The Fallbrook complex, which encompasses a total of 130,000 sf, is located at the northeast corner of South Mission Road and Ammunition Road. It is currently occupied by a range of tenants including AutoZone, Blockbuster Video, Marlene's Hallmark and the UPS Store. Anchors Albertson's and Sav-On Drug were not included in the offering.

Buyer 4 Big Surf LLC has shelled out $5.3 million for the circa 1984 retail asset, which attracted the investment group because "it offered ownership in the dominant retail center in a strong demographic submarket," according to Eric Tompkins of CB Richard Ellis, who worked on the transaction. Fallbrook's website lists its population as 37,334 and its median household income as $37,707, with the 1990 Census cited as the source of information.

Tompkins and Dave Hagglund, who are both based in CB Richard Ellis' La Jolla office, acted on behalf of 4 Big Surf LLC in the recent sale transaction. Lauri Greenblatt of Promus Management acted on behalf of the seller, Irmas Fallbrook LLC, which originally acquired Fallbrook Towne Centre five years ago from a court-appointed receiver. The buyer secured financing on the project through Mark McGovern of CB Richard Ellis' L.J. Melody division. Dave Hagglund, who is also with CB Richard Ellis, is now handling leasing at the center.