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Valrico Express Oil owner buys Lithia Pinecrest buildings
BUYER: Bloomingdale Express Inc. (principals: Scott and Malinda Webster), Riverview
SELLER: Tampa Brandon Express LLC
PROPERTY: 3231 Lithia Pinecrest Road, Valrico
PRICE: $1.12 million
PREVIOUS PRICE: $650,000, March 2005
TITLE FIRM ON DEED: Executive Title of Florida Inc., Brandon
PLANS, DESCRIPTION: Scott and Malinda Webster, owners of the Express Oil Change & Service Center in Valrico, have purchased the business's two buildings on Lithia Pinecrest Road north of Bloomingdale Avenue for $1.12 million.
The property features a 4,393-square-foot garage building and a 4,800-square-foot retail building. The purchase was part of a development agreement the Websters agreed to in order to build the facility in 2006.
“We had to put together an investor group when it was just dirt,” says Scott Webster. “In doing so, we had a total development agreement to buy them out at a predetermined price. We were leasing it and then just bought out that entity.”
When it was originally built, the Valrico store was the second Express Oil Change and Service Center franchise in the state. The franchise now has six locations in Florida.
The purchase entity Bloomingdale Express Inc. mortgaged the property to Platinum Bank for two loans totaling $1 million.
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