I think it depends more on the specific school you want to apply to, and your entire application. Therefore this is a more of a case-by-case thing.
University of California has been pretty good about not caring about courses taken at a CC. But that is also weighed vs. courses taken post-transfer. So a person who did all their pre-reqs at a CC, who then had good grades in upper division science classes after transferring to a 4-year...then that is fine.
However to go from a 4-year back to a CC may look bad. Although I'm sure that this is the intention of most people, it may be taken as a way to "spruce up" your GPA with CC classes. The quality of CC classes vary among CC's, and regions, just like universities. Considering the OP only has to take a physics class....I'd suck it up and take it at a university. I don't quite understand the whole graduate tuition thing though. Out of all the schools that I went to, its been a flatrate tuition...unless this is summer session or something.
For what its worth, I have seen some of our adcoms have biases for specific schools (e.g., Berkeley, etc). If they have such biases for schools, what could that imply for CC's. They're only human ya know. But, again, if supported by evidence of high level performance in all coursework (both CC and 4-year), they can't really argue against that. 🙂