Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • August 28, 2026
A banner for weekly commercial real estate news recap
A car is parked in front of a sign that says 223

Fed’s preferred inflation gauge shows core prices rose 3.3% annually in July

Prices consumers pay for a variety of goods and services rose slightly in July, according to the Federal Reserve’s main inflation gauge.



The personal consumption expenditures price index, which the Fed uses as its preferred forecasting tool, increased a seasonally adjusted 0.2% for the month, putting the annual inflation rate at 3.7%, the Commerce Department reported Wednesday. Both were 0.1 percentage point above the Dow Jones consensus...

The front of an aldi store with a sign in front of it.

BJ’s beats Wall Street on Q2 profit, revenue; new Texas store to open

BJ’s Wholesale Club Holdings reported strong earnings and sales results for the second quarter of fiscal 2026 and announced plans for a new store.


The membership warehouse club giant exceeded Wall Street expectations with adjusted net income of $173.87 billion, up 15% from $150.7 billion the quarter ended Aug. 1. Adjusted earnings per share (EPS) rose to $1.36 from $1.14 and total revenue climbed 16% to $6.23 billion from $5.38 billion...

An elevated outdoor view of a modern shopping mall promenade with manicured greenery, palm trees, and pedestrians.

Nike Closes 15 Small Format Nike Live Retail Stores


According to Bisnow, Nike is closing at least 15 stores it opened under the Nike Live banner. The format was built to serve shoppers in their own neighborhoods. Retail Dive reported that the locations are now permanently closed. The list spans 12 states and includes the original Melrose Avenue store in Los Angeles...

The American flag waves against a bright blue sky between towering glass skyscrapers, viewed from a low angle.

Ross Stores earnings, sales soar in Q2; 115 new stores planned in 2026

Ross Stores continued a strong fiscal 2026 performance trend that began in the first quarter of the year.

The off-price giant reported a stellar second quarter as strong customer traffic drove its second consecutive quarter of double-digit comparable sales growth. According to a report by Placer.ai., Ross store visits rose 16.4% year over year during the period. Visits to the company's other banner, DD's Discounts grew 8.4%. (Neither brand operates a digital storefront...)

A flat, single-story retail building with a

Retail Regains Its Footing as Demand Returns and Supply Stays Soft

After a soft first quarter, the retail sector regained positive momentum in Q2 as tenant demand returned, vacancies remained stable and new construction stayed limited.


According to second-quarter reports from CBRE, Colliers, Cushman & Wakefield, JLL and Lee & Associates, the combination is creating a favorable setup for landlords and investors, even as retailers contend with increasingly selective consumers.

Absorption

  • Retail demand returned in the second quarter, reversing the Q1 negative absorption created, in part, by multiple move-outs...
The main entrance of the NuHAA building, featuring a modern glass and stone facade, at sunset.

Raley’s plans to close more stores

Raley’s plans to shutter three locations in California and one in Nevada in the coming months, the company confirmed on Monday.

The closings will bring to seven the total number of Raley’s set for closure in 2026 and early 2027. The West Sacramento, Calif.-based company previously closed a Nob Hill Foods store in Mountain View, a Raley’s in Roseville and another Raley’s in Antioch.

Another Raley’s in Elko, Nev., is slated for closure in December, and a Nob Hill Foods location in Los Gatos is scheduled to close by next June, the reports said. The other two Raley’s that are scheduled to close in the coming months are in Brentwood and Petaluma, Calif...

Dick’s lowers outlook citing ‘challenging’ footwear and apparel marketplaces

Dick’s Sporting Goods lowered its full-year sales outlook amid a challenging athletic market that had a “significant” impact on its Foot Locker business.

The sporting goods giant noted it increased promotions during its second quarter to protect its leadership position as it dealt with excess inventory and weaker demand for some legacy footwear silhouettes...

Kohl’s raises outlook on slowing sales declines, tariff refunds

Kohl’s Corp. reported declining profit and sales for its second quarter, but raised its full-year outlook amid tariff refunds and signs that its turnaround was taking hold.

The department store retailer reported $150 million in tariff refunds received during the quarter, of which approximately $100 million flowed through gross margin. Another $40 million in refunds are expected to be received. The company also said it would resume its roughly $100 million share repurchase program this year...

Why Buc-ee’s Is Expanding South, Not the Northeast

Globe St reports that Buc-ee’s is pushing its oversized travel centers deeper into the South, not the Northeast. At a recent opening in Benton, CEO Aplin praised locating in a conservative, business-friendly state with a strong workforce. The chain’s growth map leans heavily toward car-dependent, highway-linked markets...

Inglewood Council Approves Partnership to Rebuild Historic Downtown and Improve Citywide Mobility

The Inglewood City Council voted in favor of a public-private partnership that will build the Inglewood Transit Connector’s (ITC) mobility hubs and reenvision the streets of Downtown Inglewood — advancing a solution shaped by robust study, rigorous planning and sustained community input into how this City welcomes visitors on event days while keeping everyday life moving for the people who live here...

By Marc Perlof • October 12, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 5, 2026 If you own retail real estate, here’s what just changed for you. A national brand on your building does not prove that the national parent company guarantees the rent. If a smaller subsidiary, franchise company, affiliate, or location-specific LLC is actually responsible, buyers and lenders may view your income as less secure and price your property differently. The main decision is simple: verify the legal tenant, every guarantor, and the limits of each guaranty before buying, refinancing, renewing, or selling the property. What Owners Commonly Miss The company operating at your property may use a national name, logo, products, and marketing without the national parent company being responsible for the lease. One location may be leased directly by the parent company. Another location using the same brand may be operated by a subsidiary, regional company, franchisee, or separate LLC formed for that store. To customers, the locations may look identical. Legally, they may provide very different levels of support. A franchisor may approve the location, control operating standards, and receive franchise fees without agreeing to pay the rent. A subsidiary may have a name similar to the parent company without making the parent responsible for its obligations. The phrase “corporate guaranty” can also be misleading. A franchise company or small operating company may be organized as a corporation or LLC, but that does not make its guaranty the same as one from the national parent company. Common guaranty structures include: Parent company guaranty: The national parent company agrees to cover some or all of the tenant’s lease obligations. Subsidiary or affiliate guaranty: A related company provides the guaranty, but the parent may have no direct responsibility. Franchisee guaranty: A franchise operator guarantees the lease. The operator may own one location or hundreds, but it is not the national franchisor. Single purpose LLC or personal guaranty: A location-specific entity or individual provides support that may depend on available assets and the terms of the document. A lease may also have more than one guarantor. For example, a franchise company may guarantee the lease while an affiliate, parent company, or individual provides another layer of support. Each guaranty should be reviewed separately because its scope, duration, and financial strength may differ. Identifying the guarantor is only the first step. A guaranty may be capped, reduced over time, limited to certain lease years, released after an assignment, or restricted to specific obligations. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. That can help explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. How Can the Guaranty Affect Your Property’s Value? Retail property buyers are purchasing future income. They want to know not only who pays the rent today, but who is responsible if the tenant stops paying. Assume two properties have the same national brand, rent, remaining lease term, and similar real estate. One lease is guaranteed by the national parent company. The other is supported only by a location specific LLC with limited assets. Buyers may not value those income streams the same way. If buyers see greater tenant credit risk, they may request financial statements, require a higher return, reduce their offer, or place more weight on the underlying real estate and replacement tenant demand. Lenders may also ask more questions or offer less favorable financing. A weaker guaranty does not automatically make the property a poor investment. Location, contract rent, lease term, building condition, and the cost of replacing the tenant still matter. The risk is that an owner may price the property as though national credit supports the rent when the national parent company never accepted that obligation. Discovering the difference during due diligence can weaken the owner’s negotiating leverage and create the risk of a price reduction. What Should Retail Property Owners Do Now? First, review the complete lease file. Do not rely only on an offering memorandum, lease summary, tenant logo, or the way someone described the guaranty when the property was purchased. Create a written record identifying: The exact legal tenant Every guarantor The relationship between the tenant, guarantors, and national brand What each guaranty covers Whether each guaranty is full, capped, limited, reduced, or temporary Whether amendments, assignments, or extensions changed the original protection If the entity relationships or guaranty language are unclear, request the organizational structure and have qualified legal counsel confirm who is responsible. The decision should be based on the documents and financial strength of the obligated entities, not the brand name alone. Understanding this before a refinance, renewal, or sale gives you time to address missing documents, explain the lease accurately, and prepare for buyer or lender questions. Owner Self Assessment If a buyer reviewed your lease today, could you identify the exact tenant, every guarantor, what each guaranty covers, and when any limits or releases apply? In next week’s blog, “What Happens to Your Lease Guarantee When the Tenant Changes Ownership?” , I’ll explain why a corporate acquisition or private equity purchase does not automatically make the new owner responsible for the lease. Final Takeaway A national brand may attract buyers, but your property’s income is only supported by the legal entities that actually signed the lease and guaranty. If you are unsure who stands behind your retail lease, call or DM me. I can help you review how the tenant structure and guaranty may affect buyer underwriting, property value, and your next refinance, renewal, or sale decision. Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #RetailInvesting #InvestmentProperty #MarcRetailGuy #MarcPerlof
By Marc Perlof • October 9, 2026
10-year Treasury yield hits highest level since 2002 as stocks retreat: AlphaCheck Good morning. Stocks retreated on Wednesday as long-dated bonds climbed again and Brent crude oil futures ( BZ=F ) rose back above $100 per barrel. The 10-year Treasury ( ^TNX ) yield, used as a benchmark for mortgages and other loans, rose to 5.34%, its highest level since 2002. Meanwhile, the 2-year Treasury climbed to 4.82%. Stocks are coming off all-time highs, though the breadth of the market rally has deteriorated in recent weeks...
By Marc Perlof • October 5, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 5, 2026 If you own retail real estate, here’s what just changed for you. A national brand on your building does not prove that the national parent company guarantees the rent. If a smaller subsidiary, franchise company, affiliate, or location-specific LLC is actually responsible, buyers and lenders may view your income as less secure and price your property differently. The main decision is simple: verify the legal tenant, every guarantor, and the limits of each guaranty before buying, refinancing, renewing, or selling the property. What Owners Commonly Miss The company operating at your property may use a national name, logo, products, and marketing without the national parent company being responsible for the lease. One location may be leased directly by the parent company. Another location using the same brand may be operated by a subsidiary, regional company, franchisee, or separate LLC formed for that store. To customers, the locations may look identical. Legally, they may provide very different levels of support. A franchisor may approve the location, control operating standards, and receive franchise fees without agreeing to pay the rent. A subsidiary may have a name similar to the parent company without making the parent responsible for its obligations. The phrase “corporate guaranty” can also be misleading. A franchise company or small operating company may be organized as a corporation or LLC, but that does not make its guaranty the same as one from the national parent company. Common guaranty structures include: Parent company guaranty: The national parent company agrees to cover some or all of the tenant’s lease obligations. Subsidiary or affiliate guaranty: A related company provides the guaranty, but the parent may have no direct responsibility. Franchisee guaranty: A franchise operator guarantees the lease. The operator may own one location or hundreds, but it is not the national franchisor. Single purpose LLC or personal guaranty: A location-specific entity or individual provides support that may depend on available assets and the terms of the document. A lease may also have more than one guarantor. For example, a franchise company may guarantee the lease while an affiliate, parent company, or individual provides another layer of support. Each guaranty should be reviewed separately because its scope, duration, and financial strength may differ. Identifying the guarantor is only the first step. A guaranty may be capped, reduced over time, limited to certain lease years, released after an assignment, or restricted to specific obligations. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. That can help explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. How Can the Guaranty Affect Your Property’s Value? Retail property buyers are purchasing future income. They want to know not only who pays the rent today, but who is responsible if the tenant stops paying. Assume two properties have the same national brand, rent, remaining lease term, and similar real estate. One lease is guaranteed by the national parent company. The other is supported only by a location specific LLC with limited assets. Buyers may not value those income streams the same way. If buyers see greater tenant credit risk, they may request financial statements, require a higher return, reduce their offer, or place more weight on the underlying real estate and replacement tenant demand. Lenders may also ask more questions or offer less favorable financing. A weaker guaranty does not automatically make the property a poor investment. Location, contract rent, lease term, building condition, and the cost of replacing the tenant still matter. The risk is that an owner may price the property as though national credit supports the rent when the national parent company never accepted that obligation. Discovering the difference during due diligence can weaken the owner’s negotiating leverage and create the risk of a price reduction. What Should Retail Property Owners Do Now? First, review the complete lease file. Do not rely only on an offering memorandum, lease summary, tenant logo, or the way someone described the guaranty when the property was purchased. Create a written record identifying: The exact legal tenant Every guarantor The relationship between the tenant, guarantors, and national brand What each guaranty covers Whether each guaranty is full, capped, limited, reduced, or temporary Whether amendments, assignments, or extensions changed the original protection If the entity relationships or guaranty language are unclear, request the organizational structure and have qualified legal counsel confirm who is responsible. The decision should be based on the documents and financial strength of the obligated entities, not the brand name alone. Understanding this before a refinance, renewal, or sale gives you time to address missing documents, explain the lease accurately, and prepare for buyer or lender questions. Owner Self Assessment If a buyer reviewed your lease today, could you identify the exact tenant, every guarantor, what each guaranty covers, and when any limits or releases apply? In next week’s blog, “What Happens to Your Lease Guarantee When the Tenant Changes Ownership?” , I’ll explain why a corporate acquisition or private equity purchase does not automatically make the new owner responsible for the lease. Final Takeaway A national brand may attract buyers, but your property’s income is only supported by the legal entities that actually signed the lease and guaranty. If you are unsure who stands behind your retail lease, call or DM me. I can help you review how the tenant structure and guaranty may affect buyer underwriting, property value, and your next refinance, renewal, or sale decision. Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #RetailInvesting #InvestmentProperty #MarcRetailGuy #MarcPerlof
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