URW Divests San Diego’s Plaza Bonita to Henderson Park, Lowe

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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