By Peace Times Staff
William Peace University closed on the purchase of the Seaboard Station retail center Monday.
“After many months of consideration and due diligence, I am pleased to announce that today we completed our work and invested in the Seaboard Station retail center, which is across Halifax Street, and some additional property for University growth, including the brick building on Halifax Street next to the tennis courts,” said WPU president, Debra Townsley, in a message to the University community.
Townsley said Trademark Properties, a local professional management company, has been contracted with to manage Seaboard.
The school has partnered with Capital Bank, a local bank, for a $10 million nonrecourse loan on Seaboard Station in which WPU is investing $6.6 million.
“We are investing another $4.15 million in additional Seaboard property to support the Seaboard Station retail center and the continuing growth of WPU,” Townsley said.
WPU joins other universities nationwide who are investing in retail centers near their campuses, including Wake Forest University, Mary Washington University, and University of Central Florida.
“This investment in Seaboard Station marks an exciting chapter for Peace,” Townsley said.
“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.”