NATIONAL CITY, CALIF. — A joint venture between Henderson Park and Lowe has acquired Plaza Bonita, a 1 million-square-foot enclosed regional shopping mall in National City, a suburb of San Diego. The joint venture partners plan to upgrade and reposition the mall through “significant” capital improvements.
Originally built in 1981, Plaza Bonita is set on more than 78 acres and serves the communities of National City and Chula Vista. The center currently houses a mix of more than 150 shops and restaurants, including Macy’s, Target, J.C. Penney, AMC Theatres, Nordstrom Rack and Round 1 Bowling & Arcade.
Henderson Park and Lowe have engaged Dallas-based Centennial to manage and lease the property. Eastdil Secured advised on the acquisition and sourced the financing, with Morgan Stanley providing the acquisition loan.