The Waterloo Gardens property in Exton, Pa., has sold for $4.67 million and closes another chapter for the well-known nursery.
BET Investments Inc., a Horsham, Pa., real estate company owned by Bruce E. Toll, bought the 48-acre property at 200 North Whitford Road. The site sits next to Robert’s Chevrolet, a business owned by Toll.
The site was set to go sheriff’s sale earlier this year as part of bankruptcy proceedings that Waterloo Gardens was going through but was halted when BET Investments put the property under agreement.
Waterloo Gardens, which filed for Chapt. 11 bankruptcy in the summer of 2012, sold its flagship site on Lancaster Avenue in Devon, Pa., in June to developer Eli Kahn.
LeBoutillier family-related entities, which ran Waterloo Gardens, sold the Devon property. Those family entities are separate from the Waterloo Gardens business.
The LeBoutilliers operated Waterloo Gardens at the Lancaster Avenue site at 136 W. Lancaster Ave. beginning in 1942 and it became a venerable part of the Main Line. The nursery and garden center closed its doors in July 2012, and relocated it operations to its Exton store when it filed for Chapter 11 bankruptcy.
The Devon property, which totals six acres, was then put up for sale. It traded for around $7 million. Kahn is still working on plans for what is a prime piece of real estate.
BET is also working on its plans for the Exton property. A portion is zoned residential and six acres is zoned for office and lab uses.
“BET intends to develop this property with a mix of uses that are complimentary to the surrounding properties,” said Michael P. Markman, president of BET Investments, in a statement. “We see this well situated Chester County location as an excellent opportunity to develop and implement our strategy of building and redeveloping mixed use projects in the Philadelphia metropolitan area.”
Source: Philadelphia Business Journal
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