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

Seaboard owners granted extension to find potential buyer

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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.

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