MCB Real Estate Acquires Falcon Ridge Town Center in Fontana for $64.7 Million

MCB Real Estate acquired Falcon Ridge Town Center in Fontana for $64.7 million or $259 per square foot. The acquisition was made through a joint venture with a fund managed by DRA Advisors, a New York-based registered real estate investment advisor specializing in value-added investing. Site Centers, a real estate investment trust that owns and manages shopping centers, was the seller and retained a 27,000-square-foot property.

The center was built in 2005 and renovated last year. The 273,000-square-foot center located at 15218-15320 Summit Ave. was fully leased at the time of the sale. It spans 25.1 acres and is anchored by the regional grocery chain Stater Bros. Markets. It also features 24 new Tesla charging stations.

“The area in and around Fontana is rapidly growing with more affluent residents moving in every year, and Falcon Ridge sits right in the middle of that growth,� said P. David Bramble, MCB managing partner, in a statement.