In a first, brokers with a major national firm, Bank of America Merrill Lynch ($13.46 -0.05%), are selling an investment long associated solely with independent-contractor broker-dealers: Nontraded real estate investment trusts.

The firm's 17,500 registered representatives and advisers a month ago began selling the Jones Lang LaSalle Income Property Trust ($96.89 0.32%).

Bank of America Merrill Lynch is the first major wirehouse to sell such trusts and has so far raised about $50 million from clients.