Wilks Development Acquires Class-A Office Building One Ridgmar Centre, Plans $9 Million Renovation
The developer adds 177,199 SF building to its expanding portfolio.
FORT WORTH, Texas, Nov. 26, 2024 /PRNewswire/ -- Fort Worth-based real estate developer Wilks Development announced the acquisition of One Ridgmar Centre, a 10-story, 177,199 square feet Class-A office tower in West Fort Worth.
Wilks Development plans to immediately invest $1 million in renovations, with an additional $8 million slated for improvements over the next five years. Initial improvements will focus on the roof and HVAC systems, followed by enhancements to the common areas.
"We are enthusiastic to add One Ridgmar to our portfolio and bring significant upgrades and enhancements that will ensure it meets the evolving needs of current and future tenants," said Kyle Wilks, President and CEO of Wilks Development.
The property, currently at 68% occupancy—below the average for office buildings in Fort Worth—has already seen a boost in leasing activity. At closing, Wilks Development secured over 30,000 square feet of new leases. Among the new tenants is Fort Worth-based Equify Financial, LLC, a national equipment lender serving the construction, energy, and transportation industries.
"While the building is currently below the city's average occupancy, we have a proven track record of successfully revitalizing and leasing properties. With our team's expertise in repositioning assets and our commitment to meaningful improvements, we are confident that One Ridgmar will achieve full occupancy in the near future," Wilks added.
Built in 1986, One Ridgmar Centre was most recently owned by Holt Lunsford, who purchased it in 2017.
Wilks Development, which is also renovating the historic Fort Worth Public Market and in horizontal construction on Firefly Park in Frisco, owns and operates over 1.6 million square feet of commercial space, encompassing both developed and upcoming projects. Its diverse portfolio spans office, retail, and industrial properties across North and West Texas, Oklahoma, and Pennsylvania, along with several multifamily and hospitality assets.
About Wilks Development
Wilks Development is a visionary leader in Texas real estate development and investment, committed to creating exceptional spaces that enrich the lives of communities. Founded in 2012 by brothers and third-generation masons Kyle and Josh Wilks, along with their cousin Jess Green, Wilks Development has built a diverse portfolio that includes sturdy stone storefronts, vibrant multi-family communities, sleek commercial offices, and thriving, walkable neighborhoods.
As an intentional and innovative company, Wilks Development continues to pioneer with a focus on sustainable growth and community enhancement, ensuring that every project contributes positively to the areas it serves. For more information about Wilks Development, visit our website at wilksdevelopment.com or follow us on LinkedIn, Facebook, and Instagram at @wilksdevelopment.
Contact: Nicole Ellis, Wilks Development
Telephone: 817-720-0821 or 209-327-6343
Email: nicole.ellis@wilksdevelopment.com
View original content:https://www.prnewswire.com/news-releases/wilks-development-acquires-class-a-office-building-one-ridgmar-centre-plans-9-million-renovation-302316719.html
SOURCE Wilks Development