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Saturday, January 23, 2021

Worth consideration: Partners launch Fort Worth real estate firm

A passion for all things Fort Worth has a fledgling real estate firm determined to succeed.

“We have a real vision for Fort Worth, to see it grow and expand,” said Tim Bates, one of two partners behind Worth Commercial Real Estate.

Since its formation in November, the firm has brokered sales of commercial investment properties; represented tenants of office, retail and warehouse businesses; and provided office leasing services.

Having savored success in Glendarroch Homes and Peloton Commercial Real Estate, respectively, Bates and partner Jerry Bolz have taken those experiences and planted a seed for continued prosperity – but on their own terms. And in their own backyard.

“I could have done it with Peloton, but it wouldn’t have been as easy,” said Bolz, 50, who handled Tarrant County for the Dallas-based firm.

So Bolz and Bates, 36, formed Worth Commercial Real Estate. It is currently a two-man operation in 2,000 square feet of leased space at 3840 Hulen St.

The suite is a stark contrast to the larger Peloton offices Bolz once knew. Peloton moved slower when making decisions and snapping up properties, Bolz said. Eleven years with the firm brought the Western Hills High School graduate success, but he wanted more autonomy, a chance to call his own shots. Specifically, Bolz craved opportunities to invest and own property.

“I could have done that at Peloton, but that would have been as a partial investor mainly in larger, specialized office buildings,” Bolz said.

In Fort Worth, Bolz said, he can invest more freely in smaller office buildings, apartments and raw land. And he and Bates can do so quicker and without seeking approval from multiple department heads.

“Being a small company like we are, we’re a lot more agile and can make decisions faster,” said Bates, who oversaw office operations for Glendarroch.

Launching his own business never occurred to Bolz before he began discussing the idea with Bates, a familiar name in local real estate. Impressed by Bates’ success with Glendarroch, a home building company, Bolz thought the timing was right. So did Bates.

“With my experience running a business for the last 10 years and a desire to get into commercial real estate, it was a slam-dunk for us to partner up,” Bates said.

So the duo sank their own money into the operation.

Only weeks after opening its doors, the firm already is handling several properties. One of those is an office building on West Seventh Street, a fully leased structure still under the Peloton umbrella.

“It’s unusual because Peloton still has the listing but no longer has people in Fort Worth. I’m doing that on their behalf,” Bolz said.

As Bolz parts ways with Peloton, Bates remains with Glendarroch. A colleague has taken over business administration as Bates focuses on sales and business development while running the business for Worth Commercial.

Some of those business deals are carry-overs from Peloton, for which Bolz is still leasing.

But Bolz and Bates in the future expect to chart their own course and oversee a portfolio entirely their own. Part of that entails pooling investor equity and raising enough debt to purchase the assets.

“It’s a thriving market right now,” Bates said.

“Fort Worth is in a great position to land new companies, to see job growth, and is just an incredible place to live,” Bates said.

www.worthcre.net.

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