1315 AIRPORT ROAD, MARTINSBURG, WV BERKELEY COUNTY ~ I-81 CORRIDOR FRONTAGE ON EASTERN WV REGIONAL AIRPORT 97,000 SQUARE FEET ON 5.

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1 1315 AIRPORT ROAD, MARTINSBURG, WV BERKELEY COUNTY ~ I-81 CORRIDOR FRONTAGE ON EASTERN WV REGIONAL AIRPORT 97,000 SQUARE FEET ON ACRES $3,100, Page 1 of 7 SPC Narrative

2 LOCATION The Property is approximately 3 miles east of Exit 8 of I-81 and south of the City of Martinsburg in Berkeley County, West Virginia. It is adjacent to and surrounded by the Eastern WV Regional Airport. A 100-foot right-of-way to the Property crosses airport owned land to Airport Road (WV 19/1). The Property is approximately 20 miles south of the intersection of I-81 and I-70 in Maryland. The intersection of I-81 and I-66 is 30+ miles south in Virginia. DESCRIPTION The improvements consist of two main structures and a 3-bay garage. The original structure was built in 1955 to for the manufacture and maintenances of aircraft. BUILDING A The front section has three levels measuring 6,000 square feet each. Office space is on ground level with fabrication and warehouse space on the upper two levels. The terrain is rolling and the second level attains ground level about midway of that section. The third section was originally constructed to be an aircraft hangar. The Property was used for the manufacture and maintenance of aircraft until it was sold to Virto Corporation of American in December of Page 2 of 7 SPC Narrative

3 Thereafter it was transferred to others from time to time and leased to various tenants. It was used to manufacture and assemble of lawn mowers, fiberglass boats, shower stalls, bathtubs, moldings, doors, windows, and warehousing of similar products. The building has a heavy steel frame and appears to be structurally sound. Recently metal siding has been added to this structure to further secure the structure and encapsulate the older covering. There was some minor roof damage due to 80 mph winds in the past few weeks. The insurance carrier is overseeing the repair. Page 3 of 7 SPC Narrative

4 Building B is a large steel frame building constructed to serve as a warehouse. It has loading docks and drive-in doors as well as passage doors. In years past, this structure was attached to Building A along the section developed for an aircraft hangar. A portion of the section attached along the hangar collapsed due to excess snow weight. This was not replaced. An addition was constructed to the long side of this building for additional storage space to offset the loss. There is now a passageway between the two large structures. Both have a dry sprinkler system in place. A 3-bay, wood frame garage structure is situated to the southeast of Building A. Other improvements including a 200,000-gallon steel water tank and a security fence around this property. There are aprons to the airport taxiway that are not presently in use. Public water and sewer serve the Property. ENVIRONMENTAL A Phase I environmental report was prepared on the Property by Commonwealth Environmental Associates, Inc. of 7411 Iron Bridge Road, Richmond, Virginia, 23237, and submitted to AIRDEVCO, LLC of Shepherdstown, West Virginia dated December 2, The owner of the Property was provided with a copy of the report. The recommendations under the Executive Summary contained, in part, the following: A subsurface soil and groundwater investigation be completed at the site to include installation of soil borings and the construction of monitor wells in specific areas of the property... Pursuant to the aforesaid recommendation, the owner of the property employed Roux Associates, Inc., of 1222 Forest Parkway, suite 190, West Deptford, New Jersey, 08066, to perform Phase II soils analysis on the Property. The report was submitted on September 26, Page 9 reads as follows: Page 4 of 7 SPC Narrative

5 SUMMARY AND CONCLUSIONS Based on the information obtained through this investigation, the concentrations of all compounds analyzed for the samples collected at the Site were below the WVDEP soil and groundwater standards and below the USEPA soil to groundwater migration pathway standards. The results do not indicate conditions that warrant further investigation or remediation at the areas that were sampled. It is recommended that the compressor blowdown area be addressed. Though VOCs were not detected in the soil, the staining represents an environmental impairment by petroleum products. The stained soil should be removed and properly disposed and the blowdown modified to prevent discharges to the soil. On October 30 th, 2007, Mr. Herb Hilleary Environmental Inspector, Radiation, Toxics and Indoor Air Division WV Department of Health and Human Resources Office of Environmental Health Services Charleston, West Virginia toured the facility to address concerns pertaining to asbestos and other contaminants. Mr. Hilleary suggested an environmental engineer be employed to review and develop a definitive plan for the containment and/or removal of such materials. He suggested encapsulating such material be considered. His review indicated only one site of significant concern at that time. He stated insulated pipes within the boiler room needed attention but the other items appeared to be of a nature that could be encapsulated and/or handled over a period of time under proper direction. TITLE & RESTRICTIONS The City of Martinsburg transferred 6 acres to Thiebolt Aircraft Company, Inc. on July 26, 1955 Deed Book 200, Page 253. Thiebolt Aircraft Company, Inc. transferred the Property with improvements to Vitro Corporation of American on December 31, 1956 Deed Book 203, Page 563. Vitro leased the Property to American Machine & Foundry (AMF Company present day manufacturer of bowling equipment). AMF manufactured and assembled lawnmowers from this facility from 1956 to In 1960, 1/3 rd (.3357) acre was sold to East Coast Flying Service, Inc. on April 4, 1960 Deed Book 212, Page 440. Virto was merged into Automation Industries, Inc. on October 28, 1971 Corporate Record Book 10, Page, 399. Jackson Manufacturing Company purchased the Property on August 19, 1974 Deed Book 282, Page 398. It is unclear whether AMF continued to operate from the facility. Invader Boats, Inc. purchased the Property on April 7, 1976 Deed Book 295, Page 1. It was during this period that fiberglass boats and bath appliances were constructed from the Property. Invader Boats manufactured boats and FacetGlass, as a tenant, manufactured tubs, shower stalls, etc. Precise dates are unclear and it appears the property may have been vacant for a period of time. The present owner, Airport Road Property Limited Partnership purchased the Property on June 22, 1990 Deed Book 468, Page 655. The use was for the manufacture and assembly of PVC and wood rails and moldings. Upon the sale of the business operation owned by the current owner, the property was leased to others for similar manufacturing, storage and office facilities from time to time. Page 5 of 7 SPC Narrative

6 Upon the sale of the Property from the City of Martinsburg to Thiebolt Aircraft Company, Inc. in 1955 certain restrictions were incorporated into the deed restricting the use of the Property in perpetuity. When the present owner purchased the property, there was noted in the deed as follows: And the party of the first part hereby covenants that it has not done or suffered to be done any act, matter or thing whatsoever, to encumber the property hereby conveyed; that it will warrant specially the property hereby granted; and that it will execute such further assurances of the same as may be requisite. Pursuant to the provisions of West Virginia Code 20-5E-20 the party of the first part hereby discloses that the property conveyed hereby was used for the storage and disposal of hazardous waste. Chapter 20 of the Code of the State has since been repealed. The meaning is unclear, thus legal advice should be sought for clarification. REGIONAL INFORMATION Berkeley County is among the top 100 fastest growing counties in the nation with a growth rate of over 30 percent in the last decade. The Eastern WV Regional Airport is 35 air miles from Washington Dulles International Airport, 80 land miles from Washington, DC, and 90 land miles from Baltimore. Camp David is only 30 air miles from the airport. There is MARC commuter train service from Martinsburg into the metro region. The 7,000- foot runway at the airport has been upgraded to 8,800 feet in length and 200 feet in width. There are other upgrades to the facilities including a control tower, terminal with offices, gigantic C-5 Galaxy hangars, aprons, and fueling depot. The airfield is presently home to the 167 th Page 6 of 7 SPC Narrative

7 Airlift Wing of the Air National Guard and has become the bed-down facility for a fleet C-5 cargo aircraft. There will be maintenance training and pilot training, with simulation as well as actual flight; a fueling station; and an array of security features. Upon completion of the upgrades, there will be as much as $300 million invested in this facility. The last report indicated $220 million has been invested to date. The local airport is outside of the general temporary flight restriction area associated with air security for the national capitol and surrounding governmental, military, historical, archival and financial facilities. This issue is not commonly recognized by the general public as creating or compounding delays to traditional air travel, yet it most certainly does so. Numerous federal facilities including IRS, Coast Guard, ATF, FBI, Homeland Security, FEMA, etc; their associated contractors; and their subcontractors have local installations. Sensitive facilities continue to migrate or establish backup facilities outside the coastal metropolitan areas of this nation. State of the art communication systems are available and continue to be upgraded. This area continues to attract retirees from FAA, NSA, FBI, CIA, etc. These individuals are rapidly becoming community leaders, thus providing the community with knowledgeable and secure infrastructure to support the outstanding growth. CONCLUSION The location and size of the property has sufficient potential for a significant variety of users. The owner s recent investment has further enhanced the potential of the Property. The roof of the hangar section of the larger structure was damaged by 80 mph winds recently and is scheduled for repair. All information contained herein is true and correct to the best of my knowledge; however, the prospective purchaser is urged to verify all information prior to entering into a contract to purchase. The views and opinions are those of the writer. The Property is offered for sale at THREE MILLION ONE HUNDRED THOUSAND DOLLARS ($3,100,000.00) June Parker Estill, RECS REALTOR /Broker The Hawthorne Group 1020 Winchester Avenue Martinsburg, WV Telephone Page 7 of 7 SPC Narrative