Private real estate equity firm 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. Terms were not disclosed. The joint venture partners plan to upgrade and reposition the mall through significant capital improvements and leasing investment.

Dennis Schiloff, managing director at Henderson Park, said, “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. 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.”

Originally built in 1981, Plaza Bonita 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 sourced acquisition financing from Morgan Stanley.

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