It's 2006. A well-located, quality property is on the market and attracts a plethora of qualified bidders. It ultimately trades for a very high price, thanks to the abundance of debt capital in the market. The buyer takes control, hoping to up the property's value even further by increasing rental rates over the next few years.

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

The story could be that of any number of deals that closed during the market peak of2006 to 2007. It just so happens that this is the story of the largest property acquisition in history. It may also be a harbinger of what we can expect to see in the coming few years.