Delaware County Christian School, based in an old stone public school in Newtown Square, has purchased Episcopal Academy's Devon campus, Episcopal said today in a statement by spokesman Michael Letts. Delco Christian had no immediate comment. The sale price was $16 million, according to a real estate source familiar with the deal.
"The 30.4-acre campus with nearly 62,000 square feet of dedicated educational space served as one of Episcopal's two Lower School campuses since 1974, after benefactor and property owner John C. Haas gifted the site to Episcopal," said the seller's statement. Haas graduated from Episcopal back in 1936.
According to Episcopal, Delco Christian "will relocate its entire elementary school to the site this September. For Episcopal, the sale of the Devon Campus, along with the sale of its Merion Campus three years ago, finalizes its complete relocation to its new, 123-acre campus in Newtown Square," at a cost of over $100 million. "The 225-year-old school reached an agreement of sale with Saint Joseph's University for its former Merion Campus in August of 2005."
Episcopal Head Ham Clark praised Haas for making the sale possible, also brokers Robert Fahey and Pat Green of CB Richard Ellis, and broker Bill Luff of Jones Lang LaSalle, for helping clinch the deal.