Teri Degnan Real Estate & Consulting announced the sale of The Fifth Element, in Newport, Rhode Island, for $4.5 million.
The commercial retail property at 105-11 Broadway, is currently the location of The Fifth Element bar and grill and its outdoor dining space, The Outer Element, as well as the adjacent property, formerly the home of Foley’s Garage. Also included in the sale were The Fifth Element’s inventory, equipment, trademarks, etc., and its liquor license. The property was originally listed for $5.1 million in February.
The buyers were represented by Lea Savas of Hawks and Company of Edge Realty RI.