Plaza Bonita, one of the largest shopping centres in the San Diego metropolitan area at more than one million square feet, has new owners.
Private equity real estate firm Henderson Park and real estate investor, developer and manager Lowe have acquired Plaza Bonita, which was originally built in 1981. 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 stabilised 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 utilise both its international and domestic retail experience and Lowe will apply its local knowledge and dedicated retail platform, Retail reVision, to operate the property.
