O F F E R I N G M E M O R A N D U M

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CONTACTS Robert Marcusse Senior Vice President +1 816 968 5830 bob.marcusse@cbre.com

cbre.us/wentworthmilitaryacademy

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent var-ious clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determin-ing whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective inves-tors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages,

and other measurements are approximations. Additional information and an opportunity to in-spect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate de-scriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or rep-resentatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible pur-chase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any condi-tions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

A F F IL I AT E D BU S INE S S DI S CLO S UR E & C ONF IDE N T I A L I T Y A GR E E ME N T

T A B L E O F C O N T E N T S

E X ECU TI V E SUMM A RY . . . . . . . . . . . . . . . . .4

PROPER T Y OV ERV IE W . . . . . . . . . . . . . . . 12

M A RK E T OV ERV IE W . . . . . . . . . . . . . . . . . . 28

A RE A OV ERV IE W . . . . . . . . . . . . . . . . . . . . . . 40

E X E C U T I V E S U M M A R YE X E C U T I V E S U M M A R Y

E X E C U T I V E S U M M A R Y5

THE OFFERING

CBRE, as exclusive advisor, is pleased to present to qualified buyers

the opportunity to acquire the beautiful and historic Wentworth

Military Academy buildings and grounds located at 1880 Washington

Avenue in Lexington, MO. Wentworth Military Academy is a private

military academy consisting of a high school and two-year college.

This premier property became available following the graduation of

the final class in May,2017. Wentworth graduates have served our

country since 1880.

The 43.07 acre campus consists of multiple buildings totaling

212,658 sq. ft. The structures, ranging from 1-3 stories, were built

over a period of years ranging from 1910 to 2002. Additionally,

athletic fields (football field and perimeter track), soccer fields, tennis

courts, a ropes course and rappelling tower are included.

The property is located in beautiful and historic Lexington MO, close

to I-70, and part of the multi-county Kansas City Metropolitan Area.

Lexington (population 4400) is the county seat of Lafayette County.

(pop. 34,000).

6 E X E C U T I V E S U M M A R Y6

OPPORTUNITY FOR SIGNIFICANT VALUE CREATION

INVESTMENT HIGHLIGHTS

• The Wentworth Military Academy campus represents a wonderful opportunity to access the educational, health and wellness, assisted living, organizational camp or retreat or community services economy in Central Missouri.

• The variety of purpose built structures include: — Administration/office building

— 3 Classroom buildings

— Large and attractive Field House with weight room

— Beautiful natatorium

— Chapel/Auditorium

— Commissary/Cafeteria

— 3 Dormitories

— Maintenance Building

— President/Commandant’s Home

• This property is listed for sale at $3,500,000.

• Sale of individual campus facilities will be considered.

• Personal property not included in the offering.

E X E C U T I V E S U M M A R Y

E X EC U T I V E S UMM A R Y 9

POPULATION 1 MILE 3 MILES 5 MILES

2017 Estimated 3,820 5,072 5,810

2022 Projected 3,819 5,071 5,806

2010 Census 3,781 5,017 5,754

2000 Census 3,842 5,108 5,845

2010-2017 Annual Growth 0.14% 0.15% 0.13%

2017-2022 Annual Growth -0.01% 0.00% -0.01%

HOUSEHOLD INCOME

2017 Average $58,261 $58,234 $59,420

2022 Average $69,255 $69,213 $59,420

2017 Median $47,390 $48,731 $50,496

2022 Median $57,188 $58,298 $60,216

2017 Per Capita $23,805 $23,777 $24,038

HOUSING VALUE

2016 Average $96,148 $98,621 $103,634

2016 Median $129,369 $133,280 $138,347

EDUCATION ATTAINMENT (25+ Years Old)

Bachelor’s Degree 12.4% 12.4% 12.1%

Graduate or Professional Degree 6.8% 6.2% 6.0%

Totals 19.2% 18.6% 18.1%

POPULATION LAFAYETTE COUNTY, MO KCMSA

2017 Estimated 33,794 2,132,041

2022 Projected 33,764 2,220,485

2010 Census 33,381 2,009,342

2000 Census 32,960 1,811,254

2010-2017 Annual Growth 0.17% 0.82%

2017-2022 Annual Growth -0.02% 0.82%

HOUSEHOLD INCOME

2017 Average $65,511 $81,769

2022 Average $77,152 $93,067

2017 Median $53,222 $60,228

2022 Median $62,253 $69,235

2017 Per Capita $25,719 $32,273

HOUSING VALUE

2016 Average $138,800 $177,745

2016 Median $163,978 $218,889

EDUCATION ATTAINMENT (25+ Years Old)

Bachelor’s Degree 13.5% 22.5%

Graduate or Professional Degree 5.7% 12.9%

Totals 19.2% 35.4%

Lexington Demographics

QUALITY ASSET, ATTRACTIVE LOCATION

Lafayette County/KCMSA Demographics

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P R O P E R T Y D E S C R I P T I O N

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AMENITIESCLASSROOMS Three classroom buildings include some with state of the art AV equipment

AUDITORIUM/CHAPEL The auditorium seats 680 with a balcony and ample stage

GYMNASIUM/FIELD HOUSE The gymnasium is a large, nicely equipped facility that at one time was the largest community college field house in Missouri. A basketball court, balcony bleachers, weight room, and track are among many other features available for health and wellness

NATATORIUM The swimming pool is a 25 yard, six lane competition pool that offers all the related amenities.

COMMISSARY/CAFETERIA The commissary is designed to serve up to 382 persons simultaneously with sit-down meal service. Appropriate food preparation equipment is included.

BOOK STORE The bookstore offers both a gathering spot and a store for purchase of learning materials, snacks, clothing, and everyday items

TEAM BUILDING OBSTACLE/ROPES COURSE AND 40’ RAPPELLING TOWER The courses offer opportunities for team building exercises as well as confidence, strength and endurance training in a beautiful wooded environment

SEVERAL ACRES OF WOODLAND The woodland offers both an opportunity for serenity and sanctuary or a field site for understanding the ecology of a typical wooded environment

ATHLETIC FIELDS Soccer pitch, Football field, 440-yard track, 4 asphalt tennis courts

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PROPERTY FACTS

Property Address 1880 Washington Ave, Lexington, MO 64067

Year Built 1910-2002

Construction Type Brick and Mortar

Total Building Area 212,658

Number of Buildings 9

Parking NA

Land Area 43.07 acres

Zoning R-1 (per city of Lexington)

Parcel ID #1 006-03-8.0-27-3-004-073.000

Parcel ID #2 006-03-8.0-27-4-003-035.000

Parcel ID #3 006-03-8.0-34-2-001-009.000

A R E A P A R C E L M A P

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ADMINISTRATIVEBUILDING GROENDYKE

HALL

TILLOTSONBARRACKS

EASTBARRACKS

PRESIDENT’SHOUSE

CHAPEL/SCHOLASTICBUILDINGFIELDHOUSE POOL

SELLER’S HALL

HICKMANHALL

MAINTENANCEBUILDING

L O C A L A E R I A L

R E G I O N A L M A P

P R O P E R T Y D E S C R I P T I O N 21

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P R O P E R T Y D E S C R I P T I O N 25

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E X E C U T I V E S U M M A R YM A R K E T O V E R V I E W

E X E C U T I V E S U M M A R Y29

LEXINGTON AREA OVERVIEWThe subject is located at 1880 Washington Avenue in Lexington, Missouri. Lexington, Missouri is in the northwestern portion of the state approximately 50 miles east of the Kansas City MSA and approximately 220 miles west of the St. Louis MSA. Lexington, Missouri has a 2016 population of 4,819 people with a median household income of $43,951. The city is semi-rural and has had a population base of approximately 4,500 to 5,000 people for the past 100 years. According to the Census Bureau, the population of Lexington increased 0.33% per year from 2010 to 2016 with a 2016 homeownership rate of 64.14%. The following analysis focuses on the social, economic, government, and environmental forces that form the elements of supply and demand and subsequently affect local real estate values.

The economy is heavily reliant on the Lafayette Regional Health Center, which is expected to continue operations due to current trends in health care. The cost of living and doing business in Lexington, Missouri is low, which also bodes well for the area.

Downtown Lexington is located approximately one mile west of the subject and features several additional support services in the area. Lexington, Missouri is also home to the Battle of Lexington State Historic Site, where the American Civil War battle took place in 1861. Lexington, Missouri was also home to the oldest operating military academy west of the Mississippi River in the United States (subject).

The subject can be accessed by Washington Avenue from South 17th Street through South 21st Street. The following map show access to the subject and the local area.

ACCESS MAP

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Highway 13 experiences approximately 5,000 vehicles per day and is the most heavily traveled road in the area. Highway 24 experiences approximately 2,750 to 3,500 vehicles per day and is the second most heavily traveled road in the area. Remaining traffic counts for local roads were unavailable for review from MODOT. According to Site To Do Business, traffic counts for Washington Avenue are approximately 1,300 vehicles per day.

LEXINGTON TRAFFIC COUNTS

M A R K E T O V E R V I E W 33

HOUSING MIX - LEXINGTONAccording to the American Community Survey, 86.9% of the housing units in the subject market area are single-family detached. The second most prevalent housing option in the area is three-to-four unit buildings accounting for 3.6% of the housing stock. The market area is heavily concentrated towards single-family detached housing units when compared to the Kansas City MSA and United States due to the outlying location.

EDUCATION - LEXINGTONThe subject is located in the Lexington R-V School District. The District consists of one elementary school, one middle school, and one high school. Enrollment in 2016 was 912 students and has been generally declining since 2008 due to the semi-rural location and lack of population growth. Total enrollment growth from 2008 through 2016 was negative 4.20% or a loss of 39 students. In comparison, the state of Missouri reported negative enrollment growth of 0.13% over the same time period. The decreasing to stable enrollment supports the district or the subject market area being in its second life cycle stage. The following chart highlights historical enrollment information.

Year

Enro

llmen

t Cou

nt

960

940

920

900

880

860

8402008 2009 2010 2011 2012 2013 2014 2015 2016

LEXINGTON R-V SCHOOL DISTRICT - HISTORICAL ENROLLMENT

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EMPLOYMENT BY INDUSTRY - LEXINGTONAccording to ESRI, a demographic source, 2016 employment is estimated at 2,092 people in the subject market area. The health care sector is the largest industry at 23.40% of the total population. Education (14.30%) and retail trade (12.80%) are the second and third largest industries. Other major industries are public administration (12.20%) and accommodation and food service (7.60%).

In comparison to the Kansas City metro as a whole, the largest positive employment gap is in health care (+8.80%) with the largest negative employment gap being in professional and scientific (- 4.50%). The Lafayette County Regional Hospital is the second largest employer in the area making health care related jobs a significant portion of employment in the area.

M A R K E T O V E R V IE W34

MAJOR EMPLOYERS - LEXINGTONThe largest employer in Lexington, Missouri is Remington Arms Company. The business is located approximately 1.4 miles south of the subject property and employs approximately 200 employees. The second largest employer is the Lafayette Regional Health Center. The hospital is located approximately 0.4 miles northwest of the subject. Lafayette Regional Health Center is part of HCA Midwest Health, a network of hospitals in the Kansas City and surrounding areas. The hospital opened in 1951 and serves approximately 32,000 people

with a staff of more than 20 physicians and specialists. The subject property is the fourth largest employer in the area (125 employees) and will significantly impact the local area upon closure due to loss of employment and indirect economic impact of students attending the academy.

The following map shows the employment density of Lexington, Missouri.

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The following table summarizes current unemployment rates for various areas. Unemployment rates are unavailable for communities smaller than 25,000 people.

Lafayette County has an unemployment rate that is slightly more than the metro, state and in-line with the nation. The higher employment rate for the local area is common in smaller communities. The unemployment rate is expected to increase in the local area with the closure of the subject property.

UNEMPLOYMENT - BUREAU OF LABOR STATISTICS - LAFAYETTE COUNTY

Source: Bureau of Labor Statistics – Seasonally Adjusted Year End

AREA YE 2010 YE 2011 YE 2012 YE 2013 YE 2014 YE 2015 YE 2016 2017 YTD

United States 9.9% 9.3% 8.5% 7.9% 6.7% 5.6% 5.0% 4.7%

Missouri 9.2% 7.5% 6.8% 6.5% 5.6% 4.6% 4.4% 3.9%

Kansas City MSA 8,2% 6.6% 6.3% 5.5% 4.6% 3.8% 3.8% 4.4%

Lafayette County, MO 9.2% 7.7% 6.5% 5.6% 4.9% 3.8% 3.6% 4.6%

A R E A O V E R V I E W

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KANSAS CITY OVERVIEWKansas City is recognized as “The Heart of America” with a location that is within 250 miles of both the geographic and population centers of the United States. The Kansas City metropolitan statistical area (MSA) encompasses 18 counties and more than 50 communities. Its population of more than 2.1 million, which reflects a growth rate of 18% since 2000, is expected to exceed 2.2 million residents by 2022.

Kansas City boasts a highly education workforce and a very low unemployment rate of 3.75%, both of which are key components of its vibrant economy. Well known for its spacious parkways and numerous parks, Kansas City offers residents a relatively low cost of living, an excellent quality of life and unique sense of community. Kansas City’s well-developed transportation and distribution network has 30% more interstate miles per capita than any other city in the world, resulting in some of the shortest commute times in the U.S.

KANSAS CITY KEY HIGHLIGHTS• Central U.S. location

• Pro-business community

• Favorable tax climate

• Wide array of economic development support and incentives

• Below-average costs of doing business and living

• Abundant, well-educated work force

• Significant recent corporate expansions and relocations

• Well-developed transportation network

• Sustained economic and demographic growth

• Excellent quality of life

MUCH MORE KANSAS CITY MSA INFORMATION IS AVAILABLE AT www.thinkkc.com

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INTERSTATES & HIGHWAYS With 30% more interstate miles per capita than any other city in the world, the Kansas City metro area’s efficient traffic flow offers its workforce efficient commutes that average only 20 minutes, placing Kansas City among the nation’s top 10 cities for best commutes.

North/South interstate traversing Kansas City and the Central U.S. Part of the NAFTA Superhighway

Major transcontinental highway from Utah to Baltimore, Maryland. Traverses east-west through the Kansas City metro

80-mile loop route of I-35, intersecting with nearly every other interstate highway in the Kansas City metro

35

70

435

North/South interstate that traverses the Gulf Coast to the Midwest, with its northern terminus in Kansas City or I-435 and I-470

Traverses the Midwestern U.S., from Kansas City to the U.S.-Canadian border in North Dakota

12-mile connector highway between I-35 in Overland Park, KS, and I-29 in Kansas City, MO. Provides a western bypass of Downtown Kansas City

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29

635

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© 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_October2017

CONTACTS Robert Marcusse Senior Vice President +1 816 968 5830 bob.marcusse@cbre.com

WENTWORTH MILITARY ACADEMY offers a truly unique property with exceptional value in a historic and bucolic location in the middle of the United States. A wide variety of uses is possible limited only by the imagination of the purchaser. Few opportunities like this ever come to market.

cbre.us/wentworthmilitaryacademy