MCB Real Estate and DRA Advisors Secure $65M Purchase of California Retail Center

MCB Real Estate, an institutional commercial real estate investment management firm with nationwide holdings, announced today the $64.7 million purchase of the Falcon Ridge Town Center in Fontana, California. The acquisition was made through a joint venture with a fund managed by DRA Advisors, a New York-based registered real estate investment advisor specializing in value-added investing. This marks the joint venture’s first transaction, setting the stage to leverage combined expertise and pursue growth opportunities. Located at 15218-15320 Summit Avenue, the fully-leased 273,424-square-foot center is situated in the main urban core of the Inland Empire and is considered the region’s shopping hub with more than seven million annual visitors.

Anchored by one of the most visited locations of regional grocery chain Stater Bros. Markets, and shadow anchored by Target, Falcon Ridge is considered regional tenancy leader. The center boasts a selection of well-known brands including ULTA Beauty, Michaels, Dollar Tree, and Ross Dress For Less. There are more than 250,000 residents within five miles of Falcon Ridge and the average household income within a one-mile radius is $177,000 with 28% of households within one mile earning over $200,000.

“We are thrilled to partner with DRA Advisors on this strategic acquisition. Our combined expertise will drive the success of Falcon Ridge Town Center, exemplifying MCB’s approach to identifying and securing high potential properties,” says MCB Managing Partner and Co-Founder P. David Bramble. “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, offering an all-encompassing shopping experience that’s unmatched in the region. In turn, retailers are not only eager to be there, but they want to stay. Falcon Ridge is going to be successful for many years to come.”

Built in 2005 and renovated in 2023, Falcon Ridge serves as another example of MCB’s consistent and methodical approach in securing high-performing properties that offer a significant and stable return. The MCB team’s extensive knowledge of the region, experience in the retail sector, and exemplary history of ownership were all factors in securing a property that had multiple attractive bids. Ultimately, the seller selected MCB based on the firm’s strong track record, robust balance sheet, and the ease that the seller had working with MCB’s team.

The newly formed joint venture will leverage their combined experience to invest in high-quality assets within key markets. With the acquisition of Falcon Ridge, MCB currently operates in 32 states and continues to map out a methodical approach to expansion where every transaction is done with a consideration toward the firm’s long-term goals.

“Our team is excited to form a new joint venture with MCB, an established and proven developer and operator,” says Brett Gottlieb, Managing Director at DRA Advisors. “The Falcon Ridge Town Center investment aligns with DRA’s retail strategy of acquiring high-quality open air shopping centers with value-add opportunity together with top retail operators across the US.”

Bramble adds that Falcon Ridge’s proximity to I-15 and Route 210 further solidifies MCB’s projection for success. With significant traffic traversing the Inland Empire being funneled toward the property, the shopping center enjoys 148,000 VPD. The center’s location is a substantial reason Tesla selected it as one of only three shopping centers within a five-mile radius to feature the company’s supercharger network, with 24 brand-new charging stations available at Falcon Ridge.

About MCB Real Estate
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 four 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

About DRA Advisors
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. http://draadvisors.com