Wilks Development Expands Portfolio with One Ridgmar Centre Acquisition and Renovation Plans

Fort Worth's renowned real estate developer, Wilks Development, has recently completed the purchase of the One Ridgmar Centre, a strategically located 177,199 square-foot Class-A office building in West Fort Worth. This acquisition marks a significant addition to the company's expanding portfolio, which currently encompasses over 1.6 million square feet of commercial properties across Texas and beyond.

The One Ridgmar Centre, which features ten stories of office space, comes with a strong potential for growth despite its current 68% occupancy rate, which is notably below the Fort Worth average for similar office buildings. In response, Wilks Development is immediately committing $1 million to initial renovations, with plans to further invest $8 million over the next five years. The renovations will commence with essential upgrades to the roof and HVAC systems, followed by enhancements to common areas, ensuring the building meets the evolving expectations of current and prospective tenants.

Kyle Wilks, the President and CEO of Wilks Development, expressed optimism about the project. He stated, "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." This statement reflects the company's commitment to revitalizing properties and enhancing their value through thoughtful improvements.

Already, the acquisition is attracting new leasing activity. Upon closing, Wilks secured over 30,000 square feet of new leases, including one from Equify Financial, LLC, a national equipment lender with strong ties to construction, energy, and transportation industries. This initial leasing momentum indicates a positive outlook for increasing occupancy in the near term.

Built in 1986, One Ridgmar Centre previously changed hands in 2017 when it was acquired by Holt Lunsford. Under Wilks Development's stewardship, there are high expectations for a revival of the asset's appeal to potential tenants, backed by a proven track record of successfully repositioning and leasing commercial properties.

In addition to this acquisition, Wilks Development is also undertaking extensive renovations at the historic Fort Worth Public Market and has engaged in horizontal construction at Firefly Park in Frisco. Their diverse portfolio includes office, retail, and industrial properties across Texas, Oklahoma, and Pennsylvania, showcasing their extensive experience and commitment to community-centered projects.

Founded in 2012 by the Wilks brothers, Kyle and Josh, and their cousin Jess Green, Wilks Development aims to create exceptional spaces that enhance local communities. With an eye for sustainable growth, they ensure their projects provide lasting value while being mindful of their impact on the environment.

For more on their initiatives and projects, interested parties can visit their official website at wilksdevelopment.com or follow them on their social media platforms for updates and insights into their community-driven projects.

This acquisition highlights Wilks Development's strategic focus on increasing its presence in the commercial real estate market, especially in thriving areas like Fort Worth. As they embark on this renovation journey, investors and local businesses alike will be watching closely to see how these efforts reshape the office landscape in the region.