William Peace Makes $21 Million Offer For Seaboard Station

Jul 2, 2013

A building at Seaboard Station in Raleigh.
Credit Jmturner, public domain

William Peace University in Raleigh is using nearly two thirds of its endowment to buy out an adjacent shopping center.  The school submitted the offer worth nearly $21 million last week for the Seaboard Station retail center.  The owner of the downtown shopping center filed for bankruptcy more than a year ago. 

Peace president Debra Townsley says the move will make the university more attractive to those considering enrollment.

"We know what surrounds a campus is critical to families' choice for their students and it's also critical to employees in deciding where to work," Townsley says. "It's a part of being in the general community, as well."

Townsley says she and the rest of the school's Board of Trustees believe the investment will quickly return a profit.  The deal still needs approval from a local court.  The property will be sold at auction if other buyers make a higher bid.  Tenants of Seaboard Station could not be reached for comment.