Plaza Bonita, the South Bay's only indoor shopping mall, is now operating under a new owner.
HP Bonita Investments LLC acquired the mall from Westfield in late July, according to an internal memo obtained by KPBS. A press release from Henderson Park, an international private equity real estate firm and Lowe, a national real estate investor, developer and manager, announced they are joint venture partners and took ownership of the shopping center.
The press release also said Centennial Real Estate Management LLC will manage and lease the property. Centennial has also managed the Mission Valley mall since 2023.
Joel Mayer the executive vice president at Lowe explained why the two companies were interested in investing in Plaza Bonita.
“We love the community and the loyalty that the community has with this property, that people who live there go there frequently,” Mayer said.
He added the specific details of what comes next and what shoppers and residents can expect are still being worked out. But he said they want to improve the mall so the community has more reasons to go there. Mayer also said at this point, they don’t anticipate charging for parking.
“We want to be a good member of the community and embrace the community more than the prior owner did. So that's our goal,” Mayer said.
He also confirmed the mall was sold for for $201.5 million, as was first reported in the San Diego Union Tribune.
Plaza Bonita, located in National City, is among the largest shopping centers in the South Bay. It opened in 1981.
Pedro Garcia, National City’s economic development manager, said the mall provides lots of jobs.
“You can't equate Plaza Bonita directly as an employer because they're all individual businesses, but as a whole, they employ hundreds of individuals in our community, and they've honestly been a backbone for our community,” Garcia said.
The sale of Plaza Bonita follows Westfield's previously announced goals to reduce its assets.
In 2022, Unibail-Rodamco-Westfield (URW) announced “radical reduction of financial exposure to the U.S.,” and since the announcement it has sold multiple U.S. malls. URW has made efforts to keep some of its properties such as Westfield UTC, also in San Diego.
Garcia was driving by the mall when the Westfield signs were coming down, leaving just "Plaza Bonita."
He said he looks at the change with optimism.
“Plaza Bonita has been part of our National City identity for decades, and we continue to see success stories out of it,” Garcia said.
Last year, Michelin recognized Tacos El Franc, a Tijuana-based restaurant, opened its doors to a new location at Plaza Bonita. Two years before that, the South Bay mall celebrated the opening of Round1 Bowling & Arcade.
San Diego resident Paul Cortez goes to the mall once a month and sometimes more, mostly so his mother, who is from Spring Valley, can exercise.
“She really likes it. She doesn't like to walk, but we bring her here; she forgets she's walking,” Cortez said. “Sometimes some of my nieces or nephews will come with me because they're much younger and they like to shop. And they find this mall is more inexpensive than the malls in like Mission Valley, Fashion Valley,” he added.
It’s also the space where you might spot South Bay resident Nelson Estañol and about 26 or more of his closest friends on Tuesdays, Thursdays and sometimes even Saturdays.
The group is made up of a mix of friends and their wives, including several retired Vietnam Navy veterans.
When asked about why they meet at the mall, Estañol’s first thought was the mall's over 30 food and drink options.
“We need some food, we can buy food,” he said.
Estañol believes the group has been meeting at Plaza Bonita for about 30 years.
“We talk about old times … And some of us are Vietnam veterans. I'm one of them … We fought the war in Vietnam. We survived," he said.
Garcia also reflected on the mall's social and cultural significance to the community. He noted the mall serves as a space where families capture meaningful moments such as taking photos with Santa or the Easter Bunny.
“Everyone from South Bay goes to Plaza Bonita, whether you're a National City resident, Chula Vista resident, Bonita resident, South San Diego resident," he said. "It's definitely an epicenter for a lot.”
