The anchor went dark

Multi-tenant retail, on paper a nice spread of income. Look closer, though, and one anchor was most of the rent, and that anchor had three years left.

Here's the trap in a center like that. If the anchor leaves or goes dark, you don't just lose their rent. The inline tenants often have co-tenancy clauses, which means once the anchor is gone they can cut their own rent or walk too. One departure sets off a chain reaction that can take down half the center.

So you weren't buying a diversified center. You were buying a three-year bet on one tenant, dressed up to look diversified.