Feature Photo: The developer added the 177,199 SF building to its expanding portfolio. Image: Wilks Development.
Posted: 12-3-2024
Forth Worth (Tarrant County) — Area real estate developer Wilks Development announced the acquisition of One Ridgmar Centre, a 10-story, 177,199 square feet Class-A office tower in the western portion of the city.
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.
Edited from news release.
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