Peace University completes purchase of Seaboard Station - WRBL

Peace University completes purchase of Seaboard Station

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RALEIGH, N.C. -

William Peace University is now the owner of the Seaboard Station property next to campus, the school announced late Monday.

School president Debra Townsley said in an email to constituents that Trademark Properties will manage the property for Peace.

She said the school has worked out a $10 million nonrecourse loan on the center and said Peace was investing $6.6 million,

She said the school is investing another $4.15 million in additional Seaboard property to support the retail center and the growth of the school.

"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."

The move comes with some risk for Peace, since the school is using a whopping part of its endowment to get the property. And it has raised some concerns at Seaboard about what Peace's longterm intentions are for the property, although Townsley has insisted Peace wants to maintain it as a retail facility.

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