During the 2008-2010 eco crisis a few private funds made a fortune in that industry. Most were doing $25Mil + deals. Some pretty well known folks too.....

Michael Dell
Magic Johnson

I was an investment banker back then and placed a few larger deals. Some where refinancing, but most were note purchases. The former will likely happen soon as banks force some property owners to do something. The later will certainly happen soon after as the industry has very few traditional homes for deals right now.....

Office Buildings and shopping centers will also be hitting the market over the next 24 months.....