Fults to Start New Firm in Dallas
- Sep 05, 2008
Despite a flat Dallas real estate market, Tracy Fults took a leap of faith in the creation of his new real estate firm of Fults Commercial, following in the footsteps of his late father and one-time mentor Jerry Fults “The timing is good for me for where I am in my life,” Fults, the president of Fults Commercial, told CPN. “I’ve been in the business for quite a while and this is a good opportunity for me.” The new firm will concentrate on commercial real estate properties throughout Texas with a focus on North Texas. The company will specialize in landlord representation, tenant representation, and acquisitions and dispositions.Fults left his position as senior director in agency leasing for Cushman & Wakefield of Texas’ Asset Services Group where he led Cushman & Wakefield’s agency leasing group in Dallas and oversaw or participated in the leasing of millions of square feet of office space. Prior to joining Cushman & Wakefield, he was an executive director with the Fults Cos., founded by his late father, Jerry Fults. He was “Rookie of the Year” and was recognized for the highest level of production in his last five years with the company, twice earning the company’s top producer award. “I have regional experience with my dad and international global experience with Cushman and Wakefield,” he said. “I practiced law for a while and did landlord work as a director of leasing. I have an opportunity to take that very well rounded background to some clients and give them a new dimension of service. I’m hoping to cut down on some of the corporate responsibilities that come with big global companies and spend that time on my clients’ accounts. So, this fits perfectly for me.” Fults called the timing a “sort of Catch 22” in opening a his firm now during a downward real estate market. “But, there are arguments for both. It is good timing in my life and I think there will be a lot of opportunities to have individuals join with me to pick up lot of assignments and prospective clients,” he said.“We all know that the Dallas market has been somewhat flat and activity has been slower than in years past. We are at about half of the absorption of last year. We know the credit markets are shut down and the gap between buyers and sellers is insurmountable right now. Nothing is happening in the investment sales world, but this all provides opportunities for us,” he explained. “People get concerned about their service providers, so we anticipate a lot of change in the service provider industry, whether it is more attributable to the service provider or more attributable to the market, but it may be time to make a change even with a great provider. So, we see a lot of properties trade hands.” The firm is currently located in the Dallas suburb of Addison, but will likely move in the next 60 days after picking up an assignment that would like the firm to be located on their property. Currently, some deals are in the works, but there is nothing to announce, Fults said.