Enclosed San Diego center acquired by joint venture
One of the largest shopping centers in the San Diego metropolitan area has new owners.
Private equity real estate firm Henderson Park and real estate investor, developer and manager Lowe have acquired Plaza Bonita, an enclosed regional shopping mall in National City, Calif., that spans more than 1 million square feet.
Originally built in 1981, Plaza Bonita is set on more than 78 acres off of the I-805 freeway. The property currently offers a mix of over 150 shops and restaurants, including Macy’s, Target, JCPenney, AMC Theatres, Nordstrom Rack and Round1.
Formerly owned by Unibail-Rodamco-Westfield, Centennial has been selected to manage and lease Plaza Bonita. Eastdil advised on the acquisition and sourced the financing with Morgan Stanley providing the acquisition loan.
“Plaza Bonita provides a compelling opportunity to acquire and operate a well performing and stabilized asset that can benefit from physical updates and potential new uses,” said Joel Mayer, executive VP of Lowe. “It has an excellent position in the market with many popular retailers and restaurants. Alongside Henderson Park, we intend to build on its strengths and update the property by devoting capital to a host of improvements including creating more inviting public spaces and plazas to encourage gathering and increase outdoor dining areas.”
The firms plan to upgrade and reposition the mall through “significant capital improvements and leasing investment.” Henderson Park will utilize both its international and domestic retail experience, and Lowe will apply its local knowledge and dedicated retail platform, Retail reVision, to operate the property.
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“We remain strong believers in the long-term value of physical retail, and we see great potential in Plaza Bonita as an asset with very compelling underlying fundamentals,” said Dennis Schiloff, managing director at Henderson Park. “By leveraging our experience in repositioning large-scale assets, we aim to create a more dynamic and engaging environment for both consumers and retail partners, while strengthening Plaza Bonita’s role as a destination for the local community.”
