Foley’s Hertz Rental Car Property on Broadway Offered For Sale

NEWPORT, R.I. - May 28, 2015 - PRLog -- Newport, Rhode Island (May 15, 2015) - Gustave White Sotheby’s International Realty announced today the listing of 105 Broadway, also known as Foley’s Hertz Rental Car.  Located in the heart of the city’s newly revitalized Broadway section, it is the first time this property has been available for sale since 1976 when present owners and brothers Bill and Mike Foley purchased it.

Built in 1940 and used for a multitude of purposes over the past decades, the property was rented, and then owned, by the Foley family since 1960 when John Foley (Bill and Mike’s father) established a full service Gulf gas station. The Hertz business began in 1965. Other uses included a Citgo station, the George Harrison Ford car dealership, and presently it is Newport’s only downtown car rental agency.  There is also a tenant in place (G&S Automotive) that utilizes most of the rear of the building. The property sits in Newport’s General Business (GB) zone, which allows for the best variety of uses for a buyer/investor. Potential uses could include an office building, transient guest facility, small boutique hotel/condominium space, or another fine restaurant to add to those already present in the immediate “SoBro” area.

Paul A. Leys, broker and co-owner of Gustave White Sotheby’s International Realty says, “The Foley property coming on the market at this time is a once-in-a-lifetime opportunity for that business-minded investor looking to put his or her lasting mark on Broadway’s revitalization. It is physically situated to be a potential ‘magnet’ property for the end-user looking to take advantage of all the positive things that are taking place within a very short distance from this address on Broadway.”

The asking price for the property is $1,250,000. The building is 7,156 square feet and sits on a lot that is 13,500 square feet (0.31 acre).

About Gustave White Sotheby’s International Realty
Gustave White Sotheby’s International Realty is a full-service agency specializing in waterfront and luxury real estate and serving all of Rhode Island, including Block Island, as well as southeast Connecticut and coastal Massachusetts.  Gustave White has been in business for over 80 years as a leader in the luxury market and became Sotheby’s first affiliate in 1976.  Gustave White is also the Rhode Island Regent member of Who’s Who in Luxury Real Estate.  Paul A. Leys, Co-owner of Gustave White Sotheby’s Int’l Realty, may be reached at 401-848-6706 or at pleys@gustavewhite.com for more information (http://www.gustavewhite.com/)

About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house.  The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational, and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.