This campus is hitting the market unpriced. The property includes five buildings aggregating 61,319 sf. Haas House, a two-story, 6,124-sf former residential manor, was built in the 1920s and now contains offices, meeting space and a second-story apartment. There is a freestanding 1,521-sf maintenance garage that dates back to the same era. The 40,295-sf schoolhouse, built in 1993, contains 13 classrooms, computer and science labs, a woodshop and chapel/multipurpose room with a stage and dressing rooms. A 9,059-sf gymnasium is integrated with the schoolhouse. A 4,320-sf music building and cafeteria was constructed in 1988.
A trio of area brokers, each of whom has at least one child enrolled in the school, is marketing the property pro bono. They are Robert Fahey, executive vice president in the Wayne office of CB Richard Ellis; Patrick Green, senior vice president in CBRE's Philadelphia office, and Bill Luff, who recently left the former Trammell Crow Co. to become managing director and executive vice president in the Philadelphia office of Jones Lang LaSalle. Luff is an Episcopal Academy alumnus.
"We estimate that the cost of duplicating this facility, if anyone was lucky enough to obtain a site like this in a location like this, would be about $38 million," Green tells GlobeSt.com. He expects it will sell in that range. "We're getting a lot of interest, primarily from educational institutions and nonprofits, although there is also interest from providers of extended care facilities for seniors."
It is zoned residential with a school exception. "If a school buys it, move-in would be a seamless process, and it could open in September 2008." he says. The campus includes nature trails, gardens, woods, creeks and athletic fields. Green says there is room for additional parking and "someone could possibly add to the top of some buildings, but they are so well-positioned on the hill that no one would want to cut off their nose to spite their face."
Condo developers are not being considered. "That's not what we or the school wants," he says, "and we believe there's enough interest among others that there is no need to go that way."
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