Sedona, Ariz. — Plans in place to enliven distressed asset.
Sedona, Ariz. — Baceline Investments, a Denver-based private equity real estate investment management company, has purchased Tequa Festival Marketplace, a 54,068-square-foot neighborhood retail center near the resort area of Sedona between Phoenix and Flagstaff. Baceline acquired the foreclosed property from a lender for $4.1 million, approximately 20 percent of the property's original loan of $20.3 million.
"Tequa Festival Marketplace is the poster child for the distressed seller opportunity side of our business," said David Puchi, principal of Baceline in a released statement. "This is a classic case of a property that was once very vibrant, suffered difficult financial times and now can be brought back to life with an active owner. The low purchase price coupled with the excellent location makes it a very exciting opportunity for us to not only create a successful investment but also satisfy the community's desire for this property to be relevant again."
The center is a six-building, 6.15-acre property that is 34 percent leased. It will be Baceline's sixth distressed property acquisition as part of its Distressed Real Estate and Debt Opportunities Fund.