treasure, International Right of Way Association, San Jose Chapter 42, 2003 Director, S.F. Bay Area Chapter of the Appraisal Institute, 1995-1998 Regional Ethics and Counseling Panel, Appraisal Institute, June 1996-December 1998 Regional Representative, S.F. Bay Area Chapter of the Appraisal Institute, 1996-1997 Appraiser Member, Real Estate Research Council of Northern California Chair, South Branch of the S.F. Bay Chapter of the Appraisal Institute, 1994 Vice Chair, South Branch of the S.F. Bay Chapter of the Appraisal Institute, 1993 Director, Mission Chapter of the Appraisal Institute, 1989-1991 Regional Representative, Mission Chapter of the Appraisal Institute, 1991 FORMAL EDUCATION B.S. Business Management, 1997 University of Phoenix Graduated With Honors San Jose, CA SPECIALIZED APPRAISAL EDUCATION Eminent Domain Law Basics for Right of Way Professionals The Valuation of Partial Interest Foundations of Eminent Domain Appraisal Practice in CA Advanced Income Capitalization-510 Highest & Best Use and Market Analysis-520 Advanced Sales Comparison & Cost Approach-530 Report Writing & Valuation Analysis-540 Advanced Applications-550 Appraisal Practice for Litigation Loss Prevention for Real Estate Appraisers Appraising for Tax Appeals Residential Subdivision Feasibility Analysis Assessment Bond/Mello Roos Electromagnetic Fields and Their Effect on Value Liability Protection for Real Estate Appraisers Property Management Issues and Trends Appraisal Reporting of Complex Residential Properties Land Use Appraisal Process Environmental Hazards Depreciation Analysis HUD Reporting Practices & Appraisal Techniques Preparing Appraisals for Litigation Standards of Professional Practice (Part A), USPAP Analyzing Operating Expenses Standards of Professional Practice (Part B), AI The Appraisal of Partial Acquisitions-401 2008 Spring Litigation Conference, AI 2008 – 2010 Fall Conference, No. CA Chapter AI 2009 Spring Litigation Conference, AI Appraisal Curriculum Overview AI

FRANK E. SCHMIDT, MAI, SRA Curriculum Vitae, Page 3 SPECIALIZED APPRAISAL EDUCATION (Con’t) Wall Street – Supporting Capitalization & Yield Rates, AI 7-Hour National USPAP Update 2010 IRS Valuation Summit, AI, 2010 Tax Appeal Issues for Appraisers, AI, 2010 Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book), AI, 2010 Condemnation Appraising, Principles and Applications, AI, 2011 Spring Litigation Conference, AI, 2011 2011 Fall Conference, No. CA Chapter AI National USPAP Update, AI, 2012 Business Practices & Ethics, AI, 2012 Fundamentals of Separating Real, Personal Property, and Intangible Business Assets, AI, 2012 Spring Litigation Conference, AI, 2012, 2013 and 2014 Regression Analysis is Becoming Mainstream, AI, 2012 Commercial Tapas, AI, 2013 Eminent Domain, CLE International, 2013 2013 Fall Conference, No. CA Chapter AI 4-hour Federal & CA Statutory & Requirements, AI, 20133-hour Liability Issues for Litigation, AI, 2014 EXPERIENCE 2/95 to present: The Schmidt-Prescott Group, President San Jose, California 4/78 - 2/95: Schmidt & Associates, Inc., President San Jose and Fremont, CA 6/76 - 4/78: Senior Supervising Appraiser, Mercury Savings & Loan Cupertino, CA 1/76 - 6/76: Staff Appraiser, American Savings & Loan San Jose, CA 2/75 - 12/75: Real Estate Appraiser and Consultant, B.A. Ericson Appraisal Co., San Jose, CA SERVICE AFFILIATIONS Niles-Fremont Rotarian of the Year 2000-2001 Rotary Paul Harris Fellow PARTIAL LIST OF CLIENTS SERVED General Kaufman and Broad Wells Fargo Bank Civic Bank of Commerce Fremont Bank Comerica Bank California Resolution Trust Corporation Bank of America Stanford University The Bank of California Crosslands Mortgage Bayview Federal Bank Sanwa Bank California Ross Engineering Corporation Fleet Mortgage First Interstate Bank Headlands Mortgage Ryland Mortgage Medallion Mortgage Prudential Relocation Monument Mortgage Nations Bank Balch Enterprises Inc. Fremont Investment and Loan Barry Slatt Mortgage Co. Enterprise Trust and Investment Co. UC Berkeley Foundation Hanless Hilltop Nissan Washington Mutual Bank Pacific Gas & Electric Arlie Land and Cattle Company North Richmond Properties Zell Associates Wells Fargo Bank Trust Dept. Shea Mortgage Markovitz & Fox Mirassou Family

FRANK E. SCHMIDT, MAI, SRA Curriculum Vitae, Page 4 PARTIAL LIST OF CLIENTS SERVED (Con’t) Heritage Bank of Commerce Joseph Damas Western Pacific Housing City of Fremont Fremont Bible Fellowship Home Fed S & L Assoc. of S.F. City of Palo Alto Dynex CA Costal Rural Development Corp. Coast Capital Mortgage Guaranty Federal Bank Greater Bay Bank Corp. Bay Area Community Services GE Nuclear Energy Calif. State University, Hayward Oakland Police Officers Assoc. Orthomont Investment Group New England Mutual Life Insurance Co. City of Alameda U.S. Small Business Admin. S. C. Valley Transportation Authority Bank of Walnut Creek Universal Field Services, Inc. Alameda Co. Flood Control/Water Dist. City of Gilroy GMACCM Santa Clara Valley Water District Bay Bank of Commerce StanCorp Mortgage Investors 6000 S Corporation So. Lake Mobile Homeowners Citibank Delta Zeta Nat’l Housing Corporation Glenmoor Realty, Inc. Cohesion Technologies First Republic Bank Golden Neo-Life Diamite Internat’l TASA North American Title Co. Tri Counties Bank Cathay Bank Northern California Power Agency United Commercial Bank City of Hayward Greater Bay Bank Stockton Port District County of Santa Clara Nearon Enterprises Metropolitan Bank DART Transportation Services Sun Coast Properties & Development City of Elk Grove Four Winds Growers Bank of East Asia Cathay Bank Bridge Bank City of West Sacramento Raisch Investment Group, LTD Tech Credit Union American GI Forum County of Merced, CA Heritage Bank Duffell Financial & Construction Co. Milpitas Greens LLC Draeger Supermarkets Santa Clara Valley Transportation Authority City of Morgan Hill Chase Bank Masco Corporation First Commercial Bank Bank of the Orient Catholic Diocese of Oakland Blue Line Transfer Commerce Bank & The Commerce Trust Company of Kansas City, MO Santa Clara County Parks City of Santa Clara Parks and Rec. Dept. Costco Wholesale Attorneys and Other Professionals Laureen A. Bethards, Atty Phillip Hammer, Atty Kathleen Taylor, Atty Rachelle B. Chong, Atty William J. Elfving, Atty Katherine Walker, Atty Wendel Rosen Black & Dean, LLP William Soskin, Atty Shella Deen, Atty Michael D. McSweeney, Atty Olimpia, Whelan & Lively Sedgwick, Detert, Moran & Arnold Ingrid von Kaschnitz, Atty Stewart Stone, Atty Joel G. Schwartz, Atty Hoge Fenton Jones & Appel Trump, Alioto, Trump & Prescott Stephen D. Ink, Atty John H. Boone, Atty Naomi Comfort, Atty Paul Vorsatz, Atty Ferrari Ottoboni, LLP Heinz Binder, Atty Mark Skilling, Atty Steven D. Anderson, Atty John S. Gerhardt, Atty The Heritage Law Group Joseph Smith, Atty Jolie Houston, Atty Kirk A. Musacchio, Atty Norman MacKay, Atty Kevin P. Courtney, Atty Christine A. Robison, Atty Robin Pearson, Atty Hancock, Rothert & Bunshoft Cynthia K. Long, Atty Margaret Schneck, Atty Steve Adelman, Atty Steve Picone, Atty Keating, Muething & Klekamp, PLL Joseph C. Balestrieri, Atty Hugh Thomson, Atty John Trifilo, Atty Kevin Cody, Atty. Joseph Dworak, Atty Gayle Green, Atty Ropers, Majeski, Kohn & Bently Jesshill Love, Atty Richard LaFleur, Atty Anita Mohan, Atty Linda Meyer, Atty Jeffrey Kirschenbaum, Atty Hanson Bridgett LLP Gregory Gentile, Atty Merill Zimmershead, Atty David McLaughlin, Atty Frank Jelinch, Atty Robert Mezzetti, Atty Bradford Baugh, Atty Peggy O’Laughlin, Atty. Gale Connor, Atty. Roger Matzkind, Atty., Chief Civil Litigator, Merced County William B. Clayton, Jr., Atty. Sedgwick, LLP MacMorris & Carbone Julyn Park, Atty. Pinnacle Law Group Stubbs & Leone Sheppard, Rosen, Uziel & Sussman Mark Strombotne, Atty. Elvira Orly, Atty. Ansel Kinney, Atty. Peter Bertrand, Atty. Charles Mollett, CPA Phahnl & Hunt Accountancy William Jung, AIA Paul Parhiala, Financial Planner Daniel D. Morgan, M.D. Harold Gambill, M.D. Dennis Low, D.D.S. Dokken Engineering BKF Engineering Quincy Engineering Wood & Company, Wood Ranch Hemming Morse, LLP Greg McKinnon, CPA Claudia Stern, Litigation Consultant James Anderson, CPA Mark Ritchie, Ritchie Commercial Ferrari Ottoboni Caputo & Wunderling LLP David Trotter, Atty Renee Brewer, Deputy County Council, Marin County

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Valuation Consulting & Appraisal


2010 North First Street, Suite 390, San Jose CA 95131

Phone: (408) 255-6840 ext. 316 Fax: (408) 255-1788 Cell: (408) 218-1118

Email: [email protected]

Mr. Watson has been appraising proposed and existing commercial, industrial, residential, and

special purpose properties for more than a decade. He is working toward obtaining an

Appraisal Institute designation and is enrolled in the Appraisal Institute’s Candidate for

Designation Program, which became effective January 1, 2013. He has furthered his appraisal

knowledge by attending appraisal classes and seminars offered by The Appraisal Institute,

including the past 13 Fall Conferences put on by the Appraisal Institute of Northern California.

Past appraisal/valuation work include fee simple, leased fee, leasehold, easement, and partial

interest appraisals of improved properties and/or land for schools, service stations, office

buildings, warehouses, industrial, R&D buildings, apartment complexes, shopping centers,

big-box retail, restaurants, mixed-use, auto-related uses, manufactured housing communities,

agriculture, ranchland, courthouse, data center, historic properties, residential and commercial

condominiums, attached and detached single family dwellings, including residential

subdivisions, mixed-use properties, and land development projects. He has also provided

services to property owners and various agencies for right-of-way acquisitions.

Education

B.S. Electrical Engineering University of California

Santa Barbara, California, 2001

Appraisal & Real Estate Classes & Seminars Sponsored by The Appraisal Institute

Advanced Concepts & Case Studies General Applications

General Market Analysis & Highest and Best Use Business Practices & Ethics

Advanced Sales Comparison & Cost Approaches Advanced Income Capitalization

2014-2015 7-Hour National USPAP Update Course Basic Appraisal Procedures

General Appraiser Report Writing & Case Studies

General Demonstration Report Writing

Spring Litigation Conference 2011, 2012, 2013, 2014, 2015

Federal & California Statutory and Regulatory Laws

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Work Experience

Since January 2002: Senior Appraiser & The Schmidt-Prescott Group, Inc.

Associate Appraiser Fremont and San Jose, California

March-September 2000: Estimator Accurate Environmental Construction

Santa Barbara, California

Professional Affiliations

-California Certified General Real Estate Appraiser No. AG040050

-Appraisal Institute Candidate for Designation

- Committee Member—Silicon Valley Branch of the Appraisal Institute

Partial List of Clients Served

Agencies, Districts, and Non-Profits

County of Santa Clara Facilities & Fleet Dept. City of Fremont

County of Santa Clara Roads & Airports Dept. City of Mountain View

County of Santa Clara Parks & Recreation The Salvation Army

Santa Clara Valley Water District General Services Administration

Great Oaks Water Company County of Marin

Santa Clara Valley Transportation Authority City of San Leandro

City of Santa Clara

Attorneys and Other Professionals

Abbott, Stringham & Lynch, CPAs Michael Thornton, Esq.

Ansel D Kinney, Atty. Glenn L. Block, Atty

Maureen O’Connell, Attorney at Law Robert Christopher, Atty

Frank A Jelinch, Atty Sheppard, Mullin, Richter, Hampton

Weaver & Co., CPA Bay Wealth Legal Group

Carr, McClellan, Ingersoll, Thompson, & Horn Ramsbacher Prokey

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Individuals, Trusts, Partnerships, Corporations, and Insurance & Title Companies

WealthPLAN Fidelity National Title Group

The Estate of Jack P. Boyto Kim Spare

Ronco Properties, Ltd. Twin Creeks

Universal Field Services, Inc. Brian Horner, Milpitas RV Storage

Carden Day School Goetschi Administration Trust

Martin Reed Gregory Grey Trust

Messina Trust Marshall Squares

Sandy Rehki Young He Kim

Dorritt Saviers Peggy Galeb

Roger Ver Acranet

Fujitsu Management Services of America, Inc. Weaver Land Corp.

Warm Springs Owner’s Association Pursley Properties

Mrs. A.J. Callo Community Solutions

Steven Faro Janet Vertin

Bruce J Smith

Lenders

Community Banks of Colorado Comerica Bank

Cathay Bank Pacific Capital Bancorp

Focus Business Bank Heritage Bank of Commerce

Chanea Investments, Inc. Bridge Bank

Technology Credit Union Bank of the West

Bank of East Asia Fremont Bank

United Commercial Bank First Republic Bank

Citibank, N.A. Wells Fargo RETECHS

Commerce Trust Company Community Banks of Northern Calif.

Banco Popular North America

Updated – June 2015

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