Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • March 28, 2025
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A large white building with palm trees in front of it.

Duke’s Malibu Sends Message of Aloha After Mudslide Closure


Duke’s Malibu, a popular beachfront restaurant on the Pacific Coast Highway, has given us hope with a social media update on March 25 after online fears and rumors that the PCH institution might not return after all. 

Party city is closing all of its 700 stores

Map of the 27 Kohl's Stores Closing Across 15 States This Weekend


Kohl's is shutting down 27 stores across 15 states this weekend, a major downsizing move that reflects broader challenges in the U.S. retail sector. Newsweek previously reported that the closures are part of a strategic reevaluation as the company seeks to optimize its store footprint while expanding its partnership with Sephora.

A woman in a green jacket is sitting at a table with other people.

Mayor Bass Backtracking On Measure ULA Pause


Bass said at a March 11 press conference, in response to a question about fires, rebuilding and Measure ULA, that she was looking into pausing the real estate transfer tax. Bass briefly sketched out a possible path of action involving collaboration between the city council and her office.

A family dollar store with a red sign in front of it.

Dollar Tree to sell Family Dollar for $1 billion, a fraction of what it paid


Discount giant Dollar Tree is offloading Family Dollar at a bargain basement price, roughly $1 billion, after spending about a decade of unsuccessfully trying to turn around the chain and finally searching for a buyer.

Looking up at the roof of a waffle house restaurant

On Cusp of More Growth, a Conversation with Whataburger CEO Debbie Stroud


Whataburger has hardly been idle in its 75th year. Debbie Stroud, then EVP and COO, succeeded Ed Nelson as CEO to begin the calendar in January. The former SVP, U.S. retail operations at Starbucks, who also clocked 27 years with McDonald’s, joined Whataburger in 2023. Just this week, the company also named Todd Ewen CDO. Ewen, too, came over with McDonald’s experience, where he served a development director and real estate manager at the burger giant.

A white truck is parked in front of an advance auto parts store

Advance Auto Parts plans new stores after closing hundreds of locations


After closing hundreds of its stores to “optimize” its U.S. store footprint, Advance Auto Parts is ready to expand.

A big lots store with a parking lot in front of it

Silver lining from recent run of store closings: more available retail space


Space availability in the U.S. retail market has been incredibly tight in the past few years as the post-pandemic spending boom drove property demand to records while high construction costs and limited financing kept a lid on stores getting built. As a result, retailers have faced significant challenges in securing space for new stores, leading to fierce competition and rising rental rates.

A store front with a sign that says `` 50 % off entire store ''.

Forever 21’s Bankruptcy Could Be a Win for Mall Owners


Forever 21’s second bankruptcy in six years is set to trigger one of the biggest waves of store closures malls have seen in years. Yet, many mall owners view this as a chance to attract stronger tenants willing to pay higher rents and draw more foot traffic, according to the WSJ.

A large group of people are walking through a shopping mall.

Retail Rebounds, But Consumer Confidence Is Shakier Than Ever


In March 2020, as COVID-19 spread across the globe, retailers faced an unprecedented crisis. Nonessential stores shuttered, shopping habits shifted overnight, and supply chains became strained. While vaccines and government stimulus helped stabilize the economy, the pandemic negatively affected consumer behavior and the retail landscape, according to Retail Dive.

By Marc Perlof September 18, 2026
10-year Treasury yield hits highest level since 2007 ahead of Fed rate decision New York — The bond market sell-off is raising the stakes for the Federal Reserve’s monetary policy meeting this week and putting a spotlight on the central bank’s commitment to reining in inflation. Traders widely expect the Fed to raise its benchmark interest rate on Wednesday for the first time since 2023. Traders are pricing in a 92% chance of a rate hike, according to CME FedWatch, a real-time forecasting tool...
By Marc Perlof September 14, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 September 14, 2026 If you own retail real estate, here’s what just changed for you. Why CASp Reports Matter A Certified Access Specialist (CASp) report can help a California retail property owner understand accessibility issues before they become a bigger problem. It may identify concerns involving parking, paths of travel, entrances, doors, restrooms, signage, counters, slopes, and common areas. The value of a CASp report is clarity. It helps an owner understand what issues exist, what may need to be corrected, what may affect a lease or sale, and what requires legal guidance. But owners should be careful. A CASp report should not be ordered casually with no plan. If a report identifies issues and the owner does nothing, the owner may create a record of known problems without a strategy to address them. For retail property owners, the real value of a CASp report is not the report itself. It is reducing uncertainty before that uncertainty turns into buyer leverage, tenant demands, settlement pressure, or a lower sale price. What Is a CASp Report? A CASp inspection is performed by a trained accessibility professional who reviews a property for construction-related accessibility issues. For retail owners, a CASp report may review customer-facing areas such as parking, access aisles, ramps, walkways, entrances, doors, restrooms, counters, signage, slopes, and common areas. The exact scope depends on the property, the tenant use, and the purpose of the inspection. That matters because many owners do not know where the problems are until someone else points them out. That someone may be a plaintiff, attorney, tenant, buyer, lender, or inspector. Why Timing Matters Timing matters with CASp reports. In some situations, getting a CASp inspection before a claim may provide more options than waiting until after a lawsuit is filed. Owners should confirm the timing, legal effect, and any potential benefits with an Americans with Disabilities Act (ADA) attorney before relying on a CASp report. This is one reason retail owners should think about accessibility before there is pressure. Before a lawsuit, sale, refinance, major lease negotiation, tenant turnover, or remodel, an owner may have more control. The owner can speak with an attorney, decide whether a CASp inspection makes sense, evaluate the findings, budget for work, and create a plan. After a lawsuit or during escrow, the owner may have less control. Deadlines are tighter. Buyers may use the issue as leverage. Tenants may resist responsibility. Repairs may need to be priced quickly. That is when unknown risk becomes expensive. Can a CASp Report Create a Problem? Yes, if the owner handles it poorly. A CASp report can be helpful, but it can also create pressure if it identifies issues and the owner ignores them. The problem is not the report itself. The problem is having knowledge of potential issues with no plan to address them. That is why owners should speak with an ADA attorney and a qualified accessibility professional before ordering inspections, making written statements, or starting repairs. The right sequence matters. Get the right guidance. Define the purpose of the report. Review the findings. Create a realistic plan for what can be corrected, what may need more review, and what should be documented. How CASp Reports Can Affect Property Value CASp reports can affect value because they reduce uncertainty. Buyers do not only look at rent, Net Operating Income (NOI), lease term, cap rate, and tenant strength. They also look at risk. If a buyer sees unresolved ADA concerns with no report, no explanation, and no plan, the buyer may assume the worst. That can lead to a lower offer, a repair credit, a price reduction, a holdback, a longer due diligence period, or stronger seller protections. A CASp report can help shift the conversation from guessing to facts. That does not mean every buyer will ignore the issue. It does not mean the property is perfect. But it can help the owner show that the issue has been reviewed and that there is a plan. In real estate, fear often creates bigger discounts than facts. If a repair costs $20,000, the owner wants the discussion to be about $20,000, not a buyer guessing the issue could cost $100,000. That is how clarity can protect value. How CASp Reports Can Affect Leasing CASp reports can also affect leasing. A restaurant, medical tenant, dental tenant, franchise operator, or service tenant may care about accessibility before signing a lease or opening for business. If the owner understands the property’s accessibility issues before lease negotiations, the owner can better decide what work belongs to the landlord, what work belongs to the tenant, and whether the issue should affect rent, tenant improvement money, free rent, or delivery condition. Without that information, the owner may negotiate blind. That can cost money. What Retail Property Owners Should Do Retail owners should not treat CASp reports as a box to check. They should treat them as part of a risk and value strategy. Speak with an ADA attorney before ordering reports or making written statements. Use a qualified CASp professional who understands commercial properties and retail access issues. Define the purpose and scope of the report before the inspection begins. Create an action plan for items that may need correction and consider how the findings could affect a sale, refinance, lease negotiation, or tenant relationship. The goal is to avoid surprises. A surprise during escrow can become a price reduction. A surprise during a lease negotiation can become extra landlord work. A surprise after a lawsuit can become settlement pressure. Final Thought A CASp report is not magic. It does not eliminate every risk, replace legal advice, or automatically protect property value. But it can give a retail property owner something valuable: clarity. For retail property owners, the real value of a CASp report is not just knowing what is wrong. It is knowing what to do next. If you are considering a CASp report before a lease, refinance, or sale, I can help you think through how the findings may affect value, timing, and buyer leverage. In next week’s blog, “Readily Achievable ADA Repairs: What Retail Property Owners Should Understand,” we will discuss why some accessibility fixes may be more manageable than owners think, how year built can matter, and why current property condition matters more than assumptions. Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #CaliforniaRealEstate #RetailPropertyOwners #ADACompliance #CASp #PropertyValue #CommercialProperty #MarcRetailGuy
By Marc Perlof September 11, 2026
Morning Consult: Five Below, other retailers among 25 fastest-growing brands Five Below is one of the fastest-growing brands in the U.S. The tween and teen extreme value retailer is the No. 10 fastest-growing brand overall and the only retailer to crack the top 10 in Morning Consult’s “Fastest Growing Brands 2026” report. The study ranks the top 25 brands according to year-over-year purchasing intent. A re-launched, decades-old soda brand, Mr. Pibb, ranked No. 1. Five Below’s purchasing consideration increased 3.2 points this year, according to the report. (The retailer recently reported that its second-quarter sales r ose 22.9% to $1.26 billion...)
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