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Henderson Park and Lowe buy San Diego mall Plaza Bonita from URW
Plaza Bonita spans 1,031,000 square feet and is leased to more than 150 tenants, with the new owners planning major upgrades and leasing investment.
Henderson Park and Lowe have acquired Plaza Bonita, a 1,031,000-square-foot enclosed regional shopping mall in National City, a San Diego suburb, from Unibail-Rodamco-Westfield, according to ConnectCRE. Terms of the deal were not disclosed.
The joint venture plans to upgrade and reposition the property through significant capital improvements and additional leasing investment. Henderson Park managing director Dennis Schiloff said the firms see long-term value in physical retail and believe the mall has strong underlying fundamentals that they can develop through their experience repositioning large-scale assets.
Plaza Bonita was originally built in 1981 and is leased to more than 150 tenants, including Macy’s, Target, JC Penney, AMC Theatres, Nordstrom Rack, and Round1. Henderson Park and Lowe have engaged Centennial to manage and lease the property.
Eastdil advised on the acquisition, and the firms sourced acquisition financing from Morgan Stanley.