To: Campus Community
From: President Debra Townsley
Subject: Seaboard Station Investment
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.
A local professional management company, Trademark Properties, has been contracted with to manage Seaboard. We have partnered with Capital Bank, a local bank, for a $10 million loan on the Seaboard Station retail center in which we are 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.
William Peace University joins other universities nationwide who are investing in retail centers near their campuses. Maguire and Associates calls this “campus beyond gates”. Such schools include Wake Forest University, NC; Mary Washington University, VA; and University of Central Florida, FL.
This investment in Seaboard Station marks an exciting chapter for Peace. 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.