MCB Real Estate is adding a major piece to its portfolio, with a purchase of a shopping center in Fontana, California.
The property, Falcon Ridge Town Center, spans 273,425 square feet and is located at 15218-15320 Summit Avenue. The Los Angeles Times reported the deal to be worth $64.7 million. JLL, which worked the deal on behalf of an undisclosed seller, referred to the transaction in a statement as the "largest retail transaction in the Inland Empire, year-to-date."
The 21.85-acre site offers customers 1,568 parking spaces and a range of retailers from grocers to drug stores. Some major brands in Flacon Ridge include CVS Pharmacy, Ulta, Ross, Old Navy, Michaels, Target, Stater Bros, and 24 Hour Fitness. The shopping center is over 91 percent occupied.
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