LoPiccolo: I know it sounds basic, but asset fundamentals are key elements to an acquisition. That includes location, positioning, tenant mix or the use. Right now, on the opposite side, it doesn't mean that the B- and C-class assets aren't in demand, it just means that there is a wider gap in terms of pricing between those two categories of assets.

GlobeSt.com: Retail is clearly evolving rapidly, and this year there have been a few store closures. How are you advising investment clients to adjust their strategies in response to these changes and to mitigate risk?

LoPiccolo: Very simple. We are focused on fundamentals: Where is this asset positioned in the market? Is this asset serve a need? If the tenants leave, are the rents above or below market? You basically scale back, and that starts from the location itself, from the zoning to lot size. Because mixed-use has been all of the rage in the last couple years, we are also now looking at elements like up-zoning to see if there is a benefit. There are fundamental elements that have been key to my acquisition guidance with clients, especially in this market where you do see concerns with tenants and current use of shopping centers. It is all based on the real estate.

GlobeSt.com: What is your outlook for retail investment sales activity this year?

LoPiccolo: I think that supply will pick up for the second half of the year, and I think that sellers will have a little bit better understanding of the market and pricing expectations. Demand has been there this year, but I feel the outlook for the end of the year will be more of an uptick compared to what we have seen in the first half, especially with the understanding that rates are going to rise. The tax plan has settled, and investors now have a broader understanding of expectations in the investment arena. So, I think that San Diego has been a very desirable market and I think demand will continue to be there.