MCB Real Estate is adding a major piece to its portfolio, with a purchase of a shopping center in Fontana, California.
The property, Falcon Ridge Town Center, spans 273,425 square feet and is located at 15218-15320 Summit Avenue. The Los Angeles Times reported the deal to be worth $64.7 million. JLL, which worked the deal on behalf of an undisclosed seller, referred to the transaction in a statement as the "largest retail transaction in the Inland Empire, year-to-date."
The 21.85-acre site offers customers 1,568 parking spaces and a range of retailers from grocers to drug stores. Some major brands in Flacon Ridge include CVS Pharmacy, Ulta, Ross, Old Navy, Michaels, Target, Stater Bros, and 24 Hour Fitness. The shopping center is over 91 percent occupied.
Falcon Ridge was first built in 2005 before undergoing renovation in 2023. Nearly 150,000 cars pass by the shopping center each day, according to JLL. The property benefits from the I-15 freeway, and other routes such as the I-10, SR-210, and Union Pacific Railroad.
"The sale of Falcon Ridge Town Center further demonstrates the demand for high quality, daily-needs anchored centers in high growth areas of Southern California," Bryan Ley, managing director of JLL's LA office said.
"The asset is positioned to continue its dominance with the growing residential being added to the area, strong household incomes, and its growing lineup of national, credit retailers."
The Inland Empire, home to 4.6 million individuals, has attracted younger Americans, according to JLL.
In the second quarter, retail investment sales hit $115.2 million, a $24.3 million increase from the first three months of the year, a recent report from CBRE shows.
And a transportation project in San Bernardino County, California's largest county by size, appears poised to drive retail demand in the Inland Empire even further. It will involve a 10,000-acre master plan development.
Nationwide, MCB manages $3 billion worth of assets. The investment firm is focused on a wide variety of real estate including office, retail, multifamily, life sciences, and industrial.