Phillips Edison Prepping for 64,753-SF Overhaul

DALLAS-Phillips Edison & Co. is laying the groundwork for an extensive overhaul of its newest asset in the metro, the 64,753-sf Buckingham Square Shopping Center. The Baltimore-based buyer has scooped up the value-add play at a below-replacement cost of $60 per sf.

Buckingham Square, situated on 6.2 acres at 1455 W. Buckingham Rd., was 51% vacant at sale time, primarily due to a 32,113-sf box formerly occupied by MJ Designs. The new owner was one of six chasing the deal, locking it down in a 99-day start to finish with its location as one of its chief selling points, according to Phillip Levy of Marcus & Millichap Real Estate Services. He and colleague Blake Burnett were selling the 19-year-old center for its developer, Peek Properties of Richardson.

“We could end up owning this forever,” John Bessey, vice president of acquisitions for Phillips Edison, tells GlobeSt.com. “It has the opportunity to be a class A center. It’s tired. It needs reinvigorating.”