Wilks Development's Key Acquisition and Future Plans
Wilks Development Expands Its Real Estate Portfolio
The developer adds a sizable 177,199 square feet office building to its expanding portfolio with strategic plans for renovation.
Acquisition of One Ridgmar Centre
Wilks Development, a prominent real estate developer, announced the purchase of One Ridgmar Centre, a 10-story Class-A office tower. This significant acquisition marks a vital addition to the company's extensive property portfolio.
Renovation Plans
The company is set to invest an impressive $9 million into renovations aimed at upgrading the facility and attracting more tenants. Initial investments will focus on improving essential systems, such as the roof and HVAC, followed by enhancements in common areas that will elevate the overall tenant experience.
Strategic Occupancy Goals
The newly acquired property currently operates at a 68% occupancy rate, which is below the average for similar office buildings in the area. Nevertheless, there has been a noticeable rise in leasing activities, with the company already securing over 30,000 square feet of new leases.
New Tenants Reshaping the Space
One of the new tenants, Equify Financial, LLC, a national equipment lender known for servicing various industries, has confirmed its commitment to occupying part of the new premises. The presence of such reputable firms signifies a bright future for the property.
Wilks Development’s Expertise in Revitalization
Kyle Wilks, President and CEO, expressed confidence in the company’s ability to revitalize and lease properties successfully. With a proven track record in repositioning real estate assets, Wilks Development is optimistic about achieving full occupancy in the near future.
The Building's Background
Originally built in 1986, One Ridgmar Centre was recently owned by another developer. The strategic improvement plans by Wilks Development showcase the company's commitment to providing high-quality office environments that respond to modern market demands.
Broader Portfolio and Operations
Wilks Development is also engaged in renovating other significant projects, enhancing its diverse real estate portfolio. The company's operations extend across multiple states, including Texas, Oklahoma, and Pennsylvania, where they own and manage over 1.6 million square feet of commercial space.
Sustainable and Innovative Approach
Founded in 2012, Wilks Development, led by Kyle and Josh Wilks, has been dedicated to creating properties that contribute positively to their communities. Their commitment to innovation and sustainability ensures that every project enhances the areas served.
Contact Information and Company Background
For more details or inquiries about their projects, interested parties may contact Nicole Ellis at Wilks Development via telephone at 817-720-0821 or by emailing at nicole.ellis@wilksdevelopment.com.
Frequently Asked Questions
What is One Ridgmar Centre?
One Ridgmar Centre is a 10-story Class-A office building acquired by Wilks Development, spanning 177,199 square feet.
What renovations are planned for One Ridgmar Centre?
Wilks Development plans to invest $9 million into renovating One Ridgmar Centre, focusing initially on roof and HVAC system improvements.
What is the current occupancy rate of the building?
The occupancy rate of One Ridgmar Centre is currently at 68%, which is below the average for similar buildings.
Who are the new tenants at One Ridgmar Centre?
Equify Financial, LLC, an equipment lender, is among the new tenants leasing space in the building.
What is the vision of Wilks Development?
Wilks Development aims to create exceptional spaces that enhance communities while ensuring sustainable growth through innovative real estate projects.
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