While indicators appear to show Arizona’s economy is slowly improving, commercial properties are still suffering from the Great Recession.

Tequa Festival Marketplace, the 54,068 square-foot retail plaza located at the southern end of the Village of Oak Creek recently sold for just over 20 percent of its original loan of $20.3 million. Baceline Investments bought the foreclosed property in March for $4,084,283, stating in a press release the sale “is a strong indication that the distressed property cycle is continuing to provide sub-value deals.”

“Tequa Festival Marketplace is a classic case of a property that was once very vibrant, suffered difficult financial times and now can be brought back to life by an active owner,” said Baceline Managing Partner David C. Puchi, who directs the firm’s Capital Development & Leasing arm. Tequa was only 34 percent occupied as of March 1.

Since Tequa was completed in 2000, it has been home to several restaurants, coffee houses, a bar and several retail shops.

For the full story, see the Wednesday, May 23, edition of the Sedona Red Rock News.