Two years of returns from a retail tenant, and no personal guarantee

My first rental is residential and closing soon, so I've spent months on screening tenants for houses. A 1,400 sf end bay in a small strip near me is for sale and the seller's lease file has taught me that retail screening is a different animal.

The prospective tenant is a local operator opening a second location. They gave me two years of business tax returns showing about $310k of revenue and roughly $46k of owner draw. No personal guarantee offered. They want $22 per foot, a five year term, and $28,000 of work to the space before they open.

For a house I'd pull credit, verify income at three times rent and call the last landlord. Here the whole risk is whether a small business survives five years, and returns from a first location say almost nothing about a second one.

One view: the personal guarantee is the deal. Without it you have a corporation with no assets and a lease that means nothing the month they close. Ask for the guarantee, take a bigger deposit, and walk if they refuse.

The other view: strong local operators get asked for guarantees by every landlord and the good ones have options, so demanding one on a 1,400 sf bay pushes them to the center down the road. Price the risk instead, less TI money, shorter term, higher deposit.

What would you require here?