E. Barry Mansur and Reschke, former chairman of Prime Group Realty Trust, put down $500,000 last month when they agreed to pay $6.70 per share for the REIT's common stock as well as assume debt in a deal valued at $877.2 million by the company. The REIT's stock closed at $6.29 per share Tuesday, before the termination of the deal was announced.
The company, which posted a $5.1-million loss in the third quarter, says it continues to explore strategic alternatives, which can range from asset sales to a sale of the entire company. So far this year, Prime Group Realty Trust has shed most of its 3.4-million-sf industrial portfolio, selling it to CenterPoint Properties Trust for $123 million.
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