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Education

William Peace Makes $21 Million Offer For Seaboard Station

Seaboard Station building in Raleigh
Jmturner, public domain
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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.
 

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