{"id":1004728316,"date":"2024-09-09T02:56:22","date_gmt":"2024-09-09T10:56:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004728316"},"modified":"2024-09-09T05:40:43","modified_gmt":"2024-09-09T13:40:43","slug":"mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/","title":{"rendered":"MCB Real Estate JV Pays $65M for Inland Empire Retail Center"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n

\"Aerial<\/a>
Falcon Ridge Town Center came online in 2025. Image courtesy of MCB Real Estate<\/em><\/figcaption><\/figure>\n\n\n\n

Located at 15218\u201315320 Summit Ave., Falcon Ridge was fully leased at the time of sale. Its previous owner was SITE Centers, according to CommercialEdge information.<\/p>\n\n\n\n

Built in 2005 and renovated in 2023, the retail center is considered to be the region\u2019s 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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

DRA announced the intention of pursuing a value-add strategy with respect to the property, but did not respond to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n\n\n\n

A stable empire <\/h2>\n\n\n\n

The Inland Empire\u2019s 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<\/a>.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property was fully leased at closing.<\/p>\n","protected":false},"author":882,"featured_media":1004728319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34027,21783,21742,21749,15],"tags":[33919,49291],"class_list":["post-1004728316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inland-empire","category-investment","category-latest","category-retail","category-west","tag-dra-advisors-llc","tag-mcb-real-estate"],"acf":[],"yoast_head":"\nMCB Real Estate JV Pays $65M for Inland Empire Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"MCB Real Estate and a fund managed by DRA Advisors acquired Falcon Ridge Town Center, a retail center in Fontana, Calif., from SITE Centers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCB Real Estate JV Pays $65M for Inland Empire Retail Center\" \/>\n<meta property=\"og:description\" content=\"MCB Real Estate and a fund managed by DRA Advisors acquired Falcon Ridge Town Center, a retail center in Fontana, Calif., from SITE Centers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-09T10:56:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-09T13:40:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"901\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/\",\"name\":\"MCB Real Estate JV Pays $65M for Inland Empire Retail Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg\",\"datePublished\":\"2024-09-09T10:56:22+00:00\",\"dateModified\":\"2024-09-09T13:40:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"MCB Real Estate and a fund managed by DRA Advisors acquired Falcon Ridge Town Center, a retail center in Fontana, Calif., from SITE Centers.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg\",\"width\":1200,\"height\":901,\"caption\":\"Aerial view of Falcon Ridge Town Center\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MCB Real Estate JV Pays $65M for Inland Empire Retail Center\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"MCB Real Estate JV Pays $65M for Inland Empire Retail Center - Commercial Property Executive","description":"MCB Real Estate and a fund managed by DRA Advisors acquired Falcon Ridge Town Center, a retail center in Fontana, Calif., from SITE Centers.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/","og_locale":"en_US","og_type":"article","og_title":"MCB Real Estate JV Pays $65M for Inland Empire Retail Center","og_description":"MCB Real Estate and a fund managed by DRA Advisors acquired Falcon Ridge Town Center, a retail center in Fontana, Calif., from SITE Centers.","og_url":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-09-09T10:56:22+00:00","article_modified_time":"2024-09-09T13:40:43+00:00","og_image":[{"width":1200,"height":901,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/","url":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/","name":"MCB Real Estate JV Pays $65M for Inland Empire Retail Center - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg","datePublished":"2024-09-09T10:56:22+00:00","dateModified":"2024-09-09T13:40:43+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"description":"MCB Real Estate and a fund managed by DRA Advisors acquired Falcon Ridge Town Center, a retail center in Fontana, Calif., from SITE Centers.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg","width":1200,"height":901,"caption":"Aerial view of Falcon Ridge Town Center"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/mcb-real-estate-jv-pays-65m-for-inland-empire-retail-center\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"MCB Real Estate JV Pays $65M for Inland Empire Retail Center"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Falcon-Ridge-Town-Center-e1725878115873.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004728316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004728316"}],"version-history":[{"count":8,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004728316\/revisions"}],"predecessor-version":[{"id":1004728381,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004728316\/revisions\/1004728381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004728319"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004728316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004728316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004728316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}