OFFERING MEMORANDUM

5 Former School SitesBristol, PA

RedevelopmentOpportunity O

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Exclusively Marketed by:

Bristol School District Sites

CONTENTS

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It issubmitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions,assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigationof the property and transaction.

01 Executive Summary 03 Market Information

Executive Summary 4 Bristol Township, PA 21

02 Property Description Bucks County, PA 22

Regional Map 6 Market Demographics 23

Site Summaries 7 Neighbors 25

Location Comparison 12 04 Offering Process

Zoning Summary 13 Process & Contact 27

Zoning Code 14

Michael Borski, Sr. Brian Glancey, SIOR

215-561-6565 x120 215-561-6565 x191

mborski@flynnco.com bglancey@flynnco.com

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Executive Summary

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Offering Features | 4

The Offering is compromised of 5 individual schools sites with approximately at total land size of 70

acres. Each site has existing former elementary school buildings which have not been actively usedsince the end of 2016 school year.

We anticipate a great deal of interest to purchase the properties as there are very few landopportunities available in Lower Bucks County. The properties can be purchased in their entirety orindividually.

Bristol Township School Offering

OFFERING SUMMARY

Name & Address Site Size (ac) Building Size (sf) Zoning Offering Price

Lafayette Elementary School

4201 Fayette Drive

Bristol, PA

±20.95 63,280

R1-Residential

Semi-detached

Single Family

$900,000

George Washington Elementary School

275 Crabtree Drive

Levittown, PA

±17.61 37,942 R3-Residential $815,000

John Fitch Elementary School

101 Greenbrook Drive

Levittown, PA

±17.52 41,272 R2-Residential $810,000

Abraham Lincoln Elementary School

10 Plumtree Place

Levittown, PA

±9.96 37,942 R3-Residential $440,000

Maple Shade Elementary School

2355 Prospect Ave

Bristol, PA

±7.00 41,290 R1-Residential $300,000

02 Property Description

Regional Map

Site Summaries

Location Comparison

Zoning Summary

Zoning Code

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Regional Map | 6Bristol Township School Offering

275 Crabtree | 7Bristol Township School Offering

SITE SUMMARY

Land Size ±17.61

Building Size ±37,942

Topography Flat

Lot Dimensions Irregular

Road FrontageCrabtree ±950’

Oaktree ±1360’

Zoning R-3 Residential

Tax Parcel 05-039-584-001

Neighborhood Crabtree Hollow

275 Crabtree is a single story

building which was constructed

in 1958 with a brick exterior and

flat roofs. George Washington

taught around 400 students in

grades K to 6 and closed in June

2016.

101 Greenbrook | 8

SITE SUMMARY

Land Size ±17.52

Building Size ±41,272

Topography Flat

Lot Dimensions Irregular

Road Frontage

Greenbrook ±1130’

Stonybrook ±1175’

Farmbrook ±975’

Field Lane ±450’

Zoning R-2 Residential

Tax Parcel 05-072-113

Neighborhood Farmbrook

Bristol Township School Offering

101 Greenbrook is a single story

building which was constructed

in 1953 with a brick exterior and

flat roofs; it was the first school

built in the modern ear. John

Fitch Elementary School taught

around 350 students in grades K

to 6 and closed in June 2016.

4201 Fayette | 9

SITE SUMMARY

Land Size ±20.95 Acres

Building Size ±63,380 sf

Topography Flat

Lot Dimensions Irregular

Road Frontage Fayette ±715’

Zoning

R1-Residential

Semi-detached Single

Family

Tax Parcel 05-059-144

Neighborhood Bath Addition

Bristol Township School Offering

4201 Fayette is a single story

building which was constructed

in 1955 with a brick exterior and

flat roofs. The Lafayette

Elementary School taught

around 400 students in grades K

to 6 and closed in June 2016.

10 Plum Tree | 10

SITE SUMMARY

Land Size (acres) ±9.96

Building Size (sf) ±3,942

Topography Flat

Lot Dimensions Approx. 630’ x 1280’

Road FrontageNone – Access from

Plumtree Road

Zoning R-3 Residential

Tax Parcel 05-021-162-001

Neighborhood Mill Creek Falls

Bristol Township School Offering

10 Plum Tree Place is a single

story building which was

constructed in 1960 with a brick

exterior and flat roofs. The

Abraham Lincoln Elementary

School taught around 375

students in grades K to 6 and

closed in June 2016.

2335 Prospect | 11

SITE SUMMARY

Land Size (acres)±4.24 (1)±2.76 (2)

Building Size (sf) 41,290

Topography Flat

Lot Dimensions Irregular

Road FrontageNewport ± 630’

Prospect ± 1,070’

Zoning R1 Residential

Tax Parcel05-026-008 (1)

05-026-001 (2)

Neighborhood West Bristol

Bristol Township School Offering

1

2335 Prospect is a single story

building which was constructed

in 1960 with a brick exterior and

flat roofs. The Maple Shade

Elementary school taught

around 440 students in grades K

to 6 and closed in June 2016.

The parcel breakout above is an

estimate.

2

Site Location Comparison | 12Bristol Township School Offering

Distance to

Closest

Retail

Center

Distance to

I-95

Distance to

Regional

Rail

(R-3 Line)

Distance to

Center City

Philadelphia

275 Crabtree < 1.5 Miles 6.6 Miles2.2 Miles

(Levittown)24.9 Miles

101

Greenbrook< 1 Mile 6.2 Miles

1.6 Miles

(Levittown)25.5 Miles

10 Plumtree< 1 Mile

1.8 Miles3.2 Miles

(Bristol)21.4 Miles

4201 Fayette< 1 Mile

1.1 Miles1.6 Miles

(Bristol)21.3 Miles

2355 Prospect < 1.5 Miles 1.1 Miles2.5 Miles

(Bristol)20.0 Miles

Each site offers the ability to easily reach grocery stores, retail stores, restaurants,

and transportation systems. Regional Rail offers commuters easy and hassle

free access to Center City within 45 minutes. I-95 provides access to all major

roadways in the region in addition to direct access to New York City and

Washington, DC, and the new interchange between PA Turnpike and I-95 will

only improve access and reduce travel times.

Zoning Summary | 13Bristol Township School Offering

The available sites are currently zoned R-1, R-2. or R-3 in Bristol Township; this is a “Residential District”under Section 205, Article IV of the Zoning Code. Below is a summary of the Permitted Uses by Rightby zone. We have included the complete zoning for these districts on the subsequent pages.

R1 R2 R3Single-Family Detached Y Y Y

Multiple-Family Dwelling N N Y

Place of Worship Y Y Y

School Y Y Y

Library or Museum Y Y Y

Community Center Y Y Y

Hospital Y Y Y

Municipal Services Y Y Y

Public Park/Public Rec. Facility Y Y Y

Agriculture Y Y Y

Nursery Y Y Y

Forestry Y Y Y

Terminal Y Y Y

Accessory Professional Offices Y Y Y

Accessory Personal Services Y Y Y

Accessory Home Crafts Y Y Y

Accessory Trades Y Y Y

No-Impact Home-Based Business

Y Y Y

Res.l Acc. Building, Structure or Use

Y Y Y

School Bus Shelter Y Y Y

Bed-and-Breakfast Y N N

Group Homes Y N N

Marina N Y Y

R1 R2 R3

Minimum Lot Area (sq. ft.) 10,000 6,500 5,000

Minimum Lot Width (feet) 75 60 50

Minimum Building Area 20% 25% 30%

Maximum Impervious

Surface Ratio30% 35% 40%

Minimum Yards

Front (feet) 35 25 25

Side (aggregate ft./minimum ft.)

30/12 16/7 14/6

Rear (feet) 25 20 20

Corner Lot (minimum depth)

35 25 25

Double Frontage

(minimum depth)35 25 25

Maximum Height 35 35 35

Zoning Code | 14Bristol Township School Offering

Bristol Township School Offering Zoning Code | 15

Bristol Township School Offering Zoning Code | 16

Bristol Township School Offering Zoning Code | 17

Bristol Township School Offering Zoning Code | 18

Bristol Township School Offering Zoning Code | 19

03 Market Information

Bristol Township, PA

Bucks County, PA

Market Demographics

Neighbors

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Bristol Township, PA | 21

Bristol Township dates to the late 1600s when William Penn was involved in the planning of Philadelphia and

the surrounding areas. Bristol’s development began to expand in the 1830s with the completion of the

Delaware Canal which ran from Bristol to New Hope and on to Easton where it connected to the Lehigh

Canal. The canal allowed for transportation of coal from the mines in the Lehigh Valley to Bristol which then

provided access to the Delaware River and shipping to all major cities. While transportation was a contributor

to Bristol Township economy, the main economic force in the area was farming, which remained the main

industry for the area until the late 1800s. In the early 1900s Rohm and Haas opened a chemical plant in Bristol

which initially provided chemical solution to eliminate need for a leather tanner to soak hides in fermented

manure. The plant expanded multiple times and by WW II was manufacturing Plexiglas for the US Military.

During the 1940s there was less than 2000

housing units in Bristol Township, but this nearly

doubled after the end of World War II with

solders returning home and also the expansion

of the Rohm and Hass plant.

In the 1950s the population increased

significantly due to the US Steel plant at Fairless

Hills and the building of the planned

community in neighboring Levittown. Between

1950 and 1960 there was almost 12,000 homes

built.

Since the 1980s the Township has seen ebbs

and flows in population and businesses. It’s

proximity to Philadelphia and easy access to

transportation system, the nearby new

interchange between I-95 and the PA Turnpike

will provide an even more efficient accessibility

to the highway system.

Neighboring Bristol Borough has also seen

growth including $3 million invested on a new

public marina and the Borough was recently

named the winner of a $500,000 prize to help

small businesses on Mill Street.

Bristol Township School Offering

Bucks County, PA | 22

Bucks County is set within the picturesque Philadelphia Countryside amidst rolling hillsides, workingfarms and historical towns. The 622 square miles of Bucks County is a particularly inviting area. TheCounty allows visitors in search of historical or artistic treasures, charming accommodations, andeclectic shops will find that Bucks County offers it all and is conveniently located 25 miles fromPhiladelphia and 75 miles from New York City.

Bucks County played a significant role in the creation ofthe Country and there is rich history around every corner.There are 156 properties and districts listed on theNational Register of Historic Places in the County. Twelvesites are further designated as National HistoricLandmarks including Washington Crossing Historic Park,where George Washington crossed the Delaware Riveron December 25, 1776 and launched a surprise attachon Trenton, NJ with the battle changing the course of theRevolutionary War.

The County became a center for the arts around the turnof the 20th Century. Henry Chapman Mercer, one of thepioneers in American Arts and Crafts movement,established the Moravian Pottery and Tile Works inDoylestown. Artisans created decorative tiles that canbe found throughout the world. Also, the Tile Works is still

in operation today and acts as a living museum with artiststill using the same molds and techniques developed byMercer.

In addition to the historical sites, Bucks County hasshopping for every taste at such locations as New Hopeand Peddlers Village. For the family, Sesame Place in

Lower Bucks is the only theme park in the United Statesbased on the popular PBS television show Sesame Street.

Bristol Township School Offering

Market Demographics | 23

Esri Tapestry™ Segmentation – Bristol, PA

Parks and Rec

Share: 55.3%

Household Type: Married

Housing: Single Family

These practical suburbanites have achieved the

dream of home ownership. They have

purchased homes that are within their means.

Their homes are older, and town homes and

duplexes are not uncommon. Many of these

families are two-income married couples

approaching retirement age; they are

comfortable in their jobs and their homes,

budget wisely, but do not plan on retiring

anytime soon or moving.

Front Porches

Share: 30.1%

Household Type: Married Couples

Housing: Single Family

Front Porches blends household types, with more

young families with children or single households

than average. This group is also more diverse

than the US. Half of householders are renters,

and many of the homes are older town homes

or duplexes. Friends and family are central to

Front Porches residents and help to influence

household buying decisions. Residents enjoy

their automobiles and like cars that are fun to

drive. Income and net worth are well below the

US average, and many families have taken out

loans to make ends meet.

Retirement Communities

Share: 5.5%

Household Type: Retired Couples

Housing: Multi; Single Family

These communities combine single-family homes

and independent living with apartments,

assisted living, and continuous care nursing

facilities. Over half of the housing units are in

multiunit structures, and the majority of residents

have a lease. This group enjoys watching cable

TV and stays up-to-date with newspapers and

magazines. Residents take pride in fiscal

responsibility and keep a close eye on their

finances.

The above data is provided by Esri TapestryTM Segmentation. Tapestry segmentation provides an accurate, detailed description of America’s neighborhoods—U.S. residential areas are divided into 67 distinctive

segments based on their socioeconomic and demographic composition.

Bristol Township School Offering

DESCRIPTION 5 Mile 10 Mile 15 Mile

Population

Current 208,552 755,462 726,324

5 Year Forecast 215,635 783,569 754,401

General Household

Characteristics

Households 78,701 283,472 274,386

Families 54,032 192,130 186,918

Median Value Owner

Occupied250,301 250,804 281,583

General Housing

Characteristics

Owner Occupied 52,356 187,648 187,447

Renter Occupied 26,345 95,824 86,939

General Income

Characteristics

Median Household Income 83,406 87,717 97,998

Average Household Income 96,528 102,553 115,826

Per Capita Income 36,427 38,481 43,756

Consumer Expenditures

Total Consume Expenditures 51,14,255,000 18,449,370,000 18,696,055,000

Total Retail Sales 3,309,154,000 11,795,346,000 12,530,917,000

Market Demographics | 24Bristol Township School Offering

Neighbors | 25Bristol Township School Offering

New 1-95 to

PA Turnpike

Interchange

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Contact | 27

Offer Requirements:Offers are due no later than April 16, 2018.

All Offers Shall Include:• Purchase Price and Approval Process• Timing for inspection period and closing date

• Amount of Deposit Money, including the amount that is non-refundable

• Source of funds for the acquisition• Financial strength of purchaser• Summary of closed transactions and

references

For Further Information

Please Contact:

The Flynn Company

1621 Wood Street

Philadelphia, PA 19103

(215) 561-6565

www.flynnco.com

Michael Borski, Sr. | x120

mborski@flynnco.com

Brian Glancey | x191

bglancey@flynnco.com

Seller, with it’s sole and absolute discretion, reserves the right to remove the Property

from the market. Seller expressly reserves the right, in its sole and absolute discretion, to

reject any and all proposals or expressions of interest in the Property, to terminate

discussions with any party at any time or to extend the deadlines set forth in the time

schedule.

Bristol Township School Offering

About The Flynn Company

The Flynn Company is a full service brokerage company which works for the clients on both sale andlease transactions on an exclusive basis. The brokerage arm functions in the Commercial, Industrial,Retail and Investment Sales markets. The Flynn Company has been ranked by Philadelphia BusinessJournal and CoStar as one of the top commercial real estate brokers in Philadelphia for the pastfifteen years. The brokerage team was responsible for approximately $315 million in 2016.

The Flynn Company has represented The RREEF Funds, TA Realty, GE Capital Real Estate, Sun Life,Brandywine Realty Trust, Liberty Property Trust, and First Industrial Realty Trust for over fifteen years.

The property management group presently manages in excess of 15 million square feetencompassing both the physical and financial aspects of management. The accountingdepartment utilizes a cloud based system allowing full remote access and uses such softwarepackages as MRI, Yardi, Argus, and other accounting and financial software packages. This flexibilityallows us to cater to individual client's reporting requirements.

Tamora Construction Company has constructed approximately $50 million worth of tenant fit out.Their primary purpose is to service projects for the parent company and its clients. TamoraConstruction gives the development, brokerage, and management divisions the ability toimmediately and accurately pro forma the build out costs. No rental quote or sale price can beaccurately given until all construction costs are known. In addition, it is also essential to have theknowledge and expertise to control construction costs during that phase. This capability is essentialfor the financial success of a project.

Superior Property Services acts primarily as a maintenance division for The Flynn Company’s clients.They work to supply, direct and control the daily operations of the portfolio. SPS works under thedirection of our Property Management team to provide tenant satisfaction and cost effectiveness toeach and every property.