Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • January 9, 2026
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Net Lease Cap Rates Stabilize as Market Focus Shifts to Risk Over Rates

The net lease market barely budged in Q4, but beneath the surface, investors are repricing around risk—not the Fed.

Cap rates hold steady: In Q4, single-tenant net lease cap rates rose just one bp to 6.81%. Retail dipped to 6.55%, office climbed to 8.00%, and industrial held at 7.20%. Despite Fed rate cuts, pricing remained steady, signaling a break from short-term policy influence...

A blurry picture of a clothing store with clothes on display.

13-story hotel gets green-light at 4200 Century Blvd. in Inglewood


The City of Inglewood has signed off on a project which would replace the 135-room Tradewinds Hotel on Century Boulevard with a larger mixed-use building.


Gregory Peck of Beverly Hills-based Crescent Hotel Group, the applicant attached to the project at 4200 W. Century Boulevard, has proposed the construction of a 13-story, 335,000-square-foot building containing:

  • 11 condominiums on floors 9-12;
  • 118 extended stay hotel rooms on floors 7-12;
  • 175 hotel rooms on floors 3-6; and
  • event space, a lobby, a bar, and restaurant space on floors 1-2.
A car is parked in front of a sign that says 223

Retail Leasing Strategies Evolve in Uncertain Economy

According to Globe St, retailers are moving away from traditional, long-term leasing models in response to a dynamic economic landscape. Rather than treating retail leases as static occupancy costs, companies are viewing them as strategic tools to maximize flexibility and bargaining power. The approach allows retailers to better respond to everything from changing consumer trends to broader financial pressures...


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

Store Expansion News: December update


Retailers and restaurants alike made headlines to close out 2025 in December with store expansions and new formats.

Here are the major stories as reported by Chain Store Age, starting with the most recent.

  • Report: Barnes & Noble to open 60 stores in 2026 The bookseller plans to open 60 new locations across the country in 2026, reported USA Today. According to a list obtained by the publication, Barnes & Noble plans to open stores in Ohio, Texas, Florida, Illinois, Colorado, Washington state, California, Virginia, Georgia and Washington D.C., with "several openings" scheduled between now and June 2026...


The blue Kroger logo and shopping cart icon mounted on the beige exterior of a brick grocery store under a blue sky.

Kroger is ready to grow again in Houston area

Kroger’s only activity in the Houston area over the past few years has involved store closings and some remodels, but that is about to change.


The Cincinnati-based grocer plans to open several stores in the Houston area and continue remodeling existing locations, according to the Houston Business Journal.


Kroger did not respond to a request for comment.


Five Houston-area Kroger stores closed in 2025. During that time, the grocer combined its Houston and Dallas divisions to form a new Texas Division...

A high-angle view of a large building with a brown roof, nestled among lush trees beside a vast, blue body of water.

Benihana plans to get bigger, faster in San Francisco Bay Area following success


Benihana, the Japanese restaurant chain known for its teppanyaki dining style, is plotting an expansion in the San Francisco Bay Area.


The brand’s parent, publicly traded Denver-based One Group Hospitality Inc., signed a seven-year deal with an “experienced operator” to open 10 Benihana locations around the region, including three Benihana franchises, two Benihana joint-venture locations and five Benihana Express outlets...

A clothing store interior with rows of organized garment racks, shelves, and a bright tiled floor under a black ceiling.

Retail Media Platforms Redefine Store Strategy



Retail spending trends remain surprisingly robust, with holiday-period sales increasing by around 4% year-over-year, according to Mastercard and Visa data. However, Globe St reports that once inflation is accounted for, this growth flattens, revealing that Americans are spending more dollars but not necessarily purchasing more goods. These trends come amid declining consumer sentiment since April 2024, underscoring growing uncertainty in the retail sector...

Modern brick apartment building beside a light gray industrial warehouse with loading docks under a clear blue sky.

Underwriting Standards Tighten for 2026 Refinancings

According to Globe St, commercial real estate lending in 2026 is shaping up as a ‘sorting year,’ with banks, CMBS, and private credit outlets applying far tougher underwriting standards. The backdrop: higher-for-longer rates, mounting maturities, and a thirst for strong sponsorship and financeable assets.


According to Trepp’s research, deals supported by robust cash flow and experienced sponsors are passing the new underwriting hurdles. Marginal assets, particularly those with optimistic past assumptions, face stricter debt service coverage requirements and heightened scrutiny...

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Grocers lift North Texas to nation’s top market for new retail construction


The Dallas-Fort Worth region is the nation’s top market for new retail construction, spurred by an ever-growing number of grocers seeking to capitalize on people moving to Texas.



North Texas has 7.6 million square feet of new retail projects in the pipeline — roughly twice the amount of the No. 2 U.S. market, which is Phoenix with 3.6 million square feet, according to CoStar’s latest data...

A hand dips a piece of golden-brown fried chicken into a small bowl of gravy next to a plate of chicken on a red surface.

Jollibee’s International Business Could Go Public in U.S.

Jollibee Foods Corporation (JFC) announced plans to spin off its international business and take it public on a U.S. securities exchange, according to a filing with the Philippine Stock Exchange.



The company said in a news release that it’s working with international and local advisors on defining the structure and timing of the separation and upcoming U.S. listing. The transaction is expected to occur in late 2027. JFC acknowledged that the strategy could change and there is no assurance an actual separation will occur...

Two square orange containers filled with fresh salads topped with chicken, avocado, tomatoes, cucumber, and red onion.

Salad and Go to Close 32 Stores, Exit Texas and Oklahoma Markets

Salad and Go, once a fast-rising drive-thru chain, announced the impending closure of 32 restaurants.



The brand is exiting its Texas and Oklahoma markets, which house 25 and seven stores, respectively. Going forward, Salad and Go will shift focus toward its Arizona and Nevada trade areas.


The news comes after the chain announced in September the closure of 41 restaurants across Texas...


Interior view of a GameStop store with game displays on shelves, a central monitor, and employees at the service desk.

GameStop reportedly closing up to 200 stores

GameStop continues to shrink its brick-and-mortar portfolio.



The struggling video game retailer revealed in a December 2025 Securities and Exchange filing that it planned to close a "significant number of additional stores" during the rest of its 2025 fiscal year, which ends on Jan. 31, 2026. Although GameStop has not disclosed the exact number of stores planned for closure, reports from local media and customer notices indicate that up to 200 stores could go dark...

Weekly Perl: A Commercial Real Estate News Recap

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...

Do You Really Have a Corporate Guarantee on Your Retail Lease?

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

Weekly Perl: A Commercial Real Estate News Recap

By Marc Perlof • October 2, 2026
The 2026 QSR® Drive-Thru Report For years, a 5% yield on the Treasury looked like a relic from another interest-rate era—where borrowers faced soaring loan rates. Now it's back, capping a six-year surge from pandemic-era lows near 0.5%. The benchmark yield crossed 5% this month for the first time since 2007, but this appears different than the eve of the Great Recession: the Fed is staring down a lose-lose situation combining high inflation and weak economic growth, a catch 22 that economists termed "stagflation" in the 1970s and long feared through the 10-year's climb upward since the pandemic...
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