Publicly traded REITs typically focus on a single commercial property type and have diverse exposures across geographies and markets, some of which may not be favorable depending on the economic environment.  Moreover, as a REIT investor you are beholden to the decisions of the company’s senior management in terms of the properties they choose to invest in or dispose of.  By investing in direct CRE, you can select the property type(s) and exact locations that you feel will perform the best.  Also, you have full control, subject to any holding period requirements, of when you would like to liquidate your token investment.