The Downtown property, an 8,900-sf building at 521 SW Stark, was sold for $550,000. Insiders say the buyer, RLH Properties Corp., should be happy as a clam. Indeed, Oregon Title records show RCN acquired the property last year for $750,000.
The largest property on the market is a 45,000-sf build-to-suit facility in Panattoni's Cornelius Pass Corporate Center. Located at 2480 229th Ave., the asking price is $3 million, says Fausner, which is what the company paid for the property last year.
RCN's second largest holding is 37,000-sf it leases in a building at 13705 NE Airport Way that it shares with Kaiser. It contains 3,000 sf of office space, with the rest used as warehouse space. Fausner says he's marketing it at $14,000 per month, which is what the company is currently paying.
The fourth property is a 15,750-sf, two-story building at 751 NE Lombard with a commercial display space at its front and warehouse in back that abuts railroad tracks. Fausner says the asking price of $775,000 "is probably a little high for a normal user, but it was great for us because of the location."
Relera Inc., another telecom company, paid to terminate its lease of a 78,000-sf building near RCN's property in Cornelius Pass Corporate Center, and investors in more than 500,000-sf Pearl district telecom hotel projects are still looking for their first tenants, and weighing their options.
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