Eric J. Stewart of Dallas opened the office doors two days ago in the Two Galleria Tower at 13455 Noel Road. Stewart is one of seven regional VPs in the company, a specialty processor and safe harbor for 1031 Exchanges of all types.
Stewart will run the shop single-handedly, but expects to hire as he gains a foothold as an accommodator for 1031 Exchange transactions. The primary focus, of course, is Texas, but he's also eyeing the prospects that the wheeling and dealing holds in surrounding states. He tells GlobeSt.com that he plans to corner at least 50 transactions before the year ends. "I'm just getting started and trying to get in front of the CPAs, attorneys and brokers to set up alliances," he says of Vesta's "safe harbor" exchange platform.
Stewart has been working as an independent, but will restructure the EJ Stewart Co. into a sole proprietorship to avoid conflicts with his new role. "100% of my efforts will be devoted to 1031 Exchanges," he says as he readies to hit the streets with a new name in town. Prior to running his own company, he worked for Cushman & Wakefield of Texas Inc., CB Commercial, Weitzman Group and RM Crowe Co.
Vesta Strategies, formed in 1996, uses California banks as depositories for exchange funds. The operation has four regional VPs in its homeport and two in Florida, giving Stewart ample room to ply the market in the Southwest and Midwest sectors. Stewart says the minimum exchange is $100,000 and his focus will be commercial real estate transactions although Vesta's platform encompasses other types of 1031 deals.
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