It's 2006. A well-located, quality property is on the market andattracts a plethora of qualified bidders. It ultimately trades fora very high price, thanks to the abundance of debt capital in themarket. The buyer takes control, hoping to up the property's valueeven further by increasing rental rates over the next fewyears.

But three years later, the economy has taken a nosedive and therent roll hasn't increased as much as anticipated. What's more, thefinancial markets have done a complete ISO, and it's impossible tofind new financing or to sell the asset. Backed into a corner, thebuyer ultimately defaults on the loan and gives up control of theproperty.

The story could be that of any number of deals that closedduring the market peak of2006 to 2007. It just so happens that thisis the story of the largest property acquisition in history. It mayalso be a harbinger of what we can expect to see in the coming fewyears.