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Wallace Commons sells for $23 million

SALISBURY — A Phoenix real estate investment trust now owns all of Wallace Commons, a shopping center built in two phases at Julian Road and Interstate 85.
Cole MT Salisbury, a subsidiary of American Realty Capital Properties, last month paid $11.165 million to Chattanooga-based Hutton Co. for the second phase of Wallace Commons. The phase opened in October and includes Belk, Michaels Crafts, Carnival Shoes and Ulta Beauty.
Cole MT Salisbury also owns the first phase of Wallace Commons, which opened in 2008 and is anchored by Kohl’s. Salisbury’s Wallace family and co-owner Collett and Associates of Charlotte sold the first phase in 2012 for $12 million.
Hutton still has an option on 54 acres of nearby vacant land owned by Rowan County in the Summit Corporate Center, across Julian Road from Wallace Commons. But the developer has remained mum on the potential for yet another retail shopping hub at the interchange.
Two years ago, Hutton paid $3.9 million for the vacant land for Wallace Commons II. Home Depot had paid the Wallace family and Collett $3.5 million for the roughly 14 acres next to Kohl’s in 2008 but never developed it.
The Wallaces and Collett still own the parcel containing Sleepy’s mattress store and the new urgent care, as well as a small vacant parcel next door. Victor Wallace said he expects to build something on the lot this year.
“We’ve had a lot of interest, and there will be more,” he said.
Wallace said he wishes his family still owned Wallace Commons, but Cole made an offer they could not refuse in late 2012, when the government was shut down and a debate was raging over whether to eliminate the capital gains tax.
“The company made an extremely strong offer, and we could not just ignore it,” Wallace said. “Given all the circumstances, I think we made the right choice.”
Klumac Partners, the company founded by the Wallace family, and Collett still own 15 vacant acres between the shopping center and Ichiban Japanese Steakhouse that they hope to develop someday, Wallace said.
Contact reporter Emily Ford at 704-797-4264.

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