Butters Real Estate Fund director of acquisitions Jeff Lapidus said the company has recently acquired large tracts of land previously intended for residential use with the aim of rezoning the land for commercial use. After the rezoning is completed, the company will either develop the project or sell it to another development interested in developing it. "We think we can create the most value through the entitlement process," Lapidus said.

Lapidus was among participants in a panel entitled "Who's Buying, Selling and Why: Getting Deals Done in the Upside Down Investment Market" held during the RealShare event sponsored by Real Estate Media. The panel was moderated by Marcus & Millichap regional manager, Miami Kirk Felici. Other participants included Holly Real Estate vice president of investment sales Jim McCoy, Aztec Group Inc. managing director Michael Stein and TREC Investment Realty vice president Zachary Roberts.

Stein also said his company was looking beyond office, retail and industrial assets for opportunities. "I think there are great opportunities for investors looking at non-traditional asset classes," Stein said, citing senior housing and medical-related property as examples. "Those that are willing to diversify geographically and by asset class will be rewarded."