Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • April 4, 2025
A banner for weekly commercial real estate news recap
An aerial view of a yellow excavator digging in the dirt.

Governor Newsom suspends permitting rules, expands FEMA cleanup, extends ROE Deadline to April 15


California Governor Gavin Newsom has signed several executive order aimed at accelerating the rebuilding of fire-ravaged communities in Los Angeles County. A new order, announced on Thursday, March 27, suspends permitting and environmental review requirements to fast-track infrastructure repairs and prevent future wildfires.

A sign for the santa monica civic auditorium

City Approves Redevelopment Deal for Civic Auditorium


Officials said the next phase of the process includes site analyses to assess redevelopment viability

The Santa Monica City Council has taken a step toward revitalizing the long-shuttered Civic Auditorium, approving an Exclusive Negotiating Agreement with Revitalization Partners Group on Tuesday.

A chick-fil-a restaurant with a parking lot in front of it.

Chick-fil-A’s Sales Surpassed $22 Billion in 2024


While Chick-fil-A’s year-over-year sales growth wasn’t as robust as recent years, percentage wise, it continued to push unrivaled volumes at scale. In 2024, of the roughly 2,179 domestic franchised restaurants not located in malls (freestanding or drive-thru-only units), opened and operated for at least year a calendar year, the median annual sales volume was $9.227 million and the average annual sales volume $9.317 million, according to the brand’s FDD, which was released Wednesday.

An aerial view of a city skyline with a bridge over a river at sunset.

Retail rent gains slow as store closings provide more leasing options


Landlords still see elevated rent increases for spaces that turn over, just not at previous record levels

A person is typing on a laptop computer with a graph on the screen.

NRF predicts 2025 retail sales growth of 2.7% to 3.7%


The National Retail Federation said conditions remain relatively positive for consumer spending in 2025, and predicted that retail sales—excluding auto dealerships, gas stations, and restaurants—would grow between 2.7% and 3.7% this year. That compares with 3.6% retail sales growth in 2024.

A white truck is parked in front of an advance auto parts store

Investors favor small-dollar deals as large properties face rising vacancies


U.S. commercial property prices were mixed in February, with the amounts in high-dollar deals falling as those in the low-dollar range rose.

Tenant occupancy drove the swings in value, according to the latest monthly CoStar Commercial Repeat-Sale Indices. It tracks when a previously sold property trades hands again in a process called a repeat sale.

A small wooden house is sitting next to a pile of coins on a table.

How Proposed Tax Changes Could Affect Commercial Real Estate


With key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire, commercial real estate professionals must stay informed about potential tax policy shifts. Proposed changes under a new administration could significantly impact tax liabilities, investment strategies, and property development costs. 

A red and white sign for a winn dixie store

Winn-Dixie to close four Alabama stores


Winn-Dixie said it is planning to close four locations in Alabama in the coming weeks, following its confirmation last week that it also plans to close one store in Georgia.

A winco foods sign is on the side of a building

WinCo Foods said to plan first Colorado stores


WinCo Foods is planning its first locations in Colorado, according to local reports.

The company, which operates large, no-frills, warehouse-style stores known for their competitive prices, bulk foods, and broad assortments, has acquired property for two locations, one each in the towns of Thornton and Firestone, the reports said.

A dutch bros restaurant with a blue building

Dutch Bros to open 1,000 new shops by 2029; expands long-term goal to 7,000


Dutch Bros is getting even more bullish on store expansion. It's also entering the consumer packaged goods market.

The front of a joann handmade happiness store.

Available retail space increases for first time in two years


The recent stretch of store closings has pushed retail space availability to a new two-year high.

Weekly Perl: A Commercial Real Estate News Recap

By Marc Perlof • October 30, 2026
Tractor Supply Q3 sales rise 5.1%; to moderate new store openings Tractor Supply Company delivered third-quarter earnings and sales that beat analyst expectations and said it was gaining share against most categories and metrics even as its customers remain cautious. On the company’s earnings call, CEO Hal Lawton said that elevated interest rates and reduced housing mobility are weighing on property improvements and larger projects. Pet ownership headwinds, particularly new pet acquisition, continue to affect demand in certain categories...

AB 1693: Can California AB 1693 Help Retail Tenants Open Faster?

By Marc Perlof • October 28, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 26, 2026 If you own retail real estate, here’s what just changed for you. A lease guaranty can become less useful if the tenant changes entities, the guaranty expires, or a later agreement releases a guarantor. That can affect your income security, refinancing options, and property value. The main owner decision is whether the guaranty still supports your planned hold, refinance, renewal, or sale. Why Should You Review a Lease Guarantee Every Few Years? Many owners review the lease when they buy the property and do not examine the guaranty again until there is a tenant problem or planned sale. During that time, the tenant may be acquired, reorganized, assigned to another entity, or operating under a guaranty that is capped, reduced, or approaching expiration. A review every few years can help you identify those issues while you still have time to respond. Annual Lease Guarantee Review Checklist 1. Confirm the Current Tenant and Every Guarantor Start with the exact legal name of the tenant currently responsible for the lease. Then identify every company or individual that signed a guaranty. Do not rely on the brand name displayed at the property. The company on the sign may not be the legal tenant or the entity supporting the rent. Confirm whether the guaranty comes from the national parent ompany, a subsidiary, an affiliate, a franchise operator, a location-specific LLC, an individual, or more than one guarantor. 2. Check What the Guaranty Covers and When It Ends A signed guaranty may not cover every lease obligation for the entire lease term. Determine whether it is full, capped, reduced over time, limited to certain lease years, or restricted to specific obligations. It may cover base rent but exclude additional rent, property expenses, repair obligations, or legal costs. Compare the guaranty term with the remaining lease term. Do not assume that a lease extension automatically extends the guaranty. 3. Review Later Documents and Ownership Changes The original lease and guaranty may have been changed by later documents. Review amendments, extensions, assignments, assumption agreements, landlord consents, estoppel certificates, ownership change notices, and any guarantor releases or replacements. A tenant may continue using the same brand while the legal tenant, ownership structure, or guarantor changes behind the scenes. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. The chart can explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. Qualified legal counsel should confirm unclear obligations. 4. Review the Guarantor’s Current Financial Support A guaranty is only as useful as the company or person behind it. Depending on your lease rights and the information available, review current financial information, rent payment history, operating locations, recent closures, ownership changes, and whether the guarantor still appears to own meaningful assets. The goal is not to complete a full credit analysis. It is to determine whether the support behind your rent is still consistent with what you believed when you bought the property or negotiated the lease. 5. Compare the Guaranty with Your Ownership Plan The value of a guaranty depends partly on what you plan to do with the property. If you expect to hold for several years, determine whether the guaranty lasts through your planned ownership period. If you think you are going to refinance, renew, or sell, consider whether the guaranty will still provide meaningful support at that time. You should also consider what happens if the tenant leaves. Contract rent, market rent, vacancy downtime, leasing commissions, tenant improvement costs, repairs, and replacement demand can all affect NOI, capital needs, and net sale proceeds. The central question is whether the guaranty, the underlying real estate, or both support your next major ownership decision. Owner Self Assessment Could you clearly explain who guarantees your largest tenant’s rent, what the guaranty covers, when it ends, and whether it still supports your ownership plan? Reviewing your lease guaranty every few years can help you identify income, financing, vacancy, and value risks before they limit your options. Contact me for the expanded Retail Lease Guarantee Review Checklist . It includes a more detailed document list, guarantor review questions, financial and ownership checks, vacancy and replacement cost considerations, and a one page owner summary you can use before a refinance, renewal, hold, or sale decision. Are you relying on a guaranty that will still provide meaningful support when you refinance, renew the lease, or sell the property? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #PropertyValue #RetailInvesting #InvestmentSales #MarcRetailGuy #MarcPerlof

What Retail Property Owners Should Review Before Relying on a Lease Guarantee

By Marc Perlof • October 26, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 26, 2026 If you own retail real estate, here’s what just changed for you. A lease guaranty can become less useful if the tenant changes entities, the guaranty expires, or a later agreement releases a guarantor. That can affect your income security, refinancing options, and property value. The main owner decision is whether the guaranty still supports your planned hold, refinance, renewal, or sale. Why Should You Review a Lease Guarantee Every Few Years? Many owners review the lease when they buy the property and do not examine the guaranty again until there is a tenant problem or planned sale. During that time, the tenant may be acquired, reorganized, assigned to another entity, or operating under a guaranty that is capped, reduced, or approaching expiration. A review every few years can help you identify those issues while you still have time to respond. Annual Lease Guarantee Review Checklist 1. Confirm the Current Tenant and Every Guarantor Start with the exact legal name of the tenant currently responsible for the lease. Then identify every company or individual that signed a guaranty. Do not rely on the brand name displayed at the property. The company on the sign may not be the legal tenant or the entity supporting the rent. Confirm whether the guaranty comes from the national parent ompany, a subsidiary, an affiliate, a franchise operator, a location-specific LLC, an individual, or more than one guarantor. 2. Check What the Guaranty Covers and When It Ends A signed guaranty may not cover every lease obligation for the entire lease term. Determine whether it is full, capped, reduced over time, limited to certain lease years, or restricted to specific obligations. It may cover base rent but exclude additional rent, property expenses, repair obligations, or legal costs. Compare the guaranty term with the remaining lease term. Do not assume that a lease extension automatically extends the guaranty. 3. Review Later Documents and Ownership Changes The original lease and guaranty may have been changed by later documents. Review amendments, extensions, assignments, assumption agreements, landlord consents, estoppel certificates, ownership change notices, and any guarantor releases or replacements. A tenant may continue using the same brand while the legal tenant, ownership structure, or guarantor changes behind the scenes. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. The chart can explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. Qualified legal counsel should confirm unclear obligations. 4. Review the Guarantor’s Current Financial Support A guaranty is only as useful as the company or person behind it. Depending on your lease rights and the information available, review current financial information, rent payment history, operating locations, recent closures, ownership changes, and whether the guarantor still appears to own meaningful assets. The goal is not to complete a full credit analysis. It is to determine whether the support behind your rent is still consistent with what you believed when you bought the property or negotiated the lease. 5. Compare the Guaranty with Your Ownership Plan The value of a guaranty depends partly on what you plan to do with the property. If you expect to hold for several years, determine whether the guaranty lasts through your planned ownership period. If you think you are going to refinance, renew, or sell, consider whether the guaranty will still provide meaningful support at that time. You should also consider what happens if the tenant leaves. Contract rent, market rent, vacancy downtime, leasing commissions, tenant improvement costs, repairs, and replacement demand can all affect NOI, capital needs, and net sale proceeds. The central question is whether the guaranty, the underlying real estate, or both support your next major ownership decision. Owner Self Assessment Could you clearly explain who guarantees your largest tenant’s rent, what the guaranty covers, when it ends, and whether it still supports your ownership plan? Reviewing your lease guaranty every few years can help you identify income, financing, vacancy, and value risks before they limit your options. Contact me for the expanded Retail Lease Guarantee Review Checklist . It includes a more detailed document list, guarantor review questions, financial and ownership checks, vacancy and replacement cost considerations, and a one page owner summary you can use before a refinance, renewal, hold, or sale decision. Are you relying on a guaranty that will still provide meaningful support when you refinance, renew the lease, or sell the property? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #PropertyValue #RetailInvesting #InvestmentSales #MarcRetailGuy #MarcPerlof
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