My understanding is most of these syndication deals are just set up to earn fees for the managers.

This is how DNZ started out wasn't it. A collection of single building syndication that weren't doing well that had to be combined, and management bought out to make it a good investment.

I was stick to the listed property investments if you want to get into commercial/industrial/retail but cant afford to go it alone. Very transperent, highly liquid. Most are PIE's I think so also tax efficient.