Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • September 19, 2025
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A blurred image of a city street with people walking down it.

7 Brew’s Second-Largest Franchisee Sold to FEP


One of QSR’s fastest-growing concepts is getting another accelerant. Franchise Equity Partners, a private investment firm with $1 billion of committed capital, announced Tuesday it’s acquired a majority stake in 7 Crew—the second-largest franchise owner of rapidly expanding beverage chain 7 Brew. As part of the deal, FEP will carry out 7 Crew’s existing development agreement to open more than 200 new stands in addition to the 50 it currently directs...


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

Council approves cannabis for all with vastly expanded options for opening new dispensaries in city limits

The City Council voted 6-1 to allow commercial cannabis in Santa Monica last week. If this seems like old news, it could be because the city has debated dispensaries for more than a decade with a new round of study sessions picking up steam in the past two years...

A car is parked in front of a sign that says 223

$300M Kali Hotel tops out next to SoFi Stadium in Inglewood



Just south of SoFi Stadium in Inglewood's Hollywood Park complex, vertical construction is now complete for the Kali Hotel and Rooftop, KPC Development Company announced on September 10 with a topping out ceremony.


The $300-million project, the only permitted hotel within the Hollywood Park Specific Plan, will consist of a 12-story building featuring 300 guest rooms on its upper floors, as well as 34 suites designed for sports and entertainment figures visiting nearby venues. The hotel is to be part of Marriott's Autograph Collection...

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

Inglewood unveils Fiscal Year 2025-2026 budget showing $24M deficit


INGLEWOOD – The City of Inglewood has unveiled its proposed Fiscal Year 2025-2026 budget, which shows a $24 million deficit.


The budget also details multi-million dollar deficits in the Parking and Traffic, Sanitation, and Water Funds.


The budget begins with a letter from the city manager. explaining the City’s financial position, but in the proposed FY 2025-2026 budget1, they put the same letter former city manager Mark Weinberg wrote for the FY 2024-2025 budget and just changed the heading...

Two iced drinks from Black Rock Coffee Bar—one coffee and one matcha—being held by two people.

Black Rock Coffee Bar Reaches $294.1 Million IPO


Black Rock Coffee Bar is now officially a public company.


The coffee chain priced its IPO at $20 per share, raising $294.1 million.


The company closed Friday at $27.53 per share, or about 37.7 percent above its IPO share price. That closing price gave the company a market value of about $1.32 billion.

Black Rock is listed on the Nasdaq under “BRCB.” It is the third coffee concept currently trading on the stock market—the other two being Starbucks and Dutch Bros. It is also the first restaurant IPO in two years, following CAVA and Gen Korean BBQ...

The entrance of a Kirkland’s home decor store with a beige facade, black lettering, and wall-mounted exterior lamps.

Bed Bath & Beyond closes $10 million purchase of Kirkland’s Home brand assets


The owner of Bed Bath & Beyond, Overstock, Buybuy Baby and a blockchain asset portfolio, has completed its $10 million purchase of the Kirkland’s Home trade name and related brand assets from The Brand House Collective Inc. (In July, Kirkland’s Inc. changed its name to The Brand House Collective.)..

A red Schnucks Fresh Foods sign on a brick building exterior under a blue sky with white clouds.

Schnucks Markets to acquire 51 stores in Wisconsin


The newly-formed company that owns Schnucks Markets is expanding its footprint in Wisconsin via an acquisition.


The 1939 Group Inc. has entered into an agreement to purchase 100% of the shares of the Wisconsin-based parent company of Skogen’s Festival Foods and Hometown Grocers Inc. The sale is expected to be completed later in October, subject to customary review and approval...

Crowd gathers outside a Toys

Toys”R”Us to open 10 U.S. flagships by year-end; locations include…


Toys”R”Us is expanding its footprint at home and abroad as it gears up for the toy industry's busiest season.



The toy retailer, in partnership with Go! Retail Group, said it is planning to open 10 new flagships and 20 seasonal holiday shops in the U.S. by year's end...

A brick-paved outdoor pedestrian area featuring restaurant patio seating with red umbrellas, trees, and wooden planters.

Consumer Slowdown Hits Retail And Dining Ahead Of Holidays


Retail and dining activity are starting to show a more sustained slowdown, reports GlobeSt. The trend is becoming more noticeable as the holiday season approaches, with foot traffic declining across many states. According to new analysis from Placer.ai, a once-temporary dip in consumer visits may be evolving into a broader, more structural slowdown...

A Target store logo featuring a red bullseye symbol and the word

Target is ready to open 7 new stores this fall

Target announced on Monday it will be opening seven new stores this fall in Arizona, California, Florida, Nebraska, South Carolina, Texas and Virginia.


The Minneapolis-based retailer said six of the new stores will lean into larger footprints at over 140,000 square feet.


Target plans on building more than 300 new stores over the next decade, following its stores-as-hubs model where stores serve as both shopping destinations and fulfillment hubs for delivery. Target stores fulfill 95% of the retailer’s digital orders, including same-day delivery service with Target Circle 360...

By Marc Perlof • November 2, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 November 2, 2026 If you own retail real estate, here’s what just changed for you. One of the biggest risks to a retail property is not always one owner making a bad decision. It is multiple owners failing to make a decision at all. When family members, business partners, or other co-owners delay action, the cost can show up through lost income, higher expenses, missed opportunities, weaker financing, or a lower sale price. Retail properties are often owned by siblings, spouses, business partners, LLC members, family offices, trusts, or investment groups. Each owner may have a different financial goal, timeline, and tolerance for risk. Disagreement is normal. The larger problem is having no clear process for turning disagreement into a decision. Even if you own the property by yourself today, these same decisions often become the responsibility of a spouse, children, successor trustee, or other heirs in the future. A clear decision process today can help prevent confusion later. What Do Multiple Owners Commonly Miss? Many ownership groups assume waiting is the safest choice when they cannot agree. They delay a lease decision, postpone repairs, wait to refinance, or hold off on selling until everyone feels comfortable. That may reduce conflict in the moment, but it does not stop the property from changing. Leases move closer to expiration. Deferred maintenance grows. Financing terms and buyer demand can change. Waiting may feel neutral, but its financial effect rarely is. Good properties are often held back by poor decision processes, not poor real estate. The issue becomes harder when each owner defines success differently. One partner may want monthly income. Another may want to sell and reinvest. One sibling may want to keep the property because it has been in the family for decades, while another may need cash for retirement or other obligations. None of these goals are automatically wrong. The ownership group still needs to decide which goal should guide the property’s current strategy. Why Do Ownership Groups Delay Important Decisions? Experience does not remove emotion, fear, or personal pressure. An owner may understand leasing and property values but still resist a sale because the property belonged to a parent. Another may reject a reasonable lease because the proposed rent is below what the space achieved years earlier. Another common reason for delay is the belief that retail property values will continue increasing over time. Many properties have appreciated over long periods, but that does not automatically make waiting the best financial decision. While ownership waits, leases age, capital needs grow, financing changes, and buyer demand shifts. A property’s future value depends on much more than appreciation alone. The better question is not, “Will this property be worth more someday?” It is, “Will waiting create a better overall financial result than acting today?” Owners may also delay because they want to avoid regret. They worry that selling now could mean missing a higher price later, or that completing an improvement could waste money. That fear can cause repeated delays while income, expenses, tenant risk, and market conditions continue to change. The goal is not to make a perfect decision. It is to make the best available decision based on the property’s current income, condition, financing, leases, marketability, and ownership objectives. How Can Indecision Affect Property Value? Property value is tied closely to income, risk, and buyer confidence. If ownership delays a lease renewal, buyers may underwrite more vacancy risk. If repairs are postponed, buyers may reduce pricing for future capital costs. If owners cannot agree on a sale strategy, the property may remain exposed to tenant rollover, changing financing conditions, or new competition. Indecision can also weaken negotiations. A tenant may recognize that the owners are not aligned. A buyer may question whether the group can approve terms, respond to due diligence, or close on schedule. A lender may require clear authority before moving forward with refinancing. The cost may not appear as one large loss. It often shows up through additional vacancy, higher repair costs, reduced leverage, lost rent, or a weaker offer. Over time, those smaller consequences can materially reduce value. What Should the Ownership Group Decide First? The first decision is not whether to sell, refinance, lease, improve, or hold. It is agreeing on the ownership group’s primary objective. Is the priority current cash flow, long term appreciation, preserving the property for the next generation, reducing risk, or preparing for a sale within a defined period? Once that objective is clear, the group can compare each option using the same standard. A lease proposal can be measured by its effect on NOI, flexibility, and value. A capital improvement can be evaluated based on cost, expected rent, tenant demand, and sale impact. A sale can be reviewed based on net proceeds, taxes, timing, and reinvestment options. Without a shared objective, every discussion becomes a debate over personal preferences. With a shared objective, the group can focus on what best supports the investment. Real Deal Insight I recently advised a family that owned a retail property through multiple siblings. One wanted to sell, another wanted to continue collecting income, and another wanted to wait because they believed the property’s value would continue increasing. Before discussing pricing or marketing, I helped the ownership group compare the financial consequences of each option, including projected income, future capital needs, lease rollover, holding costs, and the risks of delay. Once everyone reviewed the same information, the discussion shifted from individual opinions to the property’s investment objectives. That allowed the group to make an informed decision based on facts instead of assumptions. Strategic Advice for Retail Property Owners If your property has multiple owners, start by defining the group’s main investment objective and expected holding period. Each owner should understand whether the current goal is income, growth, preservation, redevelopment, refinancing, or sale. Then decide how major property decisions will be reviewed. The group should know who gathers the information, who has authority, what requires a vote, and how long the group has to respond. Governance and legal issues should be reviewed with the appropriate attorney, CPA, or other licensed advisor. The goal is not more meetings. It is a process that allows the group to decide before delay limits the available options. Owner Self-Assessment If your ownership group had to decide today whether to renew a major tenant, complete a capital improvement, refinance, or sell, would every owner agree on the property’s main objective and how the decision should be made? Final Takeaway Multiple owners do not need to agree on everything, but they need a clear process for making decisions before delay reduces income, options, or value. In next week’s blog, “The Hidden Cost of Waiting: How Decision Delays Reduce Property Value,” I will explain how indecision can affect lease negotiations, repairs, financing, buyer interest, and property value. If your retail property has multiple owners, I can help your group compare the financial impact of holding, leasing, improving, refinancing, or selling before indecision limits the available choices. The quality of a retail property’s decisions often depends less on the property itself and more on the process the owners use to make those decisions. Is your ownership group protecting the property by waiting, or is waiting quietly becoming the most expensive decision? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #PropertyOwners #FamilyPartnership #BusinessPartners #FamilyOffice #InvestmentProperty #ShoppingCenters #MarcRetailGuy
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
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