NORTH LITTLE ROCK, Ark. -- Coulson Oil Co., a major independent distributor of motor fuels in Arkansas, has formed a new real estate company. The corporate entity, Coulson Real Estate Group LLC, formally debuted on August 1.
"Real estate has always played a large role in the growth and operation of our company. In fact, one of the reasons our founder, Ray Coulson, started the company was due to his passion for real estate," said Mike Coulson, chairman of Coulson Oil. "The board of directors and I felt that by the formation of Coulson Real Estate Group, we can place increased [image-nocss] focus on the acquisition and development of current and future holdings."
Eddie Martin, currently Coulson Oil senior vice president and general counsel, has been named president of Coulson Real Estate Group. As president,he will have primary responsibility for establishing corporate direction and strategy. Before joining Coulson Oil, Martin was a partner in the Arkansas law firm of Mitchell, Williams, Selig, Gates& Woodyard PLLC, where he specialized in real estate, banking and corporate law. Much of his time at the firm was spent representing petroleum marketers on real estate matters.He joined the company in 2002, and has had primary responsibility for handling the company's real estate operations.
Martin said immediate plans for Coulson Real Estate Group include the sale of several existing properties, which could be used for purposes other than a retail fueling. The new company will also be looking at the possibility of rebuilding current stores.
Long term, Coulson Real Estate Group will be investigating ways of diversifying holdings to include nongasoline real estate properties, with the goal of rebalancing the current portfolio by property type, investment size and risk profile.
Additionally, the company will be looking at acquisition of new properties outside of Arkansas.
"What we are seeing now is that some of our holdings may have a better use than serving as a c-store location," Martin said. "We will be looking at the possibility of selling some properties to Coulson Oil dealers, while facilities at other locations we hold may be rebuilt to meet state-of-the-art convenience store standards. Our plan is to look at all our properties and determine what is in the best interest for the company, dealers and ultimately, our c-store customers."Jim Lynch, a 22-year veteran of Coulson Oil, will be manager of new business for Coulson Real Estate Group. He will be responsible for locating properties for acquisition, as well as cultivating relationships with land owners and jobbers.North Little Rock, Ark.-based Coulson Oil, founded in 1969, is a multi-branded distributor of gasoline and diesel fuels in Arkansas, Tennessee and Oklahoma. Through a network of more than 200 dealers, Coulson Oil markets branded fuels from Shell Oil, ConocoPhillips, Valero and Sinclair, as well as unbranded fuel. The company also manages the SuperStop Coop, which establishes relationships with vendors to provide products and services to Coulson dealers at negotiated prices.
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