Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • June 14, 2024
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A black and white photo of a woman wearing glasses.

Measure ULA gets another day in court


A group fighting Measure  ULA has another chance to strike down the City of Los Angeles’ real estate transfer tax, after a court agreed to review a case challenging the measure. The U.S. Court of Appeals for the Ninth Circuit will hear arguments over the legality of Measure ULA, which adds a 4 percent tax on commercial and residential sales over $5 million and 5.5 percent tax on sales over $10 million, according to a court notice last week.


French toast with whipped cream and strawberries on a white plate.

Jinky’s Cafe is Returning to Santa Monica


Several months after The Independence, a modern tavern formerly located in the heart of downtown Santa Monica, vacated its space at the intersection of Broadway and 2nd, a Los Angeles coffee shop chain is taking its spot to make a return to the Westside.


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A sign for porillo 's hot dogs beef burgers and salads

Portillo’s Path to Growth Becomes Even Clearer


Presenting at William Blair’s 44th annual Growth Stock Conference, Portillo’s shared two sides of the potential it’s touted since going public in October 2021. Long-term, the Chicago-born brand wants to accelerate to 12–15 percent annual expansion. That would translate to mid-teens sales growth on a low-single-digit comp, and low-teens adjusted EBITDA expansion.


There is a couch and a table in the middle of the room.

Boot Barn is opening one store a week to cement itself as a national lifestyle brand


Western wear retailer Boot Barn sees stores as the key to building a bigger brand following. A lot of stores. Over the past 12 years, Boot Barn’s footprint has grown from 86 locations in eight states to 400 stores across 45 states. It opened 55 new stores in 2024, more than one per week. Boot Barn sees a path to opening 500 more stores by fiscal year 2030.


A family dollar store with a red sign in front of it.

Who Would Want To Buy Family Dollar? The Answer Could Be Far-Flung.


With discount chain Family Dollar possibly going up for sale, retail industry analysts and brokers are speculating on who would have the financial wherewithal — or motivation — to acquire a business with nearly 8,000 stores.


A jack in the box restaurant with a purple and white building.

Jack in the Box to Open Restaurants in Georgia for the First Time


Jack in the Box announced a significant development agreement to open 15 new Jack in the Box locations throughout Georgia. This expansion marks the company’s entry into the Peach State and signifies continued dynamic growth for the brand in the Southeastern United States.


A person is holding a cell phone with a chicken basket app on it.

Long John Silver’s Makes Big Progress on Refreshed Identity


Long John Silver’s president Nate Fowler knows it isn’t a secret he and his team took on a turnaround opportunity when he joined a year and a half ago. As the roughly 500-unit brand approaches its 55th anniversary in August, it continues to explore strategies to elevate an “old-line brand that had some image issues,” the executive says.


A carl 's jr. drive thru sign is lit up at night

Carl’s Jr. and Hardee’s Find Strength in Separation


As leadership began to form under Max Wetzel, who assumed the CEO post of CKE Restaurants in March 2023, migrating over after a four-year run with Papa Johns, it became clear the company had an identity crisis. Only, in this case, Hardee’s and Carl’s Jr. each had the issue of being too distinct.


A graph showing a strong start to 2024

Ollie’s Bargain Outlet and Five Below: Q1 2024 Treasure Troves


We dove into the data to check in with specialty discount chains Ollie’s Bargain Outlet and Five Below. How did they fare in early 2024? And what can the two brands’ recent performance tell us about what lies in store for them in the months ahead?


A building with a sign that says sushi on it

Rubio’s Closes 48 California Restaurants, Citing Business Costs


Fast-casual restaurant chain Rubio’s Coastal Grill closed 48 California locations, citing rising costs of doing business in the state after a law required higher pay for some workers.


A group of men are sitting around a table talking to each other.

Commercial Real Estate Needs To Follow the "Moneyball" Principle of Adapt or Die


In the popular movie, "Moneyball," the general manager of the Oakland Athletics Major League Baseball team played by Brad Pitt is faced with the challenge of competing against wealthy teams with his gutted roster and a restrictive budget. Given the realities of his situation, the manager is forced to ignore conventional wisdom and fires his head scout, telling him they must "adapt or die."


A big lots sign is on the side of a building

Big Lots posts 10.2% sales decline in Q1


Shares of discount retailer Big Lots tumbled Thursday after the company reported first-quarter sales declines that were steeper than anticipated. Big Lots previously had forecasted comp-store sales declines in the mid-single digits.


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...
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
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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