I said what a year ago?

In July 2007 I wrote the following about a CalSTRS sale of industrial properties to a JV of ProLogis and Lehman:

And (as I shake my head in disbelief), the cap rate was below 6% and might have been lower had there been more California dirt involved.

Did I think that deals like this would bring Lehman down? Honestly, no. But it sure didn't make sense then, and hindsight and all that....

Thanks much to Richard Woon at Stripnomics for pointing this one out. I've added him to my blogroll on the right.