These funds, known as nontraded real-estate investment trusts, are one of the few ways for individuals to get direct exposure to office towers, warehouses, hotels and other commercial properties. The funds raised a record $36.4 billion last year and are on track to nearly match that level this year, according to Robert A. Stanger & Co., an investment-banking firm that tracks the market. While fund documents note risks and list fees associated with the product, the association says these REIT strategies aren't always appropriate for the small investors who typically buy them.

https://www.wsj.com/articles/commercial-property-funds-for-small-investors-face-tougher-regulation-11661860805