SOUTH KINGSTOWN – A mostly vacant 46-acre property on South Road recently sold for $900,000, according to public records and Sweeney Real Estate & Appraisal, which represented the sellers in the deal.
The sale of the property at 540 South Road was the culmination of a series of sales involving a cell tower on the site, which is in the middle of a heavily wooded residential area, according to Sweeney Real Estate.
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Eric Schultheis, a real estate agent and appraiser at Sweeney Real Estate, first represented Front Street Realty Corp. in the renegotiation of a master lease agreement with T-Mobile for the continued rental of space at the site for the cell tower. The terms of the lease renegotiation were not shared.
Then, Schultheis negotiated the sale of that same master lease agreement from Front Street, led by its president, Mary Beth Dumouchel, to another company called LD Telecom Asset Co. LLC.
According to the warranty deed, a public record of the sale, Front Street sold the land for $900,000 to Lower 40 LLC, a limited liability company based in Warwick.
Lower 40 LLC was formed in 2023 to manage real estate and other lawful business, according to corporate records filed with the R.I. Department of State. The company is headed by its managers, Michael O’Brien and Earl Greco Jr.
The vacant property was most recently valued in 2024 by South Kingstown property assessors to be worth a total of $279,500.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
