SAN DIEGO (KGTV) – The popular South Bay shopping mall Plaza Bonita has new owners who plan to make significant changes to the property.

A joint venture led by South Carolina-based private equity real estate firm Henderson Park and Los Angeles real estate investor/developer Lowe purchased the National City mall, it was announced on Monday.

According to the San Diego Union-Tribune, the group bought the mall on 3030 Plaza Bonita Rd. for $201.5 million.

The new ownership group has already removed the Westfield branding from the property, which was first built in 1981.

The U-T reported the developers plan to upgrade entrances and add more local restaurants to the mall.

Housing could also be added to the mall’s 78-acre site in the future, it was reported.

In a statement to ABC 10News, Lowe Executive Vice President Joel Mayer said, “Plaza Bonita is already a successful, well-known property in the greater San Diego area. Our plan is to enhance the existing retail mix with more dining and entertainment options, while keeping the property family-oriented and comfortable for local shoppers. We look forward to a continued partnership with tenants, visitors, and the community to further develop a space for all to participate and enjoy.”