Wilks Development
Fort Worth-based real estate developer Wilks Development on Monday announced the acquisition of One Ridgmar Centre, a 10-story, 177,199-square-foot 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, according to a press release.
Initial improvements will focus on the roof and HVAC systems, followed by enhancements to the common areas. The building fronts Interstate 30 at Green Oaks Road.
“We are enthusiastic about adding One Ridgmar to our portfolio and bringing 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,” Wilks said. “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.”
Built in 1986, One Ridgmar Centre was most recently owned by Holt Lunsford, who purchased it in 2017. The office building and adjacent Ridgmar Town Square was developed by the Woodmont Companies. An advertising/PR agency recommended the spelling of “Centre,” the French spelling of center, to project an upscale development.
Wilks Development, which is also renovating the historic Fort Worth Public Market and in horizontal construction on Firefly Park in Frisco, owns and operates more than 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.