(This guest blog from GlobeSt.com's Kelsi Maree Borland is part of our lead-up coverage to ICSC Western Division conference.)

LOS ANGELES—Retail prices are reaching historical heights, and above historical prices in some markets, according to Wilson Retail Group SVP Geoff Tranchina. Wilson Retail Group will be sharing their market knowledge at the ICSCWestern Division Conference this week. While Tranchina prepares for the big event, we sat down with him to get an insider's look at the retail investment market, including emerging trends and a forecast of the coming year.  

GlobeSt.com: What are your goals and expectations for the ICSC Western Division conference?

Geoff Tranchina: We are excited about the opportunity to share our new Wilson Retail Group branding with our clients and partners in addition to showcasing new listings our team is bringing out to the market. The ICSC Western Division conference is much different than ICSC RECon in Las Vegas as we really get a chance to sit down and have more in-depth conversations with clients.

GlobeSt.com: How would you describe the Southern California retail investment market?

Tranchina: We are seeing pricing near or above historical highs, with a sea of capital (both equity and debt), but product remains scarce. We anticipate that there will be significant new offerings in the fourth quarter, helping acquisitions directors meet year-end goals.

GlobeSt.com: What are the ideal characteristics and situation when an investor should sell in today's market?

Tranchina: Currently, we are advising our clients to consider disposing of assets that have greater potential roll down in rents then upside or where they have tenants whose footprints are shrinking with limited backfill possibilities. In addition, if you have a grocery anchored shopping center, cap rates in that asset class have compressed considerably within the last 12 months providing an excellent opportunity to take chips off the table.

GlobeSt.com: What is key for an investor to being selected and closing on a retail property in today's environment?

Tranchina: Having 100% discretionary capital is the #1 factor. Being prepared to give the seller flexibility in looking for an exchange property has been another tool that we are using to get sellers to part with assets.

GlobeSt.com: How will the Southern California retail investment market differ in 2015 from 2014?

Tranchina: Investors will continue to look for opportunities outside of the Southern California market. Competition and lack of product will be issues for buyers to achieve investment goals. CMBS loan maturities in 2015 of $95 billion may impact the market as undercapitalized owners may look at options to sell rather than refinance.