Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • March 20, 2026
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Santa Monica Airport Conversion Project Unveiled By City

SANTA MONICA, CA — Following a nearly two-year public engagement process, the city has released a draft Framework Diagram for the Santa Monica Airport Conversion Project.


"The Framework Diagram brings many ideas together to find common ground about what should go where and what types of uses belong in different areas of the site," the City of Santa Monica explained in a March 11 news release....

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

Bob's Discount Furniture targets 500-plus stores by 2035

Bob’s Discount Furniture Inc. reported a strong fourth quarter as it continued to maintain momentum in a struggling retail sector. 

In its first earnings call since going public via an IPO in February, the furniture retailer reiterated its ambitious growth plans. President and CEO Bill Barton told analysts that the company has strong pipeline visibility, with plans to open approximately 20 new stores in 2026...


Exterior sign of a Family Dollar store featuring pink and red lettering and a circular logo on a gray building facade.

Family Dollar to pilot new store format; gives 2026 outlook

Family Dollar is thinking smaller.

The extreme discounter said it is advancing new store growth initiatives, including the development of an extra small box store format designed to expand its presence in dense urban markets. Family Dollar expects to pilot the new format in 2026, with the goal of supporting unit growth beginning in 2027 and beyond...

A customer stands at a fast-food counter, facing a masked employee who is preparing to take their order.

Michigan will get its first new Jack in the Box this spring

The Battle Creek Jack in the Box is the first of several stores planned for Michigan. In November 2024, the company announced it would open five Metro Detroit locations, following a previously announced five-store plan for the west side of the state...

A Cumberland Farms gas station with a white canopy and store building under a clear blue sky.

Cumberland Farms to acquire 54-store Coen Markets

Cumberland Farms is expanding its store footprint by acquiring a rival.

The convenience-store chain has agreed to acquire Pennsylvania-based Coen Markets, which operates 54 stores spanning Western Pennsylvania, Eastern Ohio, and Northern West Virginia. The deal also includes three sites currently under development...

The storefront of a Foot Locker and Kids Foot Locker with black walls, red accents, and large windows on a city street.

Dick’s pulls back on Foot Locker closures amid store pilot success

  • Dick’s is planning to close fewer Foot Locker stores than it initially anticipated as it sees success with a “Fast Break” store pilot at 11 locations, Executive Chairman Ed Stack said on a call with analysts Thursday.
  • The company has already expanded the concept to 10 additional stores in Los Angeles and plans to “rapidly scale” the format across its fleet this year. By back-to-school, Foot Locker plans to have renovated 250 of its locations...
The green Dollar Tree sign and logo displayed on the exterior wall of a building.

Multi-price strategy drives Dollar Tree sales gains

Dollar Tree posted strong gains in the fourth quarter, driven by a 5% increase in same-store sales compared with a year ago as the company realized benefits from its multi-price strategy.

The Q4 same-store sales included a 6.3% increase in the average ticket, partially offset by a 1.2% decline in traffic. Comp-store sales were up 3.6% for consumables and 6.2% for discretionary items...

Outdoor storefronts in a multi-level complex featuring signs for PowerFit Studio, Serenity Spa, and a beauty bar.

Service Tenants Dominate Retail Leasing Market


The WSJ reports that service tenants are now the main driver of US retail leasing activity, marking a significant shift from the historical dominance of goods-based retailers. In 2025, just over half of total retail square footage leased went to service-oriented businesses, according to CoStar data. Fifteen years ago, this figure was just 40%...

A modern, empty Costco gas station with a large white canopy supported by brick pillars on a sunny day.

Costco to open first standalone gas station this June in California

Costco is set to open its first standalone gas station by the end of June in California, and it already has plans for a second one in Hawaii. 



The city of Mission Viejo, California, confirmed in June 2025 that Costco would build its first fuel-only location in the city at 25732 El Paseo. City spokesman Robert Schick told CSP Monday that Costco plans to open that location to the public by the end of June 2026. This will be Costco’s largest fuel facility, with 40 gas pumps, Schick said.

There’s also a standalone Costco gas station scheduled to open in Hawaii in 2027. The gas station will be in Kalihi, a neighborhood of Honolulu, at Dillingham Boulevard and Colburn Street...

A Sleep Number retail store with a dark facade, blue awnings, and parking spots, including accessible spaces, out front.

Mattress retailer Sleep Number warns it could file for bankruptcy protection


Mattress seller Sleep Number has sounded the alarm that it may be forced to file for bankruptcy, possibly joining the growing number of retailers that have sought Chapter 11 protection this year.

The Minneapolis-based company, with a fleet of 600 stores, issued the warning in a recent securities filing after reporting fourth-quarter earnings. The retailer said in its 10-K that if it can't secure sufficient financing, it "could be forced to terminate, significantly curtail or cease our operations, pursue strategic alternatives or commence a case under the U.S. Bankruptcy Code..."

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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