Congratulations on getting into both schools.
The answer somewhat depends on your goal - why are you getting an MBA?
Getting one from a school that is not ranked is a bit of a gamble, so if you are going to gamble, make sure it is not going to eat all of your money.
Answering the question generically, I don't think Pepperdine degree will give you a whole more umph really. It is not ranked high enough to warrant the higher cost (even thought it has been rising nicely in the rankings but it is still like top 60). The market for competitive positions in SoCal vs Anderson, Marshall, Merage, etc will make networking your best be for the job. Neither Pepperdine nor Fullerton will likely be able to really help in getting you a job.
Now, Pepperdine probably gets more respect out there due to Malibu and strong undergrad program that is ranked high. It has a great though isolated campus.... but graduating salaries are not great ($75K).
P.S. Some believe that unless you are getting a scholarship, attending a school ranked lower than Top 50 is not a great investment, esp if it is $50K/year.