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Wilks Acquires FW Office, Upgrades on Way
Wilks Development acquired One Ridgmar Centre, a 10-story, 177,199-square-foot Class-A office tower in the western portion of Fort Worth. Built in 1986, One Ridgmar Centre was most recently owned by Holt Lunsford, who purchased it in 2017.
Wilks plans to immediately invest $1 million in renovations, with an additional $8 million slated for improvements over the next five years.
“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. While the building is currently below the city’s average occupancy, we have a proven track record of successfully revitalizing and leasing properties,” said Kyle Wilks.
The property, at 68% occupancy, has already seen a boost in leasing activity. At closing, Wilks Development secured over 30,000 square feet of new leases.
- ◦Sale/Acquisition
