Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • August 1, 2025
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Aldi, Trader Joe’s, and Lidl: Grocery's Power Trio


The grocery segment has never been more competitive, and Aldi, Trader Joe’s, and Lidl have consistently emerged as top players. The three chains share similarities: all offer a limited assortment of groceries and tend to operate at lower price points – however, each one is carving out its own distinct path to growth...

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

Tractor Supply sales rise 4.5%; maintains outlook despite ‘external pressures’


Tractor Supply reported a solid second quarter and sounded a confident note about its prospects for the rest of the year.

The nation’s largest rural lifestyle retailer is also ramping up its store expansion, with plans to open 100 new locations in 2026...ertainty seems to be the dominant theme, among consumers and retailers alike...

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Trader Joe’s has 25-plus stores ‘opening soon’ — here are all the locations


Trader Joe’s continues to expand its retail footprint across the United States.

The popular grocer, which operates in 43 states and the District of Columbia, keeps a running list on its website of its upcoming locations, with the list updated on a regular basis. Recent Trader Joe’s openings include Northridge Calif., Sherman Oaks, Calif. and Westminister, Colo...


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

Mid-Year Recap: Retailers continue to expand despite challenges


From C-suite shakeups and bankruptcies to sticky inflation, tariff threats and anxious consumers, it’s been a challenging year so far for the retail industry. Uncertainty seems to be the dominant theme, among consumers and retailers alike...

Barnes & Noble opens three new stores — here’s where


Barnes & Noble is furthering its expansion as the brick-and-mortar bookstore resurgence continues.

Open-air shopping center owner and developer Big V Property Group has announced the opening of three new Barnes & Noble stores at properties in Texas and South Carolina. All of the new locations — at Alamo Ranch in San Antonio and Southpark Meadows in Austin, and The Shoppes at Woodhill in Columbia, S.C. — were previously home to other retailers and were reconceived and remodeled to accommodate the retailer’s new, smaller format...

Lowe's continues Sunbelt expansion

Lowe’s is gearing up to open its fifth new store in 2025 as it expands its presence in the fast-growing Sunbelt region.

The home improvement giant will open a new location in Maricopa, Ariz. on July 25. The new Lowe’s store will feature approximately 94,000 sq. ft. of retail space, plus approximately 30,000 sq. ft. of outdoor garden space. 


Shipley Donuts to open 40-plus new locations by end of 2025


Shipley Donuts is touting its store expansion efforts as well as sales growth.

The Houston-based donut chain, known for handmade fresh daily donuts and kolaches, marked its 18th consecutive quarter of positive sales growth in the second quarter of 2025, while expanding into two new states and opening 16 new locations throughout the first half of the year...


First Look: Martha Stewart launches first-ever stores



Add freestanding brick-and-mortar retail to the resume of the legendary Martha Stewart. 


The world’s first Martha Stewart store has opened at City Centre Mirdif in Dubai, followed by a second location at the Dubai Hills Mall. The stores are operated through Marquee Brands, which acquired the Martha Stewart brand of home furnishings and other branded products and media in 2019. As part of the deal, Marquee said Stewart would continue to guide the brand she founded.


Buyer pays a near-billion dollars for 119 JCPenney stores


Copper Property CTL, a pass-through trust established to acquire 160 JCPenney stores and six distribution centers as part of the brand’s 2020 Chapter 11 filing, has found a buyer for 119 of them.


Copper Property has made a purchase and sale agreement with an unnamed affiliate of Onyx Partners, a Needham, Mass., investment collaboration firm, to purchase all 119 properties for $947 million in cash...


Consumer confidence inched up in July


Consumer confidence rebounded slightly in July as Americans felt more optimistic about the future even as they continued to worry that tariffs would lead to higher prices.

The Conference Board’s Consumer Confidence Index rose by 2.0 points in July to 97.2 from 95.2 in June. The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — fell 1.5 points to 131.5. The Expectations Index — based on consumers’ short-term outlook for income, business, and labor market conditions — rose 4.5 points to 74.4...




By Marc Perlof September 12, 2025
Cherished Malibu Seafood Shack The Reel Inn May Rebuild After State Reversal  Malibu’s one-of-a-kind seafood spot, The Reel Inn, may once again serve its signature fish puns and fried and grilled platters on Pacific Coast Highway after the state reversed its earlier position that blocked the restaurant’s return, according to Eater LA...
By Marc Perlof September 8, 2025
Hey, Retail Real Estate Rockstars! The Big Beautiful Bill (H.R. 1) has completely changed the rules for State and Local Taxes (SALT), which is great news for any property owner who has ever cringed when they see their tax bill. For those of you investing in retail real estate, this is the kind of victory that calls for a double espresso and a fresh pro forma. We're talking about actual tax relief in 2025. Let's dissect it. What Just Happened? The SALT deduction cap, once stuck at $10,000 per household, has officially increased to $40,000 for joint filers and $20,000 for single filers — but only between 2025 and 2029. After that, it’s back to the old cap unless Congress re-ups¹. Important Clarification for Property Owners While the IRS frames the new SALT cap in terms of individual filers ($20,000 single / $40,000 joint), the impact depends on how your retail property is owned: LLCs, Partnerships, and S-Corporations (Pass-Throughs): Income, expenses, and property taxes flow through to the owners’ personal returns. The higher SALT cap allows greater deductions here, boosting post-tax cash flow for the individual owners. Trusts & Estates: Similar pass-through treatment, meaning beneficiaries or trustees may capture the benefit depending on structure. C-Corporations: The SALT cap generally doesn’t apply, since corporate taxes are calculated differently and deductions follow corporate rules. REITs (Public or Private): REITs have their own tax regime, but shareholders who receive pass-through income may benefit at the individual level. Direct Individual Ownership: If you hold the property in your own name, property taxes fall directly under the SALT deduction rules. If you live in a high-tax state like California, New York, or New Jersey, this means you can deduct a lot more of your state income, property, and local sales taxes on your federal returns. Why Retail Property Owners Should Care More Deductible Property Taxes You can lower your taxable income on your federal return by deducting a larger portion of your high property taxes on retail assets. Boosts Post-Tax Cash Flow Increased deductions = less tax paid = more cash in your pocket. Offsets Reassessment or NNN CAM Spikes With inflation and property tax reassessments squeezing margins, this SALT cap increase gives you some room to breathe¹. Attractive to High-Income Buyers New investors seeking tax efficiency may find your retail property more alluring if you offer larger deductions. Strategic Planning Window: 2025–2029 These changes expire after 2029, so use this window wisely — structure sales, 1031 exchanges, or renovations when you can best leverage the deduction bump¹. Real Data, Real Impact The original SALT cap from the 2017 Tax Cuts and Jobs Act was projected to cost Californians alone over $12 billion in lost deductions annually². Nearly 30% of households in high-cost areas maxed out the previous SALT deduction limit². What About NNN Leases? Here’s the twist: if your property is on a triple-net (NNN) lease, your tenants — not you — pay the property taxes. For Landlords: The SALT cap change doesn’t directly benefit you, since you aren’t the one writing the property tax check. For Tenants: They may be able to deduct more of those property taxes on their federal returns, depending on how their business or personal tax filings are structured¹. Smart Move: Share this info with your tenants. Suggested Subject Line for Tenant Email: “You May Benefit from New Tax Deduction Rules (H.R. 1)” A simple note saying, “The new federal tax law (H.R. 1) increased the SALT deduction cap for 2025–2029. Since you pay property taxes under your NNN lease, this may be relevant for your tax planning. Please confirm with your CPA.” That small gesture positions you as knowledgeable, supportive, and proactive — which builds goodwill and strengthens tenant relationships. If you’re considering a sale, refinance, or exchange between now and 2029, let’s talk strategy while this deduction window is wide open #RetailRealEstate #CommercialRealEstate #TaxStrategy #SALTdeduction #PropertyOwners
By Marc Perlof September 5, 2025
The Iconic Reel Inn Malibu To Say Goodbye After 36 Years Plans to resurrect The Reel Inn Malibu after the Palisades Fire have been shelved following a decision by the California Department of Parks and Recreation not to renew the restaurant’s lease, as reported by The Wall Street Journal. The move effectively closes a 36-year chapter for the 144-seat seafood shack on Pacific Coast Highway, long recognizable for surfboards on the walls, clever signage, chalkboard menus, and the relaxed Malibu customers...
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