Tequa Festival Marketplace in the Village of Oak Creek will be sold at public auction on July 31, 2009.

Tequa Plaza in VOC on trustee auction bloc

SEDONA, AZ (June 6, 2009) - A Notice of Trustee Sale was recorded in Yavapai County on May 1, 2009 relating to the Tequa Festival Marketplace in the Village of Oak Creek near Sedona. 

According to the filing, $20,300,000 is owed on the property to various registered holders that include Greenwich Capital Commercial Funding Corp. and investors in a commercial mortgage pass through security backed by the property.

The property was sold in 2006 to the current owners 14360 Valerio Street Apartments and Wendorff Willow Creek Investments, both California limited liability companies.

The property will be sold at a public auction at 11:30 a.m. on July 31, 2009 at the front steps of the Yavapai County Courthouse in Prescott, Arizona.

The Tequa parcel is believed to be the largest single property tax payer in the VOC, reportedly owing approximately $93,000 per year in annual county property taxes, that equals the combined property tax revenue of about 50 single family dwellings in the Village of Oak Creek.

The Plaza located at 7000 SR179 has been home to retail shops, an art gallery and restaurants like Cucina Rustica, Full Moon Saloon, and the Village Griddle.

According to the Tequa website, retail space is available from 500 to 50,000 square feet, and "Once the final phase is completed, the 90,000 sq. ft. of high-end retail and luxury residential lofts will make it one of the top-notch retail centers in Arizona." 

Adjacent to the Hilton Resort & Spa, the Plaza also hosts outdoor weddings, receptions, concerts and other events.