Real estate investment firm Henderson Park has teamed up with US investor Lowe to acquire Plaza Bonita, a regional shopping mall in San Diego. The joint venture partners plan to upgrade and reposition the mall through significant capital improvements.
Built in 1981, Plaza Bonita is set on more than 78 acres and serves the communities of the National City and Chula Vista suburbs in San Diego. The centre has a mix of more the 150 shops and restaurants including retailers Macy’s, Target and JC Penney.
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.”
Through a disciplined programme of capital investment and leasing initiatives, we are confident in our ability to meaningfully grow the property’s performance and reposition this asset from A- to A quality.”
Joel Mayer, executive vice president at Lowe, added: “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. 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. Customers today are seeking food and fun as a part of their shopping experience. We intend to add local restaurants, specialty food cafes and entertainment uses along with new retailers that offer a variety of experiences for all ages.”
Henderson Park and Lowe have appointed Centennial to manage and lease the property. Eastdil advised on the acquisition and sourced the financing with Morgan Stanley providing the acquisition loan.
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