Investors love liquidity.

One of the everyday miracles of modern finance is the near-instant liquidity that investors enjoy, from the titans of Wall Street to the lowest novice retail stock picker.

A click of the mouse, 24/7, and market denizens are out of tired positions or dog picks and into new hopes and fresh horizons, or recalibrated portfolios. Making life easy, nearly the full range of investments has been securitized.

This desire for capital mobility reaches into the institutional property world, usually one of the least liquid of capital markets. The owners of trophy towers and industrial parks know all too well that the exit event could be extended, while those in closed-end private equity property funds generally have to wait through a 10-year holding period or more, as hands-on fund management brings holdings to maturity and the yearned-for fat payday.

But capital immobility is not for everyone, even sober commercial real estate investors. And