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SANTA CLARA, CA- Rivermark Village, a 138,000-sf neighborhood shopping center here has been sold for $90.5 million, or $655.74 per sf, according to the buyer, investment advisor ING Clarion. The seller was the developer, a joint venture of LNR Property Corporation and Shea Properties. Eastdil Secured brokered the transaction.

Rivermark Village is located at the entrance to the upscale Rivermark master planned community, which sits adjacent to the world headquarters of Sun Microsystems. The property is located at the corner of Agnew Road and Montague Expressway.

The center is anchored by a Safeway grocery store. Occupancy is 99%. ING managing partner Steve Latimer says the center is well positioned in the market.

“Virtually no other neighborhood grocery-linked shopping centers (exist) in the area (and), given its attractive infill location coupled with the high cost of land, few prospects exist for competitive centers being constructed in the future,” he says. “As a result, we believe this property will be an excellent performer throughout the economic cycle.”

ING Clarion presently controls over $300 million of office, industrial, retail and multifamily rental property in Silicon Valley. “The Silicon Valley market continues to present selected opportunities for real estate investors,” Latimer says. “This center draws on a population that includes nearly 30,000 households with average income of nearly twice the national average.”

Both Rivermark and Sun Microsystems headquarters were built on the former Agnews Hospital site.

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