MCB Real Estate has acquired Falcon Ridge Town Center in Fontana for $64.7 million.
The acquisition was made through a joint venture with a fund managed by DRA Advisors, a New York-based registered real estate investment advisor.
The rate on the sale was $259 per square foot.
Site Centers, a real estate investment trust that owns and manages shopping centers, was the seller and retained a 27,000-square-foot property.
Falcon Ridge Town Center is located proximate to the Summit Avenue exit off the 15 Freeway near the 210 Freeway at 15218-15320 Summit Avenue.
The center was built in 2005 and renovated last year. The 273,000-square-foot center 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 and a Target Department Store. It features 24-Hour Fitness, 7-Eleven, Affordable Comfort, Bath & Body Works, Benefit Cosmetics BrowBar, Chase Bank, Chili’s Grill & Bar, China One, Citibank, Cozy Fox CVS Drug Store, Del Taco, EC Roofing company, Inc., Falcon Ridge Dry Cleaners, Famous Footwear, Five Below, Gamestop, GNC, Goldstar Pediatrics, H&R block Hoan-Vu, It’s Just Wings, Jack-In-The Box, James Tang Photography, Little Caesars, Mattress Firm, Metro Electrict Gate Repair, Michaels, MoneGram, Nektar Juice Bar, Old Navy, Ono Hawaiian BBQ, Palm Beach Tan, Panera Bread, Party City, Ross Dress For Less, Starbucks, Summa Sushi, Summit Optometric Center, Summit Orthodontics, The UPS Store, Ulta Beauty, Verizon Wireless, Wells Fargo, Western Union, Wonder Nails Yogurtland and 24 recently built 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 prepared statement.