HF => RE. Possible?

Hi,

I'm currently a senior analyst at a mid-sized ($800mm) l/s equity hedge fund. I did 2 years of IB in a product group at a BB, and since then have been on the buyside for 5 years at a few respectable firms. I've done well at my firm, but I realized a few years ago I don't love public market investing, especially with the shorter-term focus of most funds these days (at least the ones I've been at). And I'm not optimistic about the long-trajectory fate of the HF industry overall or the longevity of careers in this business.

I always have been interested in CRE, with an aim towards ultimately doing development at some point in my career, however things were going well in my career in the HF space and I didn't take the leap earlier. Now I realize this was short-sighted, and if I think about what I want to be doing in 5, 10 years its not looking at trades, its building (or helping other people build) and leaving the city I am a part of a better place than when I arrived here. I like the analytical rigor of what I do, but what I love about RE is the relationship building, problem solving and tangible impact of the work - plus the analysis which I think is similar to what I focus on now in some ways (cyclical industries). I'd be interested in either development or investment sales as a future career path.

If I wanted to lateral at this point - I understand this would be a big step back - what would be the best path? I'd be about the same age as a post-MBA hire, and I think the soft skills that I've developed would be transferable, and I already have a good network of relationships in the space to lean on. But I want to understand how to prep and what is and isn't achievable from where I am now. I've taken a few CRE finance classes as refreshers from my days in IB and have read Poorvu and am in the middle of working through Linneman.

What course of self-study should I do before going out to my relationships in the field? How difficult would it be for someone at a big firm to hire me? Would I be able to add value at a smaller place? Is investment sales a good place to start? Should I learn Argus?

Any advice from others who lateraled would be very much appreciated. I have a few leads in the business I can call but don't want to burn them asking uninformed questions or chasing something that's simply not possible.

Thanks guys.