Peace University completes purchase of Seaboard Station
Posted October 21, 2013 6:35 p.m. EDT
Updated October 22, 2013 1:33 p.m. EDT
Raleigh, N.C. — William Peace University closed Monday on its $20 million purchase of the neighboring Seaboard Station retail center.
The previous owners of Seaboard Station, which is off Halifax Street north of downtown Raleigh, filed for bankruptcy last year, and Peace officials had eyed the center for months as a way to generate revenue and expand.
"This investment in Seaboard Station marks an exciting chapter for Peace," university President Debra Townsley said in a statement. "Seaboard Station is an integral part of the Raleigh community, and it will be an honor to work with this retail center to help it continue to grow and thrive.”
Peace has obtained a $10 million loan from Capital Bank to help finance the purchase and is investing $6.6 million of its endowment in the center and another $4.15 million in extra property, including a building next to the school's tennis courts, to support the retail center, Townsley said.
The university has hired Trademark Properties to manage the center.
Community groups and some retailers have expressed concern about the purchase, fearing Peace would replace shops with dormitories, parking garages and athletic fields.
Townsley noted other universities, including Wake Forest, have invested in retail centers near their campuses. She has previously said Seaboard Station is an amenity that Peace uses to attract students.