273,425 SF grocery & drugstore anchored regional center in the Inland Empire closes escrow

LOS ANGELES, Sept. 13, 2024 – JLL Capital Markets announced today that it has arranged the sale of Falcon Ridge Town Center, a grocery- and drug-anchored center located in the high-growth market of Fontana, California. This marks the largest retail transaction in the Inland Empire, year-to-date.

JLL worked on behalf of the seller to facilitate the transaction with the buyer, MCB Real Estate and a fund managed by DRA Advisors.

Falcon Ridge Town Center, located at 15218-15320 Summit Ave., enjoys a prime position at the exit ramp of the bustling I-15 freeway. With a daily traffic volume of 148,800 vehicles, the center benefits from exceptional visibility and exposure. Additionally, the center benefits from its proximity to major trade routes such as the I-10, SR-210 and Union Pacific Railroad, ensuring easy accessibility and visibility for the nearby 291 acres of residential area and significant employment hubs.

The city of Fontana, directly east of the Los Angeles metropolitan area, is part of the Inland Empire, which covers 27,000 square miles and has a population of approximately 4.6 million people. The Inland Empire continues to attract a diverse and burgeoning population, particularly among the younger demographic. More affordable than the metropolitan Los Angeles area, the Inland Empire’s economy thrives on construction, trade and the rapid growth of warehouses, distribution centers and fulfillment centers. Furthermore, sectors such as healthcare, education and transportation also contribute to the region's prosperity.

The internet-resistant center of Falcon Ridge Town Center was originally built in 2005 and was renovated in 2023. Located on 21.85 acres, the retail hub offers 273,425 square feet of gross leasable area and an impressive 1,568 parking spaces. Currently 91.6% occupied, the center is anchored by key tenants like Target (NAP), Stater Bros, CVS Pharmacy, Ulta, Ross, Old Navy, Michaels and 24 Hour Fitness, catering to the diverse needs of customers.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Directors Bryan Ley, Gleb Lvovich and Geoff Tranchina, Senior Directors Tim Kuruzar and Daniel Tyner and Director Tess Berghoff.

“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,” said Ley. “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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.      

Founded in 2007, MCB Real Estate is a community-centric, privately-held institutional investment management firm headquartered in Baltimore, Maryland. MCB boasts a nationwide portfolio of $3 Billion Assets Under Management totaling approximately 15 million square feet of industrial, office, retail, mixed-use, multi-family and life sciences properties with almost 4 million square feet in its development pipeline. The firm offers a seamlessly integrated suite of commercial real estate investment services, including development, construction, property management, asset management, acquisitions and legal expertise, thus ensuring comprehensive support throughout every stage of an asset’s lifecycle. www.mcbrealestate.com

DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees that specializes in real estate investment management services for institutional and private investors including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies.  Since DRA’s inception in 1986, the firm has opened additional offices in Miami and San Francisco and has acquired approximately $40 billion of real estate.  Its acquisitions include 97 million square feet of industrial, 86,000 multifamily units, 88 million square feet of retail, and 65 million square feet of office.  As of June 30, 2024, DRA had $12.4 billion in gross assets under management.