Peace to pay $20.75 million for Seaboard - WJBF-TV ABC 6 Augusta-Aiken News, Weather, Sports

Peace to pay $20.75 million for Seaboard

Posted: Updated:
RALEIGH, N.C. -

William Peace University will pay $20.75 million for Seaboard Station, it said Tuesday.

The school announced in an email Friday that it had reached an agreement to buy the property, subject to court approval.

University President Debra Townsley said, "We intend on keeping the retail space.  It's great that the parkers have started and we are hoping to continue along in their good work."

Justin Roy, the Peace vice president for communications, confirmed the purchase price Tuesday.

The area, which is right next to Peace in downtown Raleigh, includes thriving shops, but court filings show landlords Gregory and Parker LLC owe more than $2 million to various creditors.

Gregory and Parker has been under Chapter 11 of the U.S. Bankruptcy Code for more than a year working on a corporate restructure plan.

The total is a major part of Peace's endowment, and represents a risk for the school. Ken Reed, director of research and policy analysis at the National Association of College and University Business Officers, said schools typically invest about 7 percent of their endowment in real estate.

"It is not usual for institutions to buy real estate assets with endowment funds," Redd said in an email. "As long as the real estate produces income on a regular basis through long-term rents and leases, this could produce a stable long-term return for an institution's endowment.

"It is a bit unusual for an institution to have one half or two-thirds of their endowment assets in one investment or asset class, but if the investment is of high quality and the income it produces is stable, the high percentage may be warranted."

Peace's interest in the property has concerned some tenants, who worry about what the school will do with the land longterm.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Mom bites off dog's ear to save daughter during attack

    Mom bites off dog's ear to save daughter during attack

    Tuesday, April 22 2014 2:49 PM EDT2014-04-22 18:49:19 GMT
    Image from CNN/KHOU-TVImage from CNN/KHOU-TV
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
  • Mom wins lawsuit against TSA after breast milk screening problems

    Mom wins lawsuit against TSA after breast milk screening problems

    Wednesday, April 23 2014 4:40 PM EDT2014-04-23 20:40:54 GMT
    A Southern California woman who was held at a Phoenix airport four years ago after refusing to have her breast milk X-rayed has reached a settlement with the Transportation Security Administration. Stacey
    A Southern California woman who was held at a Phoenix airport four years ago after refusing to have her breast milk X-rayed has reached a settlement with the Transportation Security Administration. Stacey
  • Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Monday, April 14 2014 4:07 PM EDT2014-04-14 20:07:04 GMT
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
Powered by WorldNow

1336 Augusta West Parkway
Augusta, GA 30909

Telephone: 706.722.6664
Email: talkback6@wjbf.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.