Tuesday, August 4, 2026
Henderson Park, Lowe acquire Plaza Bonita shopping center
The joint venture said it plans to modernize the 1.03 million-square-foot center, refresh retail spaces and expand its mix of shopping, dining and entertainment offerings.
Photo courtesy of Lowe
Plaza Bonita, a 1.03 million-square-foot enclosed regional shopping mall in National City, has been acquired by Henderson Park and Lowe for an undisclosed price.
Plaza Bonita, a 1.03 million-square-foot enclosed regional shopping mall in National City, has been acquired by Henderson Park and Lowe for an undisclosed price.
Henderson Park and Lowe recently acquired Plaza Bonita, a 1.03 million-square-foot regional shopping mall in National City, with plans to renovate and reposition the shopping center through capital improvements and new leasing efforts.
Financial terms of the sale were not disclosed.
The joint venture said it plans to modernize the enclosed mall, refresh retail spaces and expand its mix of shopping, dining and entertainment offerings to strengthen the property's position in the San Diego market.
"Plaza Bonita provided a compelling opportunity to acquire and operate a well performing and stabilized asset that can benefit from physical updates and potential new uses," said Joel Mayer, executive vice president at Lowe, in a statement. "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."
Built in 1981, Plaza Bonita occupies more than 78 acres near Interstate 805 and State Route 54. The mall, which serves National City, Chula Vista and surrounding communities, includes more than 150 stores and restaurants. Current tenants include Macy's, Target, JCPenney, Nordstrom Rack, AMC Theatres and Round1.
The owners said planned improvements will include upgraded public gathering spaces, expanded outdoor dining areas and efforts to attract new retailers, local restaurants, specialty food concepts and additional entertainment venues.
Henderson Park and Lowe said the strategy reflects growing consumer demand for shopping destinations that combine retail with dining and recreational experiences.
Henderson Park, a private equity real estate fund manager, said it will draw on its retail investment experience in the United States and abroad.
"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," Dennis Schiloff, Henderson Park's managing director, said in a statement. "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.
"This is a well-established center that has already demonstrated its staying power, drawing strong and growing visitation year after year. Through a disciplined program 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."
Lowe is a national real estate investment, development and management firm based in Los Angeles. It will oversee operations of Plaza Bonita through its "Retail revision" platform.
According to the companies, Plaza Bonita attracts about 11 million visitors annually, ranking among the San Diego region's busiest shopping centers.
The new owners have hired Centennial to manage and lease the property.
Eastdil advised the buyers on the acquisition and arranged financing, with Morgan Stanley providing the acquisition loan.
Financial terms of the sale were not disclosed.
The joint venture said it plans to modernize the enclosed mall, refresh retail spaces and expand its mix of shopping, dining and entertainment offerings to strengthen the property's position in the San Diego market.
"Plaza Bonita provided a compelling opportunity to acquire and operate a well performing and stabilized asset that can benefit from physical updates and potential new uses," said Joel Mayer, executive vice president at Lowe, in a statement. "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."
Built in 1981, Plaza Bonita occupies more than 78 acres near Interstate 805 and State Route 54. The mall, which serves National City, Chula Vista and surrounding communities, includes more than 150 stores and restaurants. Current tenants include Macy's, Target, JCPenney, Nordstrom Rack, AMC Theatres and Round1.
The owners said planned improvements will include upgraded public gathering spaces, expanded outdoor dining areas and efforts to attract new retailers, local restaurants, specialty food concepts and additional entertainment venues.
Henderson Park and Lowe said the strategy reflects growing consumer demand for shopping destinations that combine retail with dining and recreational experiences.
Henderson Park, a private equity real estate fund manager, said it will draw on its retail investment experience in the United States and abroad.
"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," Dennis Schiloff, Henderson Park's managing director, said in a statement. "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.
"This is a well-established center that has already demonstrated its staying power, drawing strong and growing visitation year after year. Through a disciplined program 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."
Lowe is a national real estate investment, development and management firm based in Los Angeles. It will oversee operations of Plaza Bonita through its "Retail revision" platform.
According to the companies, Plaza Bonita attracts about 11 million visitors annually, ranking among the San Diego region's busiest shopping centers.
The new owners have hired Centennial to manage and lease the property.
Eastdil advised the buyers on the acquisition and arranged financing, with Morgan Stanley providing the acquisition loan.
