If you had 20 million and a 15 year time line what would you buy right now (or waiting a bit is fine)
I'm curious what the professional brokers, analysts, and capital guys who post here think.  Can we have an advanced level discussion of different asset classes and opportunities + the risks and benefits of them?  I suppose this is a tough question to answer without knowing the expectations and goals for the 20 million, so just fill in what you would personally do and what you'd expect out of it.

Personally I'd start picking off those strips that are performing ok but no one wants to touch because they aren't prime.  I think they are undervalued.  Basically the ones with a couple NTC's then a few locals/regionals.  More so the non-anchored ones, the shadow ones, or the ones with vacant anchors.
[{"id": "ctj8p6n", "text": "I'd buy what I could get at the biggest discount to the current market value. Highest class possible. ", "replies": [], "depth": 1}, {"id": "ctjua95", "text": "Multifam, as much as I can get my hands on. The harder home ownership gets for the general populace, the more lucrative the multifam market gets to be. \n\nI'd look well amenitized multifam developments in metro accessible fringe markets. Nova would be an ideal start. ", "replies": [{"id": "ctmk3ff", "text": "This is pretty much the best comment here. Multifamily has performed historically well over the long term. \nThe suggestion to look for \"accessible metro fringe markets\". Is essentially a way of saying invest in workforce housing, in the outer rings of major MSA this tenant base can't afford the high rents in the city centers and Economically will find it difficult to transition to owned homes. ", "replies": [], "depth": 2}, {"id": "ctrucl7", "text": "There will be a point where the millenials move out to the suburbs in the next 15 years. It's been delayed compared to past generations but it will still happen.", "replies": [], "depth": 2}, {"id": "cu0fubx", "text": "There are 3 MFR complexes in southwest metros open for investment here: https://www.crowdstreet.com/  \n\nFull disclosure: I work for CrowdStreet and lurk /r/commercialrealestate for my own edification.  ", "replies": [], "depth": 2}], "depth": 1}, {"id": "ctk6687", "text": "I'd have to go with the largest sale lease back, I could get my hands on.  Something dealing with a Fortune 100 company.  Either own a $20m asset outright or depending on financing, get control of something much bigger .... say, $80-120m.\n\nYou could definitely make more speculating but going this route would virtually be 100% risk free and you would most likely triple your money.", "replies": [{"id": "ctmk1vs", "text": "Owning one asset leased to a Fortune 500 company - in total - is pretty silly from a diversification of risk perspective. ", "replies": [{"id": "ctmowgz", "text": "That's why I said Fortune 100.  You're right it's not diversified .... and I would be AOK with that.", "replies": [{"id": "ctmsvwl", "text": "Ok. That's cool. While I couldn't find the statistic on the F100, between 1955 and 2014 90% of the Fortune 500 disappeared - that's good for the economy overall - creative destruction.\n\n http://www.aei.org/publication/fortune-500-firms-in-1955-vs-2014-89-are-gone-and-were-all-better-off-because-of-that-dynamic-creative-destruction/\nSee : ", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ctk74y4", "text": "Class A Warehouses. E-Commerce is only getting bigger. ", "replies": [], "depth": 1}, {"id": "ctkfp88", "text": "Option 1: Sale lease back of industrial space for e-commerce fulfillment.\n\nOption 2: Lever up the 20MM to a large office asset (+or- $100MM) in a CBD in a secondary market that hasn't been completely . Think Charlotte, Denver, Seattle, Portland etc.\n\nOption 3: Build Something cool like a Data Center", "replies": [{"id": "ctli2oz", "text": "I agree... other than the Data Center !", "replies": [{"id": "ctmrqp0", "text": "whats wrong with data centers?  I'm really not that familiar with them.  Is tech moving away from them?", "replies": [{"id": "ctmzrrc", "text": "Nothing is wrong with them, other than I know nothing about them.  So when I think of \"building something cool\",  I don't think of data centers.  I think of some type of master planned, net zero neighborhood of futuristic homes or maybe a master planned downtown out in the suburbs (which is all the rage now). \n", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ctmjzzb", "text": "1. I havent seen lease backs of e-commerce sites. Amazon seems to own all of theirs - so who are you referring to? \n\n2. Office assets are very volital from a cash flow perspective, the cash flow needed for TI &amp; LC monies makes the idea of buy it and forget it not Really practical. YOU are always spending money when you own a office  and you do realize that with the exception of Charlotte - Denver, Seattle and Portland are some of the hottest markets in the country? Office asset historically hasn't performed that well as there as been a reduction in the need for office space over the last twenty years (know of any CBD offices converted to apartments, condos and hotels? I do!) the cost of re-letting a office space can be very expensive ( TI &amp; LC) - to relet a apartment cost for example $600 - ( clean, minor fixes, leasing cost) which is about less than $1 a foot. A hotel room cost me about $65 to release (clean, re supply, leasing advertising cost), industrial Usually cost $5 to $10 a foot to release. Office in major Cities will cost you anywhere from $34 - 200 a foot to release in just TI's alone. Leasing a 5,000 sq ft space can easily cost you $500,000 to lease. Monies you will,have to spend before the tenant even moves in and pays 1st month.  \n\n3. Data centers - well you could invest in a data center reit. This is too silly a suggestion for a lot of reasons, but really being in the data center business is really about being in the electricity generating business. And again this is an extremely extremely capital intensive business", "replies": [], "depth": 2}], "depth": 1}, {"id": "ctmjv9s", "text": "some interesting thoughts in this thread. The question is a bit nebulous. \n\nThe simplest answer is a diversified portfolio of REITS. Many studies have shown that REITS have out performed other investments over many periods of time (1972-2013) REITS retuned an annual return of 11.9% versus the second best stocks at 10.5%.  (https://www.reit.com/sites/default/files/media/PDFs/2014%20Fact%20Sheets%20%204.pdf). You can look at many different periods of times but REITS often are one of the best if not the best investments (http://www.valuewalk.com/2014/12/2014-asset-classes-performance/)\nNow you can look more closely at property type returns see : (I am a big fan of timber) https://www.reit.com/investing/index-data/annual-index-values-returns\n\nI think buying a single asset opens you up to significant risk because of the lack of diversification. The sale lease back of a single asset to a single company seems just seems silly. Maybe you could invest in a REIT that invest in this type of asset, but I guess if I was concerned about long term capital,preservation and annual returns a wide diversified basket of reits would be the way to go.\n\nUnless you are entrepreneurial willing to take great risk, get in the development game - hell just taking land from raw unentitled to entitled with plans usually has the best ROI. You don't even have to build. \n\n", "replies": [], "depth": 1}, {"id": "ctra5yn", "text": "Im a single guy with no kids, so I would go pretty risky. Probably underperforming office towers in CBD's in job-attraction incentive states like Ohio, Texas, or North Carolina. \n\nThat, or foreign investment residential markets like NYC, LA, Miami, etc.\n\nIf it wasn't my money, I'd do workforce housing near/in urban centers and Class A Warehouses along the I-75 or I-95 corridors. some central US cities are seeing vacancy under 5% for Class A warehouse.", "replies": [], "depth": 1}, {"id": "ctz6151", "text": "I've always been a fan cash flowing assets today in the path of growth with redevelopment / renovation upside. Urban parking lots, older industrial / warehouse close to transit, or even banking raw land (this is typically tougher to find in urban areas and with 15yr. timeline would expect to pay all cash). With a timeline of 15 years you have a lot of margin for error. The closer to the core you are the better off you will be even if you do not have a business plan, the ant farm will always save you.   ", "replies": [], "depth": 1}]