MCB Real Estate JV Pays $65M for Inland Empire Retail Center
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A joint venture between MCB Real Estate and a fund managed by DRA Advisors has acquired Falcon Ridge Town Center, a 273,424-square-foot retail center in Fontana, Calif., for $64.7 million. This was the partnership’s first transaction.
Falcon Ridge Town Center came online in 2025. Image courtesy of MCB Real Estate
Located at 15218–15320 Summit Ave., Falcon Ridge was fully leased at the time of sale. Its previous owner was SITE Centers, according to CommercialEdge information.
Built in 2005 and renovated in 2023, the retail center is considered to be the region’s shopping hub, according to MCB. The 25.1-acre property is anchored by regional grocery chain Stater Bros. Markets and shadow-anchored by Target. Additional tenants include ULTA Beauty, Michaels, Dollar Tree and Ross Dress For Less. Amenities feature 24 new Tesla charging stations, among others.
Falcon Ridge is just east of Interstate 15, in an area where the daily traffic reaches 148,000 vehicles. More than 250,000 people live within a 5-mile radius and the area’s household incomes average $130,000.
DRA announced the intention of pursuing a value-add strategy with respect to the property, but did not respond to Commercial Property Executive’s request for additional information.
A stable empire
The Inland Empire’s retail space market finished the second quarter with an overall availability of 6.4 percent, just 0.3 percent up from the first quarter, according to a recent report from CBRE. Positive retailer sentiment derives in part from a growing workforce population in the region, boosted by the significant expansion of industrial/distribution developments.
The investment volume totaled $115.2 million in the second quarter, up $24.3 million from the end of March. In the largest transaction, Albanese Cormier Holdings paid $46.6 million for Rancho Las Palmas Shopping Center in Rancho Mirage, Calif.
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