Wilks Development has acquired One Ridgmar Centre, a 10-story Class-A office tower located in the western area of Fort Worth. The building spans 177,199 square feet and was originally constructed in 1986. It was most recently owned by Holt Lunsford, who purchased it in 2017.
Under Wilks’ ownership, the property will undergo immediate renovations totaling $1 million. An additional $8 million will be invested over the next five years for further improvements.
According to Kyle Wilks, “We are excited to add One Ridgmar to our portfolio and implement upgrades that will meet the changing needs of both current and future tenants. Despite its below-average occupancy rate at present time, we have a successful history of revitalizing and leasing properties.”
Since closing on the acquisition with an occupancy rate of only 68%, there has already been increased interest from potential tenants. In fact, upon closing Wilks Development secured over 30
