Henderson Park and Lowe have acquired Plaza Bonita, a 1,031,000-square-foot enclosed regional mall in National City, a suburb of San Diego, from Unibail-Rodamco-Westfield. The purchase price was not disclosed. The transaction shifts control of one of the area’s larger retail destinations to a new ownership partnership focused on repositioning the property.
The joint venture plans to invest significant capital into Plaza Bonita, targeting both physical upgrades and a renewed leasing strategy. Ownership intends to modernize the mall environment and enhance its appeal to shoppers and retailers, with the goal of reinforcing the property’s position within the surrounding community.
Commenting on the acquisition, Dennis Schiloff, managing director at Henderson Park, noted that the firm continues to see long-term value in brick-and-mortar retail. He described Plaza Bonita as an asset with strong underlying fundamentals and highlighted the opportunity to leverage Henderson Park’s experience in repositioning large-scale properties to create a more dynamic experience for visitors and merchants.
Plaza Bonita originally opened in 1981 and today houses more than 150 tenants. The property is anchored by national and regional brands including Macy’s, Target, JC Penney, AMC Theatres, Nordstrom Rack and Round1. These anchors provide a mix of department store, discount, entertainment and specialty retail offerings that help drive consistent foot traffic throughout the enclosed mall.
Henderson Park and Lowe have selected Centennial to handle management and leasing at the property. As the new property manager, Centennial will be responsible for day-to-day operations as well as executing the leasing strategy that supports the owners’ repositioning plans and capital program.
On the capital side of the transaction, Eastdil served as advisor on the acquisition and arranged the acquisition financing. Morgan Stanley provided the debt financing, underscoring the availability of institutional capital for well-located regional malls that ownership teams plan to upgrade and actively reposition.
