After a monthslong search to find a buyer, William Peace University has closed on a $34 million deal to sell Seaboard Station in downtown Raleigh, North Carolina, according to those who worked on the deal. The transaction is bringing in a substantial return for the university and clears the way for the new owner to launch a $250 million redevelopment project at the aging retail center.
PN Hoffman, a mixed-use developer active throughout Greater Washington, is acquiring the roughly 7 acres and cluster of low-slung shops at the north end of downtown Raleigh that makeup Seaboard Station and has a multi-phase plan to grow the size of the shopping center from less than 100,000 square feet to 800,000 square feet, according to company officials.
The redevelopment plans could bring approximately 650 apartments, 150 hotel rooms and 90,000 square feet of new retail space. The project involves demolishing some existing retail buildings while keeping others, PN Hoffman CEO Monty Hoffman says.
The…Read the full story from the Washington Business Journal.