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
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.
2010 North First Street, Suite 390, San Jose, CA 95131 (408) 255-6840 FAX (408) 255-1788 email: [email protected] Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, California
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 Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 2 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, California
Zip Code Average Value per Acre 95050 $4,900,000 95051 $5,150,000 95054 $4,930,000
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,
Matthew D. Watson, Senior Appraiser California Certified General Real Estate Appraiser No. AG040050
Frank E. Schmidt, MAI, SRA California Certified General Real Estate Appraiser No. AG005421
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 3 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, California
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
AVERAGE VALUE ESTIMATE IN 95051 ZIP CODE ...... 54
AVERAGE VALUE ESTIMATE IN 95054 ZIP CODE ...... 57
RECONCILIATION AND OPINION OF AVERAGE VALUES ...... 60
ADDENDA ...... 61
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 4 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, California
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 :
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
EFFECTIVE DATE OF VALUE : August 20, 2015
PROPERTY RIGHTS APPRAISED : Fee Simple Estate
AVERAGE VALUE CONCLUSIONS :
Zip Code Average Value per Acre 95050 $4,900,000 95051 $5,150,000 95054 $4,930,000
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 5 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, California
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;
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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.
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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
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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 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 continuing education program for Designated Members of the Appraisal Institute.
September 8, 2015 Frank E. Schmidt, MAI, SRA Date California Certified General Real Estate Appraiser, No. AG005421
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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
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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.
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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)
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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)
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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.
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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.
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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.
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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.
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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.
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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.)
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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:
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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.
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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:
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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
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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.
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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
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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:
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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.
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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.
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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:
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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
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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.
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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:
2014 Year End Summary Sales 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%
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:
July 2015 Summary of 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
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.
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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
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the start of 2012. The following rate of change was measured for each zip code and housing type since the start of 2012:
% Change per Housing Type Zip Code January-12 July-15 % Change Month 95050 $635,000 $967,500 52.4% 1.25% SFR 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% Condo & TH 95051 $295,000 $632,500 114.4% 2.72% 95054 $250,000 $950,000 280.0% 6.67%
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.
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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
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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
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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:
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
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
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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
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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.
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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.
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HIGH DENSITY COMPARABLE LAND SALES ELEMENT 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 ADDRESS 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
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 41 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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,
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 42 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 43 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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.
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 44 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
Conclusion
We concluded to the following medium-density value in the 95050 zip code for 1-acre of land:
Unit $/SF x Land Area (SF) = Indicated Value $115 x 43,560 = $5,009,400
Estimated Market Value of a 1-Acre 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
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 45 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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.
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 46 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
COMMERCIAL LAND COMPARABLE SALES ELEMENT 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 TRANSACTIONAL ADJUSTMENTS 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 LOCATIONAL ADJUSTMENTS 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
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 47 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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.
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 48 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
Conclusion
Bracketed by the comparables, we concluded to the following unit value for commercial land in the 95050 zip code:
Unit $/SF x Land Area (SF) = Indicated Value $80 43,560 $3,484,800
Estimated Market Value of a 1-Acre 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
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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.
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INDUSTRIAL LAND COMPARABLE SALES ELEMENT 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 ADDRESS 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 Bobby Darrell & Cleoma Rolston & Jacquelyn Gangi Brokers Packing Allen G Trust & Marta SELLER EGC Partnership A. Stalder 1987 Trust Charlene Wilson Johnson Company, Inc MT Dinsmore Catalyst Storage-Santa Clara Jose Antonio & Amarantina Bowles Eckstrom & BUYER Bothman Family Trust DRL Properties LLC Logadia Holdings, LLC LLC Marie Medeiros Associates, 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 TRANSACTIONAL ADJUSTMENTS 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 LOCATIONAL ADJUSTMENTS 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
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 51 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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:
Unit $/SF x Land Area (SF) = Indicated Value $38 43,560 $1,655,280
Estimated Market Value of a 1-Acre Industrial Lot in Zip Code 95050: $1,655,280
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 52 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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:
Sales in Santa Clara Between 3Q-2014 & 2Q-2015 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%
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
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 53 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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:
95050 ZIP CODE SUMMARY 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
Average Value of a Hypothetical 1-Acre Lot in the 95050 Zip Code: $4,900,000 (Rounded)
AVERAGE VALUE ESTIMATE IN 95051 ZIP CODE
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.
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 54 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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 Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 55 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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.
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 56 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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:
95051 ZIP CODE LAND USE VALUES & AVERAGE VALUE PER ACRE 95050 Average Adjustment 95051 Average Land Use x = Price per Acre Factor 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
Average Value of Hypothetical 1-Acre Lot in the 95051 Zip Code: $5,150,000 (Rounded)
AVERAGE VALUE ESTIMATE IN 95054 ZIP CODE
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:
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 57 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 58 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
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:
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 59 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
95054 ZIP CODE LAND USE VALUES & AVERAGE VALUE PER ACRE 95050 Average Adjustment 95054 Average Land Use x = Price per Acre Factor 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
Average Value of a Hypothetical 1-Acre Lot in the 95054 Zip Code: $4,930,000 (Rounded)
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)
Opinion of Average Value of a 1-Acre Lot in the 95051 Zip Code: $5,150,000
(Five Million One Hundred Fifty Thousand Dollars)
Opinion of Average Value of a 1-Acre Lot in the 95054 Zip Code: $4,930,000
(Four Million Nine Hundred Thirty Thousand Dollars)
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 60 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
ADDENDA
RealQuest Sale Transaction Excerpts by Type and Zip Code Maps of the Sale Comparables Brokerage Reports (excerpts) Qualifications of Appraiser(s)
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services 61 95050 Sales Lot Multiple? APN Situs Address Situs ZIP/ZIP+4 Sale Price Recording Date Owner Last Name Seller Bldg/Living Area Document Number Deed Type 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 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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 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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 Sales
Comment 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 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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 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(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 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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 290-59-042 840 Quince Ave 28 95051-5259 100000 3/25/2015 Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22894042 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 290-59-059 830 Quince Ave 45 95051-5257 100000 3/16/2015 Twin Pines Hsng Coop Cmnty Inc 954 $104.82 22883257 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 290-59-051 834 Quince Ave 37 95051-5258 150000 12/8/2014 Twin Pines Housing Cooperative 954 $157.23 22792971 Grant Deed 0.01 500 Condo/townhouse (06) TPHC 290-59-043 840 Quince Ave 29 95051-5259 150000 12/8/2014 Twin Pines Housing Cooperative 954 $157.23 22792969 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 290-59-062 830 Quince Ave 48 95051-5257 150000 12/5/2014 Twin Pines Housing Cooperative 1113 $134.77 22791779 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 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Comment 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 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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 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$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 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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 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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 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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 Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
RESIDENTIAL SALE COMPARABLE LOCATION MAPS
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
COMMERCIAL SALE COMPARABLE LOCATION MAP
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
INDUSTRIAL SALE COMPARABLE LOCATION MAP
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
RESIDENTIAL SALE COMPARABLE LOCATION MAPS
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
COMMERCIAL SALE COMPARABLE LOCATION MAP
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services Real Estate Appraised: Three Hypothetical One-Acre Lots, One for Each Zip Code, Santa Clara, CA
INDUSTRIAL SALE COMPARABLE LOCATION MAP
The Schmidt-Prescott Group, Inc. – Complete Property Valuation Services SILICON VALLEY Office Snapshot Second Quarter 2015
SILICON VALLEY OFFICE 2015 Setting New Records Economic Indicators The office market in the Silicon Valley ended Q2 2015 with a
12-Month vacancy rate of 8.5%. This is down from the 9.5% rate recorded in Q2 14 Q2 15 Forecast Q1 and down substantially from the 10.7% reading of one year ago. Santa Clara Co. Employment 880K 988K The 8.5% vacancy translates to 6.1 million square feet (MSF) of Santa Clara Co. Unemployment 5.4% 4.0% availabilities down from 7.3 MSF from one year ago. Even with U.S. Unemployment 6.1% 5.5% 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 Market Indicators speculative projects that are being leased up prior to delivery. 12-Month Q214 Q215 Forecast The market recorded 2.4 MSF of occupancy growth in Q2 Overall Vacancy 10.7% 8.5% surpassing Q1’s record number of 2.1 MSF. This brings the year-to-
Net Absorption SF 796K 2.4M date occupancy growth to 4.4 MSF. In just the first six months of
Under Construction SF 4.2M 5.6M 2015, the market has recorded the same level of positive net absorption that it had throughout all of 2013 and 2014 combined. Average Asking Rent (FS) $3.14 $3.42 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 Net Absorption/Asking Rent (FS) MSF posted last quarter and brings annual totals to nearly 7.1 MSF. NET ABSORPTION 4Q TRAILING AVERAGE At its current pace, the market is on track to record 14.2 MSF of 1.60 4Q Trailing Net Abs.(MSF) $3.50 deal activity in 2015; the previous record of 11.7 MSF was set in 1.40 Avg Asking (FS) $3.25 1.20 2000. In the largest deal of the quarter Palo Alto Networks signed a $3.00 1.00 751,000 SF lease from Menlo Equities on their project in Santa 0.80 $2.75 Clara. PAN will take one existing and two planned buildings. This 0.60 $2.50 deal marks the full leasing of this class A office/R&D project which 0.40 $2.25 had completed phase I of three speculative buildings in 2013. 0.20
0.00 $2.00 LinkedIn signed a lease for two planned buildings totaling 456,000 2011 2012 2013 2014 2015 SF in Mountain View. This project will start construction soon with Overall Vacancy 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). 18% The average asking rate for office space increased in Q2 to $3.42 16% per square foot (PSF) on a monthly full service basis. This number
14% stood at $3.14 PSF one year ago. The 101 Tech Corridor cities command the highest rents (currently averaging $6.86 PSF). The 12% West Valley submarkets are averaging $3.13 PSF while the Central Historical Average = 12.1% Silicon Valley trade areas are averaging $2.95 PSF. The average 10% deal rate for the region now stands at $4.43 PSF. The 101 Tech 8% Corridor submarkets continue to record the highest deal rates in the 2011 2012 2013 2014 2015 region; this metric now stands at $8.08 PSF. The Central Silicon
SILICON VALLEY Office Snapshot Second Quarter 2015
Valley submarkets presently average $3.72 PSF while the average Average Asking Rate by Submarket (FS) rate for the West Valley now stands at $3.70 PSF. NORTHERN CITIES COMMANDING HIGHEST RENTS $9
$8.07 Investor demand for Silicon Valley product remains robust, $8 $7.02 particularly for well-located, modern buildings with long-term $7 tenancy from tenants in place. Top transactions in Q2 include the $6 $4.86 $4.85 $5 sale of SV Towers in Downtown San Jose to Harvest Properties/ $4.48 $4.36
$4 Invesco. The Equity Office portfolio also closed this quarter. $3.45 $3.41 $3.24 NNN $2.86 $3 $2.69 $2.68 Hudson Pacific purchased 79 buildings located in the Bay Area $2.48 $2.41 $2.22 $2.10 $1.97 totaling 8.2 MSF for $3.6B. Of these properties approx. 5 MSF $2 are located in Silicon Valley with the balance situated on the $1
Peninsula. $0 MP Mtv Cup Cam Lgs/Sar Downtn Al/Civic Mil Fre
Construction across the region stands at 5.6 MSF. This total Availabilities by Size Segment LACK OF SUPPLY FOR QUALITY LARGE BLOCK SPACE Occupancy is a record levels—Q2 net absorption came in at 2.4 MSF bringing the 43 year-to-date total to 4.4 MSF. 82 0-5K 163 970 5-10K construction breaks down to 3.5 MSF of BTS product and 2 MSF Listings 10-20K of speculative product. Vacancy may tick up slightly this year as 20K+ speculative projects are completed. However, demand remains 682 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, Average Asking Rate by Class (Full Service) CBD CLASS A RENTS INCREASED 22% SINCE 2010 look for rents to continue to climb in 2015.
$4.30 $3.60 Outlook $3.80 $3.10 Occupancy growth in Q2 was 2.4 MSF, bringing year-to- date totals to a whopping 4.4 MSF. This compares to $3.30 4.4 MSF in all of 2013 and 2014 combined. $2.60
Class A Class A $2.80 Class B Class B The current average asking rent of $3.42 PSF (full $2.10 service) is up 9% from one year ago and 24% from the $2.30 Q2 2011 post-recession low-water mark of $2.77 PSF.
$1.80 $1.60 We are tracking 5.5 MSF of new office product under 2010 2011 2012 2013 2014 2015
development, of which just 2.0 MSF is speculative. BTS Class A Class B campus projects will continue to drive strong occupancy growth numbers heading into 2016.
www.dtz.com | 2
SILICON VALLEY Office Snapshot Second Quarter 2015
CURRENT AVERAGE ASKING AVERAGE SUBLET DIRECT VACANCY YTD NET UNDER INVENTORY NET RENT (ALL ASKING RENT VACANT VACANT RATE ABSORPTION CONSTRUCTION ABSORPTION Classes) (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
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
www.dtz.com | 3
SILICON VALLEY Office Snapshot Second Quarter 2015
Office Submarkets
About DTZ Julie Leiker Director of Research, Silicon Valley DTZ is a global leader in commercial real estate services providing occupiers, tenants and 300 Santana Row Fifth Floor investors around the world with a full spectrum of property solutions. The company’s core San Jose, CA 95128 Tel: 408 615 3400 capabilities include agency leasing, tenant representation, corporate and global occupier Fax: 408 615 3444 services, property management, facilities management, facilities services, capital markets, investment and asset management, valuation, research, consulting, and project and Managing Editor: Garrick Brown development management. DTZ provides property management for 1.9 billion square feet, or VP of Research, West Region [email protected] 171 million square meters, and facilities management for 1.3 billion square feet, or 124 The information contained within this report is gathered from million square meters. The company completed $63 billion in transaction volume globally in multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or 2014 on behalf of institutional, corporate, government and private clients. Headquartered in representations as to its accuracy.
Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in Copyright © 2014 DTZ. All rights reserved. 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.
www.dtz.com | 4 RetailResearch MARKET O VERVIEW San 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% Employment: The pace of job growth in Silicon Valley will remain robust as employers increase in add 42,000 positions this year, lifting staffing levels 4.1 percent. Last year, 49,100 spots total employment were generated.
500,000 Construction: Construction will be constrained again this year, limiting competition for exist- square feet ing properties. In 2015, approximately 500,000 square feet of retail space will be completed, will be completed following 720,000 square feet last year.
50 basis Vacancy: Although vacancy softened during the first quarter, the rate will fall through the rest point of the year to 3.5 percent in the fourth quarter, an annual improvement of 50 basis points. Last decrease in vacancy year, vacancy retreated 90 basis points.
7.4% Rents: Retail operators will aggressively raise rates as the sector joins office and apartment increase in asking properties in enjoying the current tech boom. After a 3.9 percent rise in 2014, asking rents will rents jump 7.4 percent to $32.30 per square foot in 2015. Economy ■ Technology firms are charging ahead with expansions in the Silicon Valley, Employment Trends supportingAsking a 5.3 Rent percent Trends jump in payrolls during the past 12 months. Em-
Metro United States ployers addedMetro 53,000United jobs States during that time, up from 43,200 spots during the 6.0% 10%previous year.
4.5% ■ 5%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 3.0% Employment Trends 0%rise inAsking payrolls. Rent While Trends technology firms account for a significant share of hir- ing, every sector posted positive growth year over year. Metro United States Metro United States 1.5% -5% 6.0% 10% Year-over-Year Change Year-over-Year Change ■ Over the past 12 months, retail sales climbed 4.5 percent as new entrants to 0% -10% 4.5% 11 12 13 14 15* 5%the market11 purchased12 13 big-ticket14 items.15* In the prior year-long stretch, retail sales gains measured just 1.7 percent. 3.0% 0% Retail Completions Single-Tenant Sales Trends Employment Trends ■ Outlook:Asking The Rent pace Trendsof job growth in Silicon Valley will remain robust as em- 1.00 $460 1.5% Metro United States -5%ployers addMetro 42,000United positions States this year, lifting staffing levels 4.1 percent. Last Year-over-Year Change Year-over-Year Change 6.0% 10%year, 49,100 spots were generated. 0.750% -10%$410 11 12 13 14 15* 11 12 13 14 15* 4.5% Construction5% 0.50 $360 3.0% Retail Completions ■ 0%InSingle-Tenant the past year, a Sales handful Trends of projects amounting to 580,000 square feet of space came online in the metro, lifting retail stock 0.8 percent. In the previous 1.00 0.25 $460$310 1.5% -5%year, builders completed a similar amount of space. Year-over-Year Change Year-over-Year Change Average Price per Square Foot Square Feet Completed (millions) 0.75 $410 0%0 ■-10% $260 1111 1212 1313 1414 15* Developers1111 have1212 just 1313380,0001414 square15**15* feet of space underway in the market as construction remains focused on other property types. Roughly one-third of 0.50 $360the space under construction is pre-leased. An additional 1.3 million square Vacancy Rate Trends Multi-Tenant Sales Trends Retail Completions feetSingle-Tenant is on the drawing Sales board, Trends down modestly from one year ago. Metro United States $400 1.000.25 $460$310 12% ■ Average Price per Square Foot The largest project underway is the Sun Garden retail center at 1600 Monterey Square Feet Completed (millions) $350 0.750 $410$260Road. A Wal-Mart Neighborhood Market is already on the site, while con- 9% 11 12 13 14 15* 11 12 13 14 15** struction wraps up on the remaining space. A total of 210,000 square feet will $300be developed, including pad sites. 0.506% Vacancy Rate Trends $360Multi-Tenant Sales Trends
Vacancy Rate Metro United States $400 3% ■ $250Outlook: Construction will be constrained again this year, limiting competi- 12%0.25 $310
Average Price per Square Foot tion for existing properties. In 2015, approximately 500,000 square feet of Average Price per Square Foot Square Feet Completed (millions) 0% $350$200retail space will be completed, following 720,000 square feet last year. 9%0 11 12 13 14 15* $260 11 12 13 14 15** 11 12 13 14 15* 11 12 13 14 15** $300 6% Vacancy Vacancy Rate Trends ■ InMulti-Tenant the first quarter, Sales vacancy Trends ticked up 30 basis points to 4.0 percent as anchor Vacancy Rate 3% Metro United States $400$250stores shuttered in South San Jose. Despite the uptick, vacancy remains 50 12% Average Price per Square Foot basis points below the year-ago rate. 0% $350$200 11 12 13 14 15* 11 12 13 14 15** 9% ■ At neighborhood/community and strip centers, vacancy was 5.2 percent in $300this year’s opening period, down 90 basis points from the first quarter of 2014. 6% The rate is 270 basis points below the 2010 peak. Vacancy Rate 3% $250 ■ Most malls in Silicon Valley have almost no available space, while power cen- Average Price per Square Foot 0% $200ters have room for improvement. In the first quarter, mall vacancy was 1.6 11 12 13 14 15* percent11 and power12 center13 vacancy14 was15** 5.4 percent after respective gains of 20 basis points and 60 basis points over the past year. * Forecast ■ 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 Rents ■ Operators are leveraging tight conditions to restore asking rents. Over the past year, rents for available space have soared 6.6Employment percent to $31.21 Trends per square Asking Rent Trends
foot, following a 2.2 percent rise in the prior year-longMetro period.United States Metro United States 6.0% 10% ■ 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.4.5% Although momentum is forming in 5% this segment, asking rents remain 12 percent below the 2006 level. 3.0% Employment Trends 0% Asking Rent Trends ■ In Palo Alto, where vacancy is below 1 percent due to intense demand from Metro United States Metro United States 1.5% -5% retailers hoping to gain a foothold at 6.0%the heart of Silicon Valley, asking rents 10% Year-over-Year Change soared 11.2 percent in the past year. Year-over-Year Change The Morgan Hill/Gilroy and Santa Clara 0% -10% submarkets also posted double-digit gains4.5% in 11the past12 year. 13 14 15* 5% 11 12 13 14 15*
■ Outlook: Retail operators will aggressively3.0% raise rates as the sector joins office 0% Retail Completions Single-Tenant Sales Trends and apartment properties in enjoying the currentEmployment tech boom. TrendsAfter a 3.9 per- Asking Rent Trends 1.00 cent rise in 2014, asking rents will jump1.5% 7.4 percentMetro to $32.30United per States square foot $460-5% Metro United States Year-over-Year Change in 2015. Year-over-Year Change 6.0% 10% 0.750% -10%$410 11 12 13 14 15* 11 12 13 14 15* 5% Single-Tenant Sales Trends**4.5% 0.50 $360 ■ Limited construction activity has hampered3.0% Retailsingle-tenant Completions sales velocity in 0%Single-Tenant Sales Trends Silicon Valley over the past year. A significant decline in restaurant sales was 0.251.00 $460 recorded, along with storefronts. However,1.5% a greater number of fast-food es- $310-5% Year-over-Year Change Year-over-Year Change Average Price per Square Foot
tablishments changed hands. Square Feet Completed (millions) 0.75 $410 0%0 -10%$260 1111 1212 1313 1414 15*15* 1111 1212 1313 1414 15**15* ■ Fast-food properties traded at an average price of more than $1,000 per square 0.50 $360 foot for the second consecutive year, while restaurantsVacancy sold Rate for moreTrends than $400 Multi-Tenant Sales Trends per square foot. Retail Completions Single-Tenant Sales Trends Metro United States $400 0.251.00 $310$460 12% ■ Average cap rates are among the lowest in the country due to insatiable inves- Average Price per Square Foot Square Feet Completed (millions) $350 tor demand for local single-tenant properties.0.750 Drugstores and fast-food prop- $260$410 9% 11 12 13 14 15* 11 12 13 14 15** erties can change hands at first-year returns well below 5 percent. $300 0.50 6% Vacancy Rate Trends $360Multi-Tenant Sales Trends ■ Outlook: Another year of lackluster development will limit new opportunities Vacancy Rate Metro United States $250$400 for investors seeking prime single-tenant3%0.25 properties with new leases. Creative 12% $310
buyers will target properties with near-term lease expirations to reposition and Average Price per Square Foot Average Price per Square Foot lift rents with a new tenant. Square Feet Completed (millions) 0% $200$350 9%0 11 12 13 14 15* $260 11 12 13 14 15** 11 12 13 14 15* 11 12 13 14 15** $300 Multi-Tenant Sales Trends**6% Vacancy Rate Trends Multi-Tenant Sales Trends ■ During the most recent 12-month period, deal flow surged by more than 50 Vacancy Rate percent in the multi-tenant sector as buyers3% eagerMetro to acquireUnited single-tenant States $250$400 12% properties widened their parameters. Average Price per Square Foot 0% $200$350 11 12 13 14 15* 9% 11 12 13 14 15** ■ 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, $300 6% masking some of the price appreciation in the market. Vacancy Rate 3% $250 ■ Average cap rates for multi-tenant assets tightened 40 basis points during the Average Price per Square Foot most recent 12-month period to the low-50% percent range. First-year returns are $200 300 basis points below the 2010 peak. 11 12 13 14 15* 11 12 13 14 15**
■ Outlook: Intense demand for multi-tenant properties will persist this year as * Forecast buyers await an opportunity to acquire real estate in the metro. Investors will ** Trailing 12 months through first quarter explore repositioning plays in East San Jose, where entry price points are lower, Sources: CoStar Group, Inc.; Real Capital Analytics affording more capital for improvements. Marcus & Millichap u Retail Research Report page 3 Capital Markets By WILLIAM E. HUGHES, Senior Vice President, Marcus & Millichap Capital Corporation
■ COLOR LINEThe VERSION 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 Visit www.NationalRetailGroup.com or call: Bill Rose purchase retail assets and debt providers continue to compete for market share Vice President, National Director while also maintaining underwriting discipline. National Retail Group BLACK TEXT VERSION Tel: (858) 373-3100 ■ Loan-to-value ratios generally range from 60 percent to 75 percent, depending on as- [email protected] 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- WHITE TEXTnancing VERSION 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.
Prepared and edited by Stephen Hovland Local Highlights Senior Analyst ■ Research Services 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 For information on national retail trends, contact recent acquisition of the mall, the new owner appears to be making plans to John Chang raze and redevelop a mixed-use project on the site if Cupertino approves. First Vice President, Research Services Tel: (602) 687-6700 [email protected] ■ 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 Palo Alto Office: Steven Seligman Santa Clara and another location is underway in San Jose. The chain will open Vice President, Regional Manager both Bennigan’s and Steak and Ale locations. [email protected] 2626 Hanover Street Palo Alto, California 94304 ■ 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 Tel: (650) 391-1700 Fax: (650) 391-1710 call for an office campus with more than 1.6 million square feet of space. The increase in local workers will benefit nearby retailers.
Price: $150 ■ 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 © Marcus & Millichap 2015 campus in the coming years. www.MarcusMillichap.com
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. SANTA CLARA COUNTY Retail Market Snapshot Second Quarter ••• 2015
High Demand for Quality Product SANTA CLARA COUNTY RETAIL At the close of Q2 2015, shopping center vacancy in Santa Clara Economic Indicators County stood at 5.3%, down from the 5.5% rate of a year ago 12-Month Q2 14 Q2 15 Forecast 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 Santa Clara Co. Employment 880K 988K (Downtown/South/Campbell/Los Gatos) submarket, where Santa Clara Co. Unemployment 5.4% 4.0% vacancy ticked up from 4.8% to 5.4% in Q2. We divide the U.S. Unemployment 6.1% 5.5% 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 Indicators market added 171,000 square feet (SF) of new product but 12-Month Q2 14 Q2 15 recorded only 51,000 SF of actual occupancy growth. Most of Forecast this quarter’s deliveries were expansions or additional pad Overall Vacancy 5.5% 5.3% buildings at existing centers and leasing activity is already brisk Net Absorption SF 139K 58K on what was delivered to the marketplace empty so this should Under Construction SF 599K 501K actually translate into a surge of occupancy growth and falling Average Asking Rent (NNN) $27.96 $28.32 vacancy numbers for this trade area come Q3.
San Jose aside, this was a relatively flat quarter for shopping Net Absorption/Asking Rent (NNN) center activity in Silicon Valley. Two of the region’s submarkets NET ABSORPTION 1Q TRAILING AVERAGE (Milpitas and Morgan Hill) saw no movement in vacancy. Vacancy 5.0 $29.00 4Q Trailing Net Abs.(100K SF) currently stands at a tight 5.4% in Milpitas (compared to 5.5% a 4.0 Avg Asking (NNN) $28.00 year ago). It has stood at 7.9% for the past six months in the 3.0 Morgan Hill/Gilroy area (compared to 8.4% a year ago). As the 2.0 $27.00 core markets of Silicon Valley have grown tighter we have seen 1.0 $26.00 0.0 more retailer interest in this outlying submarket, however, until $25.00 -1.0 we see residential development ramping up here we don’t
-2.0 $24.00 anticipate this market to see the same robust levels of demand 2011 2012 2013 2014 2015 that are in place in virtually every other Silicon Valley trade area. Overall Vacancy All told, the market recorded just 59,000 SF of occupancy
9.0% growth in Q2, bringing year-to-date tallies back into the black to
8.0% 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 7.0% experienced 14,000 SF of occupancy growth. But it was the San 6.0% Jose marketplace that was the big winner with 51,000 SF of Historical Average = 6.4% 5.0% expansion. Meanwhile, Santa Clara lost approximately -1,000 SF
4.0% 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 3.0% 2011 2012 2013 2014 2015 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 SANTA CLARA COUNTY Retail Market Snapshot Second Quarter ••• 2015
space in the region continues to hinder growth. This quarter’s Average Asking Rate by Market (NNN) growth was almost exclusively limited to new product being SANTA CLARA COUNTY RETAIL RENTS INFLUENCED BY TECH BOOM delivered. There is just over 39.0 million square feet (MSF) of $40 $37.68 total shopping center inventory in the region and just under 2.1 $35.28 $35 MSF of currently available product. The problem is that $33.48 roughly 1.8 MSF of that total is space in local Class B or Class $30.24 $30 $28.92 C centers, when retailer demand is overwhelmingly focused on high quality space with tenants willing to pay the difference. $25
With new product siphoning most of the local $20 $18.60 occupancy gains, the marketplace for Class B-/C $15 space will remain extremely competitive... SV/CP PA/MV/LA SC SJDT/CB/LG MP/NSJ MH/GIL
The current average asking rent for the region is $28.32 per square foot (PSF) on an annual triple net basis. This statistic Availabilities by Center Type SPACE PREDOMINANTY IN NEIGHBORHOOD & COMMUNITY CENTERS 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 0% 14% class or size. With Class B and C centers accounting for most of Neighborhood & Community what is currently available; this number is far from the $48.00 Strip PSF or more that we are regularly seeing for small shop space. 17% 2.0M In fact, we are regularly seeing premium shop space in brand Square Feet Power & Regional new centers lease at $70.00 PSF of more. This divide in rents Mall 69% won’t end anytime soon. We are tracking 502,000 SF of space Specialty 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 Average Asking Rate by Type (NNN) Class B-/C space will remain extremely competitive. STRIP CENTERS SEE RISE IN RENTS FOR Q1
$35 Outlook $33 $31
• We are tracking 502,000 SF of new product in the $29 development pipeline currently; 363,000 SF of this is in the $27 San Jose market while Sunnyvale accounts for 139,000 SF. $25 $23 • The San Jose market accounted for the lion’s share of $21
growth in Q2; Shopping center occupancy increased by $19
51,000 SF. But the addition of 171,000 SF of new $17
product meant vacancy increased from 4.8% to 5.4% $15 2011 2012 2013 2014 2015 • Sunnyvale remains the region’s tightest marketplace with a Neighborhood & Community Strip vacancy rate of just 3.4%. Power & Regional Mall
www.dtz.com | 2 SANTA CLARA COUNTY Retail Market Snapshot Second Quarter ••• 2015
SUBLEASE DIRECT TOTAL AVERAGE VACANCY Q1-15 NET YTD NET INVENTORY AVAILABLE AVAILABLE AVAILABLE ASKING RATE ABSORPTION ABSORPTION SPACE SPACE SPACE 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
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
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
Key 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 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 | 3 SANTA CLARA COUNTY Retail Market Snapshot Second Quarter ••• 2015
Retail Submarkets Santa Clara County
About DTZ
DTZ is a global leader in commercial real estate services providing occupiers, tenants and Garrick Brown VP of Research, West Region investors around the world with a full spectrum of property solutions. The company’s core [email protected] capabilities include agency leasing, tenant representation, corporate and global occupier 201 California Street services, property management, facilities management, facilities services, capital markets, Suite 800 investment and asset management, valuation, research, consulting, and project and San Francisco, CA 94111 Tel: 916.329.1558 development management. DTZ provides property management for 1.9 billion square feet, or Fax: 415.956.3381
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 The information contained within this report is gathered from multiple sources considered to be reliable. The information may Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in contain errors or omissions and is presented without any warranty or representations as to its accuracy. 50 countries and represent the company’s culture of excellence, client advocacy, integrity and Copyright © 2015 DTZ Retail Terranomics. collaboration. For further information, visit: www.dtz.com or follow us on Twitter @DTZ. All rights reserved.
www.dtz.com | 4 SILICON VALLEY Industrial Snapshot Second Quarter 2015
SILICON VALLEY INDUSTRIAL Industrial Vacancy Drops in Q2 Economic Indicators Industrial vacancy in Silicon Valley decreased slightly in Q2 12-Month Q2 14 Q2 15 2015. It currently stands at 4.0% down from 4.8% three months Forecast ago. Exactly one year ago local vacancy stood at 5.9%. Santa Clara Co. Employment 880K 988K Manufacturing product closed Q2 with vacancy of just 3.3% Santa Clara Co Unemployment 5.4% 4.0% whereas warehouse product was 5.1%. One year ago, this metric U.S. Unemployment 6.1% 5.5% stood at 5.8% for warehouse and 5.9% for the manufacturing sector. Market Indicators After a relatively flat first quarter the Silicon Valley industrial 12-Month Q2 14 Q2 15 Forecast market recorded occupancy growth of 763,000 square feet (SF)
Overall Vacancy 5.9% 4.0% in Q2. This compares to 68,000 SF in Q1. Although the net
Net Absorption SF 375K 763K absorption seems to have rebounded this quarter it still pales in
Under Construction SF 1.2M 624K comparison to the annual number of 3.8 MSF recorded in 2014.
Average Asking Rent (NNN) $0.62 $0.73 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, Net Absorption/Asking Rent (NNN) more than 75% of this product is 25 years or older and much of NET ABSORPTION 4Q TRAILING AVERAGE it suffers from varying degrees of functional obsolescence. This 1.0 Net Absorption, MSF $0.80 is impacting growth levels as well as deal activity. 0.8 Asking Rent (NNN) $0.70 $0.60 0.6 We tracked 3.8 MSF of deal activity in Q2. This compared to 2.5 $0.50 0.4 $0.40 MSF of gross absorption last quarter. The largest transaction was 0.2 $0.30 the Tesla lease of the former Solyndra facility in Fremont, a 0.0 $0.20 506,000 SF industrial building that had been on the market for -0.2 $0.10 four years. Other notable deals included two warehouse deals by -0.4 $0.00 2011 2012 2013 2014 2015 Apple - 151,000 SF in Santa Clara and 105,000 SF in Sunnyvale. Included in the key transactions for Q2 were several Overall Vacancy renewals as large blocks of available quality space for expansion 9% are now a rarity. Flextronics renewed on 155,000 SF in Morgan
8% Hill. S&M Moving renewed on 125,000 SF and Air Systems renewed on 120,000 SF, both in San Jose. 7% Prologis broke ground on two industrial buildings totaling Historical Average = 7.1% 6% 623,000 SF in Fremont this quarter. All of the spec projects that
5% began construction last year were quickly leased before completion. Meanwhile, tenant demand has only been on the 4% 2011 2012 2013 2014 2015 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 Snapshot Second Quarter 2015
national and global e-commerce players. The market added Direct & Sublease Available Space DIRECT SPACE STAYS FLAT over 1.7 MSF of new product in 2014 (the highest level we’ve tracked since 1997) and yet this was nowhere near enough. 12
Today’s tenants are willing to pay for modern Class A warehouse 10 facilities with higher clear heights, good power and truck 8 staging. The problem is that these properties are simply not available. Occupancy growth will be driven by speculative 6
development in 2015. Activity will pick up as more projects 4 enter the construction pipeline. 2 MSF
The average asking rent for industrial space in Silicon Valley is 0 2011 2012 2013 2014 2015 now $0.73 per square foot (PSF) on a triple net basis. This Direct Sublease
With vacancy at the 4.0% mark, the lim- Availabilities by Size Segment ited availability of modern space has been LARGE CONTIGUOUS SPACE A SCARCITY a factor inhibiting growth.
metric has increased 16% over the past year from $0.62 PSF. 10 10K SF - 24.9K SF The average asking rent for warehouse space is now $0.59 PSF, 25K SF - 49.9K SF up from $0.52 PSF one year ago. As aggressive as this growth 12 91 50K SF - 99.9K SF has been, declining vacancy, increasing demand levels and Listings 45 100K SF + 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 24 development pipeline begins to provide some much needed supply.
Average Asking Rate by Submarket (NNN)
STEADY RENT GROWTH ACROSS THE 880 CORRIDOR
Outlook $1.60 $1.43 $1.38 $1.40 Vacancy dropped this quarter. It now stands at 4.0% down $1.23 $1.20 $1.12 from 4.8% in Q1. $1.05 $1.00 $0.86
The market posted an occupancy gain of 763,000 SF in $0.80 $0.74 $0.73 $0.65 Q2, an increase from the 68,000 SF recorded in Q1. $0.58 $0.60 Contributing to the increased absorption is the huge Tesla $0.46 deal on 506,000 SF in Fremont. $0.40 $0.20 The current average asking rate of $0.73 PSF has $0.00 increased nearly 18% over the past year. Mtv Cam Sun New PA SC Mil N. SJ S. SJ Fre MH/Gil
www.dtz.com | 2 SILICON VALLEY Industrial Snapshot Second Quarter 2015
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
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
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
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 1551 Las Plumas Avenue 280,000 Therma Corp. D.R. Stephens & Co. $27,500,000 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
www.dtz.com | 3 SILICON VALLEY Industrial Snapshot Second Quarter 2015
Industrial Submarkets Silicon Valley
About DTZ Julie Leiker DTZ is a global leader in commercial real estate services providing occupiers, tenants and Director of Research, Silicon Valley 300 Santana Row investors around the world with a full spectrum of property solutions. The company’s core Fifth Floor capabilities include agency leasing, tenant representation, corporate and global occupier San Jose, CA 95128 Tel: 408 615 3434 services, property management, facilities management, facilities services, capital markets, Fax: 408 615 3444 investment and asset management, valuation, research, consulting, and project and Managing Editor: development management. DTZ provides property management for 1.9 billion square feet, or Garrick Brown 171 million square meters, and facilities management for 1.3 billion square feet, or 124 VP of Research, West Region [email protected] million square meters. The company completed $63 billion in transaction volume globally in The information contained within this report is gathered from 2014 on behalf of institutional, corporate, government and private clients. Headquartered in multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices representations as to its accuracy. in 50 countries and represent the company’s culture of excellence, client advocacy, integrity Copyright © 2014 DTZ. All rights reserved. and collaboration. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.
www.dtz.com | 4 Research & Forecast Report SAN JOSE | SILICON VALLEY Q2 2015
OFFICE SAN Still Going Strong FRANCISCO Warehouse >> Leasing activity topped out at 7.2 million square feet >> Total available space dipped 14% in the second quarter 25.00% 15.00% $0.65 $5.00 >> Net absorption stands at 5.4 million square feet year to date
20.00% $4.00 12.00% Silicon Valley’s economy is thriving as we cross the halfway $0.52point SAN JOSE 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, 15.00% $3.00 9.00% $0.39 innovation, and venture capital investment. Silicon Valley companies took claim to 33.2% of the total global venture capital dollars invested 6.00% $0.26 10.00% $2.00 during the second quarter. This translates to more than $9 billion invested in 412 deals. Job growth within the San Jose metropolitan area 5.00% $1.00 3.00% is climbing at an annual pace of 6% - the best in the nation - according$0.13 Market Trends to data released by the Bureau of Labor Statistics. Adding more than Relative to prior quarter Q2 2015 Q3 2015* 0.00% 50,000 jobs over the prior twelve months, the unemployment rate$0.00 has 0.00% $0.00 Vacancy dipped to 4.1% as of May 2015. Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Net Absorption The commercial market is on fire in the Silicon Valley. During the Avg. Starting Rent Vacancy Rate Availability Rate secondAvg . quarterStarting ofRent 2015 a totalVacancy of 7.23 Rate million squareAvailability feet Rateof new deals Construction transacted across all product types. This amount of demand translated R & D Rental Rate 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 *Projected 25.00% $2.50 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 20.00% $2.00 its lowest level since the first quarter of 2001, when the availability rate was just 6.49%. Summary Statistics Previous Current Q2 2015 Silicon Valley All Products Quarter Quarter 15.00% $1.50 VacancyAll Vs. Availability Rates Overall Vacancy Rate 7.17% 6.11% Silicon Valley | All Products Net Absorption 2,400,296 3,041,367 10.00% $1.00 Construction Completed 1,919,775 432,375 18.00% Under Construction 8,311,364 9,248,791 5.00% $0.50 15.00% Office Asking Rents* $3.63 FS $3.68 FS R&D Asking Rents* $1.61 NNN $1.69 NNN 0.00% $0.00 12.00% Industrial Asking Rents* $0.79 NNN $0.86 NNN Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 9.00% Warehouse Asking Rents* $0.71 NNN $0.70 NNN Avg. Starting Rent Vacancy Rate Availability Rate 6.00% *Asking Rents Reported Monthly 3.00% Previous Current Economic Indicators Quarter Quarter Industrial 0.00% Total VC Funding $6.0 Billion $9.8 Billion 12.00% Total Number of Deals 323 412 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Unemployment Rate 4.4% 4.1% Availability Rate Vacancy Rate 10.00% $1.00 Vacancy Rate Availability 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% 8.00% $0.80
6.00% $0.60 Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International
4.00% $0.40
2.00% $0.20
0.00% $0.00
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15
Avg. Starting Rent Vacancy Rate Availability Rate 5
4
3
2
1 Square Feet in Millions
0
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 R&D Oce Industrial Warehouse 80
580
880 680
SAN FRANCISCO OFFICE FREMONT Office Office Availability & Rent Trends Warehouse BAY >> Leasing activity measured 2.48 million square feet 25.00% $5.00 15.00% $0.65 >> Net absorption stands at 2.0 million square feet year to date, 20.00% $4.00 12.00% $0.52 and is within 1% of the total occupancy gain measured in all four MILPITAS quarters combined of 2014 15.00% $3.00 9.00% 101 $0.39
>> Total available space fell 15.3%, to an overall availability rate of 9.6% 10.00% $2.00 6.00% $0.26 >> Average asking rates are up 14% year-over-year PALO 5.00% $1.00 3.00% ALTO $0.13 280 During the second quarter of 2015 office activity was strong 0.00% $0.00 0.00% MT. $0.00237
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14VIEWQ4-14 Q1-15 Q2-15 in the Silicon Valley, registering a total of 2.48 million square feet Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 of gross absorption, finishing the first half of the year with another Avg. Starting Rent Vacancy Rate Availability Rate Avg. Starting Rent Vacancy Rate ASUNNYVvailability ALERate strong quarter on the books. This is now the fifth straight quarter that R & D office demand has surpassed the 2.0 million square foot mark on a Source: Colliers International Research SANTA CLARA quarterly basis, demonstrating the long run of heightened demand for 25.00% $2.50 LOS ALTOS office space in the Silicon Valley. 20.00% $2.00 Office Availability Rates During the second quarter less “rollover” space found its way back to 85 Select15.00% Silicon Valley Cities $1.50 the market, as tenants gave back just 1.51 million square feet to the All 880 SAN JOSE CUPERTINO/ 10.00% 87 market, the lowest level since the first quarter of 2014. As a result, $1.00 SARATOGA the Silicon Valley office market recorded another occupancy gain 18.00% 5.00%Palo Alto 5.57% $0.50 during the second quarter, measuring 972,289 square feet. This is the 15.00% 0.00% $0.00 12.00% twelfth straight quarter that the office market has recorded positive Mountain View 2.87% Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 net absorption. The office market has absorbed more than 2 million 9.00% CAMPBELL/ LOS GATOS 101 square feet year to date, and is within 1% of the total occupancy gain Sunnyvale A3.vg85. Sta% rting Rent Vacancy Rate Availability Rate 6.00% measured in all four quarters combined of 2014. This is in line with 3.00%
Colliers’ forecast, and 2015 is on the right track to be a record year. IndustrialSanta Clara 11.90% 0.00% 12.00% The Silicon Valley skyline continues to fill with cranes and steel Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 West Valley 6.81% as new construction continues to break ground. Colliers is now 10.00% $1.00 Vacancy Rate Availability Rate tracking more than 7 million square feet of office projects currently San Jose 14.63% under construction, with total potential development reaching more 8.00% $0.80 than an astounding 40 million square feet in the form of proposed MORGAN HILL/ 6.00%Morgan Hill 20.76% $0.60 developments. Of the 25 projects currently under construction only GILROY nine are without a tenant in tow. The pipeline of construction has a 4.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00%$0.40 steady flow; as many projects near completion, others are beginning to file for building permits and others have started the early phases Source:2.00% Colliers International Research $0.20 of site work. New completions recorded during the second quarter include the first one of six buildings at Moffett Place, the 1.9 million 0.00% $0.00 square foot campus leased by Google in 2014, Palo Alto Medical Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Office Availability 5 Foundation’s new building on Los Gatos Boulevard and Quora’s new Avg. Starting Rent Vacancy Rate Availability Rate Office Breakdown by Size Range headquarter location on Castro Avenue in Mountain View. 4
As a result of the heightened demand, the office market measured an 5% 3 9% 3,000 SF - 5,000 SF uptick in starting rates during the second quarter of 2015. Average 2 starting rates for office space in the Silicon Valley have climbed 12.5% 33% 5,001 SF - 10,000 SF 1
over the previous twelve months, closing the quarter at $3.77 per Square Feet in Millions 20% 10,001 SF - 20,000 SF square foot, full service. Average asking rents in the office sector 0 followed a similar trend line and are up 14% from averages measured 20,001 SF - 50,000 SF during the same period of 2014. Office space in the Silicon Valley is Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 50,001 SF + R&D Oce Industrial Warehouse now being marketed at an average rental rate of $3.68 per square foot, 33% full service.
Source: Colliers International Research
2 Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 80
580
880 680
SAN Select Colliers’ Transactions FRANCISCO BAY FREMONT Office Lease Activity
MILPITAS San Antonio Road, Mountain View 101 Build-to-suit 456,600 SF
PALO ALTO 280 MT. 237 VIEW Applied Micro Circuits
SUNNYVALE 4555 Great America Parkway, Santa Clara
SANTA Sublease CLARA 55,393 SF LOS ALTOS
85 880 SAN JOSE CUPERTINO/ 87 Aruba SARATOGA 3315 Scott Boulevard, Santa Clara Build to Suit/Direct Lease 239,994 SF
CAMPBELL/ LOS GATOS 101
Palo Alto Networks 3325 Scott Boulevard, Santa Clara Build to Suit/Direct Lease 721,953 SF
MORGAN HILL/ GILROY
Move.com 3315 Scott Boulevard, Santa Clara Direct Lease 52,455 SF
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
Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 3 80
OFFICE Warehouse 580
25.00% $5.00 15.00% $0.65
20.00% $4.00 12.00% $0.52
15.00% $3.00 9.00% $0.39
10.00% $2.00 6.00% $0.26
5.00% $1.00 3.00% $0.13 880 680 0.00% $0.00 0.00% $0.00
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 SAN FRANCISCO Avg. Starting Rent Vacancy Rate Availability Rate Avg. Starting Rent Vacancy Rate Availability Rate R&D R&D Availability & Rent Trends BAY FREMONT R & D
>> Leasing activity was up 12.2% quarter-over-quarter, measuring 25.00% $2.50 2.72 million square feet of tenant demand 20.00% $2.00 >> Total available space dipped 9.7% in the second quarter MILPITAS 15.00% $1.50 101 >> 1.15 million square feet of R&D space was absorbed during the All second quarter in the Silicon Valley 10.00% $1.00 18.00% PALO 5.00% $0.50 The Silicon Valley R&D sector measured robust levels of activity 15.00% ALTO 280 during the second quarter of 2015. Measuring 2.72 million square 0.00% $0.00 12.00% MT. 237 feet of gross absorption, this is 12.2% more than the 2.42 million square Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 9.00% VIEW feet recorded the prior quarter. While R&D demand increased during Avg. Starting Rent Vacancy Rate Availability Rate 6.00% the first quarter, so did occupancy levels. Measuring 1.15 million square SUNNYVALE 3.00% feet of net absorption, this is a 49.3% increase in total occupancy gain Source: Colliers International Research SANTA Industrial 0.00% CLARA quarter-over-quarter and brings the year to date total for R&D net 12.00% LOS ALTOS absorption to 1.92 million square feet. Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 10.00% $1.00 Vacancy Rate Availability Rate On the supply side, the pipeline of pre-improved R&D space that came R&D Availability Rates 85 on the market during the second quarter decreased 5% from totals 8.00%Select Silicon Valley Cities $0.80 880 SAN JOSE measured during the first quarter, to 1.57 million square feet, the lowest CUPERTINO/ 87 6.00% $0.60 SARATOGA it has been since the second quarter of 2013. This is now the fourth Mountain View 2.35% quarter in a row that the R&D market has seen less than 2.0 million 4.00% $0.40 square feet of space find its way back to the market, demonstrating that Sunnyvale 5.77% tenants are holding on to space as the market tightens. 2.00% $0.20 CAMPBELL/ Santa Clara 11.35% LOS GATOS 101 Total available R&D space in the Silicon Valley declined 9.53% during the 0.00% $0.00 second quarter, bringing the overall availability rate to 9.79%, the first Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 San Jose 15.91% time since the first quarter of 2001 that total availability has dipped into Avg. Starting Rent Vacancy Rate Availability Rate 5 the single digit range. When comparing only vacant space, the overall 4 vacancy rate in the Silicon Valley R&D sector stands at just 7.79%, the Milpitas 9.21% lowest it has been since the third quarter of 2001. 3
Fremont 13.61% During the second quarter the Silicon Valley R&D market measured 2 a 43% increase in the number of deals signed as 181 tenants flooded 1 MORGAN HILL/
Square Feet in Millions GILROY the market competing for space. Also of note was that the average Morgan Hill 3.88% 0 size of a new deal signed during the second quarter decreased 21.8% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% from 19,259 square feet during the first quarter to 15,047 square feet, Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 demonstrating that the increase in demand measured during the second Source: Colliers International Research R&D Oce Industrial Warehouse 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. R&D Availability Breakdown by Size Range The largest new deals signed for R&D space during the second quarter R&D 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 6% 5,000 SF - 20,000 SF Apple signed a long term lease for 129,119 square feet on Patrick Henry 9% Drive in Santa Clara. Of the ten largest new deals completed during the 20,001 SF - 40,000 SF 35% second quarter, four were owner/user sales. 8% 40,001 SF - 60,000 SF
Average starting rates for R&D space in the Silicon Valley have climbed 60,001 SF - 80,000 SF 13% 13.1% since the beginning of the year, closing the books on the first half 80,001 SF - 100,000 SF at $1.55 per square foot, NNN. The weighted-average asking rent for 100,001 SF + R&D space is now $1.69 per square foot NNN, up 22.4% from the same 29% period one year earlier.
Source: Colliers International Research
4 Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 80
580
880 680
SAN Select Colliers’ Transactions FRANCISCO BAY FREMONT R&D Lease Activity
BioKey 44370 Old Warm Springs Boulevard, Fremont
MILPITAS Renewal 101 28,176 SF
PALO ALTO 280 MT. 237 Apple VIEW 690 E Arques Avenue, Sunnyvale SUNNYVALE Direct Lease
SANTA 65,055 SF CLARA LOS ALTOS
85 Trimble Navigation 880 SAN JOSE CUPERTINO/ 87 SARATOGA 945 Stewart Drive, Sunnyvale Direct Lease 30,354 SF
CAMPBELL/ LOS GATOS 101
Mosaic 1220 Memorex Drive, Santa Clara Direct Lease 55,600 SF
MORGAN HILL/ GILROY
Groupware Technology 541 Division Street, Campbell Direct Lease 35,400 SF
Select Colliers’ Transactions - R&D Sale Activity
PROPERTY ADDRESS SIZE SELLER BUYER 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
Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 5 OFFICE Warehouse
25.00% 15.00% $0.65 $5.00 80
20.00% $4.00 12.00% $0.52
15.00% $3.00 9.00% $0.39
10.00% $2.00 6.00% $0.26
5.00% $1.00 3.00% $0.13
0.00% $0.00 0.00% $0.00
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15
Avg. Starting Rent Vacancy Rate Availability Rate Avg. Starting Rent Vacancy Rate Availability Rate
R & D
25.00% $2.50 580
20.00% $2.00
15.00% $1.50 All 10.00% $1.00 18.00% 5.00% $0.50 15.00% 0.00% $0.00 12.00% Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 880 9.00% 680 Avg. Starting Rent Vacancy Rate Availability Rate 6.00% 3.00% SAN FRANCISCO Industrial 0.00% FREMONT 12.00%Industrial Availability & Rent Trends BAY Industrial Q2-15 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 >> Leasing activity measured 1.48 million square feet 10.00% $1.00 Vacancy Rate Availability Rate
>> Total available industrial space decreased by 36.6% during the 8.00% $0.80
second quarter MILPITAS 6.00% $0.60 >> Net absorption measured 852,523 square feet, the largest 101
quarterly occupancy gain since 1994 4.00% $0.40 >> Average asking rates are up 13.2% year-to-date PALO 2.00% $0.20 ALTO 280 It was a strong quarter for the Silicon Valley’s industrial sector. MT. 237 0.00% $0.00 Activity was up nearly two times from the previous quarter, VIEW Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 measuring 1.48 million square feet of gross absorption. As a result of 5 SUNNYVALE the increased level of activity, the industrial sector closed the second Avg. Starting Rent Vacancy Rate Availability Rate quarter with an 852,523 square foot occupancy gain, a welcome Source: Colliers International Research 4 SANTA CLARA turnaround from the minor occupancy loss measured during the first 3 LOS ALTOS quarter of the year, putting the market back in the black half way through 2 the year. This is the largest occupancy gain measured on a quarterly Industrial Availability Rates basis since the fourth quarter of 1994, when just over 1 million square 1 85
Select Silicon Valley Cities Square Feet in Millions feet of positive absorption was measured in the industrial sector. 880 SAN JOSE 0 CUPERTINO/ 87 SARATOGA Total available space decreased by 36.6% during the second quarter, Campbell 4.26% Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 totaling only 1.9 million square feet of available space throughout the R&D Oce Industrial Warehouse Silicon Valley. The total available space rate fell 184 basis points during Sunnyvale 2.51% the second quarter, resting at an overall availability rate of 3.18% in CAMPBELL/ LOS GATOS the Silicon Valley industrial market. This is the lowest level of available Santa Clara 1.74% 101 space measured in the Silicon Valley industrial market since 1998.
San Jose The second quarter of 2015 marked a milestone for the Fremont 3.57% industrial market as Tesla Motors leased the single largest remaining vacancy in the Silicon Valley. At just over a half million square feet, 901 Milpitas 6.67% 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 Fremont 1.73% space from available inventory, the overall availability rate in Fremont MORGAN HILL/ plummeted to 1.7%, the lowest it has been since Colliers began tracking Morgan Hill 6.04% GILROY the Fremont industrial market in 1989. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Fremont is not the only city in the Silicon Valley with historically low Source: Colliers International Research 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 Industrial Availability supply, with an overall availability rate of just 0.1%, followed by Fremont Breakdown by Size Range and Santa Clara, tied at an availability rate of 1.7%. Industrial 2% 2% 1% When comparing average starting rates for deals closed, the weighted 3% average remained flat quarter-over-quarter at $0.74 per square 5,000 SF - 20,000 SF 14% foot, NNN. However, in what is likely a demonstration of landlords 20,001 SF - 40,000 SF and owners sensing the heightened demand for space from tenants, 40,001 SF - 60,000 SF weighted average asking rates measured an uptick and surpassed the $0.80 mark during the second quarter for the first time since 2002. At 60,001 SF - 80,000 SF the close of the quarter, average asking rates were 13.2% more than 80,001 SF - 100,000 SF those recorded at the beginning of 2015. 78% 100,001 SF +
Source: Colliers International Research
6 Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 80
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880 680
SAN Select Colliers’ Transactions FRANCISCO BAY FREMONT Industrial Lease Activity
Alom Technology Corporation 48105 Warm Springs Boulevard, Fremont
MILPITAS Renewal 101 120,433 SF
PALO ALTO 280 MT. 237 Homelegance Inc VIEW 44560-44660 Osgood Road, Fremont SUNNYVALE Direct Lease SANTA 87,592 SF CLARA LOS ALTOS
85 880 SAN JOSE WeDriveU CUPERTINO/ 87 SARATOGA 660 Walsh Avenue, Santa Clara Direct Lease 28,000 SF
CAMPBELL/ LOS GATOS 101
SJ Automotive 1500 Coleman Avenue, San Jose Direct Lease 24,800 SF
MORGAN HILL/ GILROY
UAG Stevens Creek II, Inc 525 Sunol Street, San Jose Direct Lease 19,738 SF
Select Colliers’ Transactions - Industrial Sale Activity
PROPERTY ADDRESS SIZE SELLER BUYER 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
Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 7 80
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SAN FRANCISCO OFFICE FREMONT Warehouse WarehouseWarehouse Availability & Rent Trends BAY
>> Leasing activity totaled 536,45225.00% square feet in Q2 $5.00 15.00% $0.65 >> Warehouse availability is the lowest it has been since 2000, at 20.00% $4.00 12.00% $0.52 5.05% throughout the Silicon Valley MILPITAS 9.00% $0.39 >> Year-to-date net absorption15.00% stands at 743,277 square feet $3.00 101
10.00% $2.00 6.00% $0.26 Activity in the Silicon Valley warehouse sector was modest PALO 3.00% $0.13 during the second quarter5.00% of the year, following a milestone first $1.00 ALTO 280 quarter which marked the completion of the first speculative warehouse 0.00% $0.00 0.00% $0.00 MT. 237 project in over a decade in the Silicon Valley, which was 100% leased Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 VIEW Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 upon completion. Measuring 536,452 square feet of gross absorption, this is down more than 60% from theA vgprior. Starting quarter, Rent andVacancy 43% Rate fromAvailability the Rate Avg. Starting Rent Vacancy Rate Availability Rate SUNNYVALE R & D same period one year earlier. Source: Colliers International Research SANTA CLARA 25.00% $2.50 Despite the mild demand during the quarter, the warehouse sector LOS ALTOS recorded an occupancy gain20.00% of 65,599 square feet of net absorption, $2.00 bringing the year-to-date tally to 743,277 square feet and a Warehouse Availability Rates 15.00% $1.50 85 demonstration that less space is getting returned to the market. Select SiliconAll Valley Cities 880 SAN JOSE 10.00% $1.00 CUPERTINO/ 87 SARATOGA This is now the third quarter in a row that the warehouse market has 18.00% 5.00% $0.50 measured lower levels of pre-improved space coming onto the market. Sunnyvale 15.00%3.22% Down 32.4% from the first 0.00%quarter, warehouse tenants in the Silicon $0.00 12.00% Valley only kicked back 470,853 squareQ3-13 Q4-13 feet Q1-14of vacantQ2-14 spaceQ3-14 Q4-14 to theQ1-15 Q2-15 Santa Clara 9.00% 5.51% market. CAMPBELL/ Avg. Starting Rent Vacancy Rate Availability Rate 6.00% LOS GATOS 101 San Jose 5.05% After two consecutive quarters of positive net absorption, available 3.00% space continues to decline.Industrial Total available warehouse space in the 0.00% 12.00% Milpitas 11.37% Silicon Valley now measures only 1.92 million square feet. This amount Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 of space translates to an overall10.00% availability rate of 5.05%, and is the $1.00 Fremont 1.07% Vacancy Rate Availability Rate lowest that available space has dipped since the fourth quarter of 2000. When measuring only vacant8.00% space within the warehouse market, true $0.80 Morgan Hill 4.30% vacancy stands at just 3.2% throughout the Silicon Valley. 6.00% $0.60 MORGAN HILL/ There were only 12 new deals inked for warehouse space during the Gilroy 6.13% GILROY 4.00% $0.40 second quarter of the year, down from the 26 recorded during the first 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% quarter. With only 60 available spaces at the close of the second quarter, 2.00% $0.20 tenants are limited in their options and may begin looking in neighboring Source: Colliers International Research regions such as the East Bay0.00% and Central Valley for viable space. The $0.00 average deal size measured duringQ3-13 theQ4-13 secondQ1-14 quarterQ2-14 Q3-14 wasQ4-14 44,704Q1-15 Q2-15 5 square feet, also down from the 52,885Avg. Stasquarerting Rent foot averageVacancy Rate recordedAvailability Rate Warehouse Availability during the first quarter of the year. Notable transactions signed during Breakdown 4by Size Range the second quarter include Leale’s RV signing on for 99,000 square feet Warehouse of space on 7th Street in San Jose and Teknion’s lease of 91,202 square 3 feet on Brennan Street, also in San Jose. 2 16% 5,000 SF - 20,000 SF 25% Colliers is tracking nearly 1.0 million square feet of new warehouse 1 20,001 SF - 40,000 SF Square Feet in Millions construction throughout the Silicon Valley. With the historically low 0 40,001 SF - 60,000 SF level of available supply developers can barely keep up with demand as every square foot of the new warehouse construction is spoken for by Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 60,001Q4-14 SFQ1-15 - 80,000Q2-15 SF 13% R&D Oce Industrial Warehouse tenants like Tesla Motors, JFC International and United National Foods. 34% 80,001 SF - 100,000 SF More projects are expected to break ground this year in the warehouse 100,001 SF + sector, and it is unlikely they will reach completion without a tenant 12% scooping it up first.
Source: Colliers International Research
8 Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 80
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SAN Select Colliers’ Transactions FRANCISCO BAY FREMONT Warehouse Lease Activity
Rossiter Relocations 40577 Albrae Street, Fremont
MILPITAS Direct Lease 101 27,642 SF
PALO ALTO 280 MT. 237 Actiontec Electronics, Inc VIEW 44931 Industrial Drive, Fremont SUNNYVALE Renewal SANTA 14,000 SF CLARA LOS ALTOS
85 880 SAN JOSE Air Systems, Inc. CUPERTINO/ 87 SARATOGA 940 Remillard Court, San Jose Renewal 119,560 SF
CAMPBELL/ LOS GATOS 101
Leale’s RV, Inc. 2070 S 7th Street, San Jose Direct Lease 99,000 SF
MORGAN HILL/ GILROY
Techcon Landscaping 18145 Peet Road, Morgan Hill Direct Lease 18,000 SF
Select Colliers’ Transactions - Warehouse Sale Activity
PROPERTY ADDRESS SIZE SELLER BUYER 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
Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 9 Market Comparisons – Silicon Valley
OFFICE MARKET
TOTAL DIRECT SUBLEASE DIRECT SUBLEASE TOTAL AVAILABILITY AVAILABILITY UNDER FS NET ABSORPTION COMPLETED CLASS INVENTORY VACANT VACANT OCCUPIED OCCUPIED AVAILABLE RATE RATE CONST. WTD AVG Q2-2015 YTD Q2-2015 SF SF SF SF SF SF Q2-2015 Q1-2015 SF ASKING
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 TOTALS
A 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
10 Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International Market Comparisons – Silicon Valley
R&D, INDUSTRIAL & WAREHOUSE MARKETS
TOTAL DIRECT SUBLEASE DIRECT SUBLEASE TOTAL AVAILABILITY AVAILABILITY UNDER NNN NET ABSORPTION COMPLETED TYPE INVENTORY VACANT VACANT OCCUPIED OCCUPIED AVAILABLE RATE RATE CONSTR. WTD AVG Q2-2015 YTD Q2-2015 SF SF SF SF SF SF Q2-2015 Q1-2015 SF ASKING
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 TOTALS R&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 TOTALS 2Q-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
Silicon Valley Research & Forecast Report | Second Quarter 2015 | Colliers International 11 Understanding Absorption 502 offices in
Colliers uses several measurements to track market Net Absorption: Net absorption measures the change 67 countries on conditions and deal flow. While related, the formulas in occupied space from one period to the next. In this to arrive at these measurements differ. Using the measurement, it is important to distinguish that a building 6 continents results of the most recent quarter, here is how Colliers may be “available”, but not vacant (often the case in a United States: 140 measures change in availability, net absorption and sublease situation, for example). Therefore, occupancy Canada: 31 is not reduced (negative net absorption) until the space effective net absorption. Latin America: 24 is vacated, and sometimes that does not happen until Asia Pacific: the space is leased, creating a net absorption “wash” for 199 Change in Availability: This measurement is simply the deal and for that particular period. EMEA: 108 the difference between the amounts of space available at the end of one period to the next. The table New Vacant Space that came available 2Q15 -801,033 below shows that total available space decreased Previously Available Space by 4,138,417 square feet in the year’s second that was vacated in 2Q15 -3,390,811 $2.3 billion in quarter. Note that “change in availability” includes annual revenue adjustments for space that is “taken off the market”. 2Q15 Total Vacant added (Occupancy Loss) -4,191,844 Space “taken off the market” is not a factor in net 1Q15 Gross Absorption (occupancy gain) 7,233,211 absorption measurements. 1.7 2Q15 Net Absorption (change in Occupancy) 3,041,367 billion square feet under management Total Available end of 1Q15 30,457,873 Plus: Vacant & Occupied Space Effective Net Absorption: In 2003, Colliers created a that came available in 2Q15 2,790,763 measurement of “effective net absorption”. Effective 16,300 Plus: New Shell added in 2Q15 432,375 net absorption uses the same formula as the net professionals absorption formula, except that it treats any space and staff 1Q15 Available + Newly Available in 2Q15 36,011,380 that comes available as if it is vacant, whether it is or Less: 2Q15 Gross Absorption -7,233,211 it is not. The purpose of the measurement is to get Less: 2Q15 Adjustments/Taken off Market 128,344 a better “real time” gauge of occupancy flow in and out of the market, acknowledging that space that is Total Available end of 2Q15 26,156,562 available for lease is likely to be vacated shortly and underutilized presently.
New Vacant Space that came available 2Q15 -801,033 Occupied Space that came available 2Q15 -4,989,730 1Q15 Total Available added -2,790,763
2Q15 Gross Absorption 7,233,211 2Q15 Effective Net Absorption 4,442,448
FOR MORE INFORMATION Executive Managing Director San Jose Research Colliers International | San Jose Jeff Fredericks, SIOR Jennifer Vaux 450 West Santa Clara Street Executive Managing Partner Regional Research Manager San Jose, CA 95113 [email protected] [email protected] United States tel +1 408 282 3801 tel +1 408 282 3898 tel +1 408 282 3800 CA License No. 00802610 fax +1 408 292 8100 CA License No. 00490878
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 professional12 advisorsNorth priorAmerican to acting onResearch any of the material & Forecast contained Report in this report. | Q4 2014 | Office Market Outlook | Colliers International
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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 Matthew D. Watson, Senior Appraiser The Schmidt-Prescott Group, Inc. Valuation Consulting & Appraisal California Certified General Real Estate Appraiser No. AG040050 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
1
Matthew D. Watson, Senior Appraiser The Schmidt-Prescott Group, Inc.
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
2 Matthew D. Watson, Senior Appraiser The Schmidt-Prescott Group, Inc.
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 3