Diamond State Oil LLC, an affiliate of North Little Rock’s Coulson Oil Co., bought the Valero convenience store project at 18823 MacArthur Drive in northwest Pulaski County for more than $3.2 million.
The seller was Morgan I-40 Properties LLC, led by Rick Ashley and J.D. Ashley Jr.
A lawsuit between the parties preceded the deal, with the QuikTrip convenience store chain caught in the crossfire.
Diamond State Oil, which rented the Valero project, sued Morgan I-40 Properties in September 2019 to enforce a right of first refusal clause in its lease agreement. Diamond State Oil wanted to match a $3.2 million sale offer to QuikTrip.
The dispute was scheduled for a bench trial early this month. But the parties reached a settlement, and the case was dismissed Nov. 13, nine days after Diamond State bought the 6-acre development.
The lawsuit ended nine months after QuikTrip was dismissed as a defendant and two months after QuikTrip bought a 6-acre site across Highway 365 for $2 million.
Morgan I-40 Properties appeared more interested in selling to QuikTrip because of the expected development opportunities that would follow the Tulsa chain. Morgan I-40 owns an adjoining 14.8 acres.
A noncontroversial sale to QuikTrip might’ve occurred if a deal were struck after Diamond State’s lease expired this summer along with its right of first refusal.
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