Fort Worth-based real estate developer Wilks Development acquired One Ridgmar Centre, a 10-story, 177,199-square-foot Class-A office tower in West Fort Worth, Texas.
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.
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.
Built in 1986, One Ridgmar Centre was most recently owned by Holt Lunsford, who purchased it in 2017.
