Wilks Development Buys Metroplex Office Asset
Wilks Development has acquired One Ridgmar Centre, a 177,199-square-foot Class A office building in Fort Worth, Texas. The previous owner was Holt Lunsford Commercial, which purchased the property in 2017 from Newmark, CommercialEdge shows.
The buyer plans to invest $1 million to renovate the roof and HVAC systems of the newly purchased asset, and another $8 million over the next five years for common-area improvements.
The office tower became subject to a $16.3 million 10-year loan in 2021, originated by Fidelity Bank, according to CommercialEdge data.
One Ridgmar Centre is a 10-story building completed in 1986. The property was 32 percent vacant at the time of the deal, below Fort Worth’s average for office buildings. Since the transaction, the new ownership secured new leases totaling 30,000 square feet. Equify Financial LLC is one of the new tenants. The roster also includes Quantum Valve and Oilfield Solutions, Enercon, Farmers Narional, CobbFendley, Certrec, City Bank Mortgage, ClearChoice Dental Implant Centers and Principal Financial Group.
The office tower is at 6500 West Freeway, just off Interstate 30. One Ridgmar Centre is less than 1 mile from Ridgmar Shopping Mall, which has several eateries and retail options available. Downtown Fort Worth is some 7 miles east.
Earlier this year, Wilks broke ground on the first phase of Firefly Park, the developer’s $550 million project in Frisco, Texas. The mixed-use master plan will cover a 242-acre site and is slated to feature more than 650,000 square feet of office space. This first phase is scheduled for completion in 2027.
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