Sunday, December 28, 2014

Bruce Toll plans construction at Waterloo Gardens in Exton

BET pays $4.7 million for store, nursery plots

Bruce Toll plans construction at Waterloo Gardens in Exton

File photo - Waterloo Gardens president Bobby LeBoutillier, at the Exton store in 2012. (Michael Bryant / Staff Photographer)
File photo - Waterloo Gardens president Bobby LeBoutillier, at the Exton store in 2012. (Michael Bryant / Staff Photographer)

BET Investments, Inc., Toll Bros.' co-founder Bruce E. Toll's property and development group, says it has purchased the 48-acre former Waterloo Gardens nursery and store properties, at 200 N. Whitford Rd. (nursey) and W. Lincoln Highway (US 30) (the store) in Exton, for $4.675 million. The property adjoins the new Roberts Chevrolet that Toll built at 421 W. Lincoln Highway while he expands Roberts Honda and Subaru in Downingtown.

Waterloo Gardens declared bankruptcy and closed its Devon, Wilmington and Warrington stores after an ill-fated expansion left it crushed by debt in the late recession. BET promises "a mix of uses that are complimentary to the surrounding properties,” President Michael P. Markman says. His group has purchased a string of apartment complexes and shopping centers, mostly closer to Philadelphia, over the past year. The company owns 3,000 apartments and 6 million sq ft of business property in 12 states. 

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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