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)

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.