REITs and Sale, which one do you prefer

Hi everyone, I am cuirous about the rate of return between putting the properties into REITs and sale them to third party.

For example, there are 10 commercial properties are held by a PERE. All of them are playing solid rent. However, 2 of those properties are at the heart of the city which shall get the higher sale price. What shall the PERE do by now? Pack all 10 properties into REITs and sell it or sell 2 and pack 8 properties into REITs ? Is there any historical data can support the conclusion?

Thanks guys.