Waterloo closed the store on Whitford Road in Exton last month. It marked the end of a family business spanning 75 years. At one time the business had four locations, including a headquarters in Devon and stores in Warminster and Wilmington as well as teh Exton property.
According to a Philadelphia Business Journal article, the 48 acre Exton property has been sold to BET Investments Inc., a Horsham, Pa., real estate company owned by Bruce E. Toll, co-founder of Toll Brothers.
Philly.com reports "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."
During the last weekend of business, Lucy Leboutillier told Patch that a deal was "being worked out and she expects something may be able to be announced soon. 'I love garden centers so I hope it is (one),' "
What exactly BET plans for the property was not immediately know. The company already owns surrounding properties, including a Chevrolet dealership.
According to the Philadelphia Business Journal article:
"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.”Read much more about Waterloo Gardens in these related Patch stories:
Landmark Chester County Company Going Out of Business