Seaboard owners granted extension to find potential buyer - WNCN: News, Weather

Seaboard owners granted extension to find potential buyer

Posted: Updated:
Neighbors and business owners expressed concern that Seaboard might get sold to nearby William Peace University. (Seaboard Ace Hardware) Neighbors and business owners expressed concern that Seaboard might get sold to nearby William Peace University. (Seaboard Ace Hardware)
RALEIGH, N.C. -

The owners of Seaboard Station have been granted a lease renewal through the end of the year while they look for a buyer or settle their debt.

Gregory and Parker, LLC. has been under Chapter 11 of the U.S. Bankruptcy Code for the last 13 months working on a corporate restructure plan. The landlords owe more than $2 million to various creditors.

An order signed Thursday by a U.S. Bankruptcy Court judge grants Gregory and Parker the right to renew its lease brokerage agreement through Dec. 31. The judge also authorized Gregory and Parker to extend its real estate listing with Capital Associates Management for the sale of the property through Dec. 31.

The orders come as neighbors and business owners expressed concern that Seaboard might get sold to nearby William Peace University.

Business owners say the university would use the land for activity fields and student parking as leases expire through attrition.

However, William Peace University President Debra Townsley said neighbors' fears are just a misunderstanding. She says Peace does want to purchase the land, but wants to keep the retail space.

"Students like to have a campus where there's places to eat, places to shop," Townsley explained during a May 14 City Council meeting.

Still, the orders underline the fact that Gregory and Parker has no intention of selling to the university and plans to pursue other possible investors.

In an order signed Wednesday, Gregory and Parker expressed interest in hiring Michael G. Winters and the law firm of Ellis & Winters to represent for legal advice. Winters is a real estate development lawyer with experience in commercial financing.

RELATED STORIES

  • Trending StoriesTrending StoriesMore>>

  • Wilson community holds vigil for slain 7-year-old boy

    Wilson community holds vigil for slain 7-year-old boy

    Monday, July 28 2014 4:58 AM EDT2014-07-28 08:58:46 GMT
    Hundreds stood outside the Wilson County Courthouse on Sunday night to help a family grieve four days after 7-year-old Kamari Jones was shot and killed in his own home.
    Hundreds stood outside the Wilson County Courthouse on Sunday night to help a family grieve four days after 7-year-old Kamari Jones was shot and killed in his own home.
  • 2 charged with first-degree murder in beating death of UNC professor, cancer researcher

    2 charged with first-degree murder in beating death of UNC professor, cancer researcher

    Friday, July 25 2014 9:00 AM EDT2014-07-25 13:00:14 GMT
    A UNC research professor was robbed and beaten to death Wednesday afternoon on University Drive in Chapel Hill, police said.
    A UNC research professor was robbed and beaten to death Wednesday afternoon on University Drive in Chapel Hill, police said.
  • Stolen dinosaur replica returned to Raleigh museum

    Stolen dinosaur replica returned to Raleigh museum

    Monday, July 28 2014 12:13 PM EDT2014-07-28 16:13:16 GMT
    A model of a baby dinosaur that was stolen from the Museum of Natural Sciences has been returned to the museum, officials said at a news conference Monday.
    A model of a baby dinosaur that was stolen from the Museum of Natural Sciences has been returned to the museum, officials said at a news conference Monday.
Powered by WorldNow

1205 Front St., Raleigh
N.C., 27609

Telephone: 919.836.1717
Fax: 919.836.1687
Email: newstips@wncn.com

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