TIVERTON — In what is being billed as “an extraordinary investment opportunity,” over a dozen properties owned by James R. Weir in Tiverton Four Corners have been put up for sale. Asking price is $5.8 million.
The offering is described as “a major portion of a 300-year-old New England historic village” by realtor Susan Gustavson, of Lila Delman Real Estate.
Confirming the prospective sale, Mr.Weir said, “this is something we’d been planning for some time. I’ve just had my 70th birthday.”
Ms. Gustavson said, “I think he’s looking for a lifestyle change. He’s so careful and wants tenants who are tied in with the feeling of the place.”
One of the tenants is lawyer Richard Humphrey, whose offices at 3852 Main Road are in one of the buildings for sale, at the northeast corner of the intersection of Main Road and East Road (at the stop light) in the village.
“Jim Weir is the best landlord known to man,” said Mr. Humphrey. “He’s developed a good group of tenants, and they really like him. That’s what makes this interesting to a prospective purchaser. He worked very hard to be a decent landlord, and to be a decent man.” Mr. Weir said he’s communicated his plans to all of his tenants.
Tiverton Four Corners, Ms. Gustavson said, “is surely an iconic Rhode Island Historic District, and it hasn’t been chopped up.” She said that all involved in the prospective sale “have a common interest in keeping the place a tax-free art district.”
“At the moment we are trying to sell the whole package,” Mr. Weir said, adding that one of his objectives is to make the whole place sustainable. Some of the properties “have an interconnected water and sewer system.”
“We have worked very hard over the past 30 years to revitalize and preserve the historic character of Tiverton Four Corners. We are very proud of what we’ve done,” he said.
The properties, said Ms. Gustavson, went on the market “a couple of weeks ago.”
“The fact that this offering includes several landmark and historic buildings in such a special location presents a rare opportunity for an investor looking for not only an investment, but also a chance for a lifestyle transformation,” Ms. Gustavson said. She said she’d handled the sale last July of the Sakonnet Vineyards to the owners of Alex and Ani, Rhode Island jewelry designers and makers who also recently purchased the Belcourt Castle in Newport.
Mr. Weir and his wife Roz say they intend to remain close to the Four Corners village they helped to create.
“We have loved the rural and historic character of the area, as well as the diverse community of people. In fact we have moved to live in this area and hope to stay as involved members of the community.” At the same time, he said, we hope “to spend more time with our family and pursue other, less intensive, interests.”