Ulta Beauty BBB/Baa2 investment grade NNN analysis. ~1,400 US stores, dominant beauty specialty retailer. 5.75–6.75% cap rates, 10,000–15,000 SF. Top 1031 exchange target. Q1 2026.

The Container Store filed Chapter 11 January 2025, emerged April 2025 as private company. ~100 stores. Post-bankruptcy unrated. 8.0–10%+ NNN cap rates. Q1 2026 investor guide.

Staples privately held by Sycamore Partners. B2 leveraged debt level, non-investment grade. ~1,000 US stores in structural decline. 7.5–9.5% NNN cap rates, 15,000–25,000 SF. Q1 2026.

PetSmart B+/B1 non-investment grade NNN analysis. ~1,650 US stores, BC Partners private. Banfield Pet Hospital co-tenancy advantage. 7.0–8.5% cap rates, 12,000–20,000 SF. Q1 2026.

Petco B-/B2 non-investment grade NNN analysis. ~1,500 US stores, KKR-backed. 7.5–9.0% cap rates, 10,000–15,000 SF. Competitive pressure from Chewy/Amazon. Veterinary services strategy. Q1 2026.

Party City filed Chapter 11 twice — January 2023 and January 2024 — liquidating all ~800 stores by March 2024. Double-bankruptcy case study and re-tenanting guide for former Party City property owners. Q1 2026.

Gap Inc. BB+/Ba2 non-investment grade NNN analysis. ~3,300 US stores across Old Navy, Gap, Banana Republic, Athleta — all carry the same Gap Inc. corporate guarantee. 6.5–8.0% cap rates. Q1 2026.

ODP Corporation (Office Depot/OfficeMax) B2/not rated non-investment grade NNN analysis. ~900 US stores in rapid decline. 7.5–9.5% cap rates. Store closure risk analysis essential. Q1 2026.

Nordstrom BB+/Ba1 non-investment grade NNN analysis. Went private March 2025. ~350 stores including Nordstrom Rack. 7.0–8.5% cap rates. Take-private analysis and Rack vs. full-line comparison. Q1 2026.