Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • September 12, 2025
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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...


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

FirstBank Acquisition Expands PNC Reach In Colorado And Arizona


PNC Financial Services Group (NYSE: PNC) has announced a definitive agreement to acquire FirstBank Holding Co. The Lakewood, Colorado-based bank will be acquired in a $4.1B deal, reports REBusinessOnline. The acquisition includes FirstBank’s entire retail banking network. It will significantly expand PNC’s footprint in the western US, particularly in Colorado and Arizona...

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

JPMorgan CEO Jamie Dimon warns of a cloudy US economic outlook


CEO Jamie Dimon is cautious about the U.S. economic outlook, believing that the full effects of tariffs and other geopolitical headwinds have yet to fully unfold.


"I think you better be careful on that one (on the economic impact on the U.S.) because some of these things have long cycles. So we don’t know yet. People are expecting these things to happen right away. But actually, a lot of them haven’t happened," Dimon said in a podcast interview on Office Hours: Business Edition set to be released on Wednesday morning...

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

The Story of Cousins Maine Lobster: Food Trucks, Family, and a Billion-Dollar Brand


Years before Mike Carmody rose to Cousins Maine Lobster’s chief of operations, he was almost certain he would be fired.



It was 2017 and he was manning a food truck at cofounder Sabin Lomac’s family friend’s house in Maine—an event with around 50 people in attendance.

Carmody knew it was a big deal. Lomac wanted the CML truck to be here. He thought to himself, “We’ve got to nail this,” especially after coming off a week in which he posted an unacceptably high payroll...

An Old Navy store storefront with a blue sign and glass windows in a strip mall under a blue sky.

Old Navy to sail into new territory: beauty

Old Navy will soon be making room at its stores to sell beauty products.



San Francisco-based Gap, Old Navy's parent, said it will test this year selling makeup and personal care products at the apparel chain. That phased launch will include 150 Old Navy stores featuring a curated assortment of beauty merchandise, "with select stores offering dedicated shop-in-shops and beauty associates," according to Gap. Next year, the company said it plans to "scale its Old Navy beauty business..."

The interior of a Salomon store in Bucktown featuring a display table with footwear and branded wall signage.

Salomon opens second U.S. store as its plots more expansion — here’s where


Salomon is putting down more roots stateside.



The French sports lifestyle brand has opened its second U.S. store, in the heart of Chicago’s Bucktown neighborhood. It follows the opening of Salomon’s store in New York City last year...

The lululemon logo and storefront sign in white lettering, set against a brown stone facade.

Lululemon Q2 sales driven mostly by global growth; expects $240 million tariff hit


Lululemon Athletica Inc. reported mixed second-quarter results and slashed its full-year earnings outlook as it deals with higher tariffs, staleness in its merchandise mix and falling demand in its core U.S. market.

The outlook includes an expected $240 million hit from tariffs and the recent end of the de minimis exemption...

An upscale, dimly lit coffee shop interior with wooden paneling, a service counter, and varied seating arrangements.

Starbucks to give makeovers to 1,000 cafes by end of 2026


Starbucks Corp. is looking to make its U.S. locations more cozy and inviting. 



The coffee giant said it is making over its cafes to create physically welcoming spaces that bring back familiar touches such as generous seating and designs reflecting the local community. Some locations in New York City and Southern California have already been given the makeover. By the end of 2026, some 1,000 coffeehouses will have been refreshed, with more to come in the years ahead...

A Noodles & Company restaurant with grey siding, red awnings, and an outdoor patio under a cloudy sky.

Noodles & Company may be ready to serve itself up in a sale


Noodles & Company, slated to close several dozen restaurants this year, has kicked off a strategic review that includes possibly selling all or part of its business.



The Broomfield, Colorado-based chain, which has roughly 450 fast-casual eateries, said Wednesday it’s exploring a menu of options, including refinancing existing indebtedness, refranchising, other strategic or financial transactions, as well as a sale. The company has not set a deadline or definitive timetable to complete its review...

A Louis Vuitton store front featuring large, decorative ostrich and giraffe sculptures flanking a glass arched window.

Retailers expand stores for expected luxury boom

Luxury retailers are still expanding their brick-and-mortar footprints in the United States despite headwinds from the economy and tariffs.



In the first half of the year, store growth substantially increased for upscale chains, with newly opened luxury retail square footage rising 65.1% compared with the same period in 2024, according to a JLL report released Tuesday. Luxury chains debuted 226,513 square feet of store space compared with 137,186 square feet in the prior year, the real estate firm said...

Exterior view of a Safeway grocery store with the company logo and name in red and black on a brick facade.

Albertsons plans 12 Safeway closures, including 10 in Colorado

Albertsons is planning to close 10 Safeway stores across Colorado and one each in New Mexico and Nebraska, a company spokesperson confirmed on Wednesday.



The closures come after the failed merger with Kroger and the recent prolonged labor negotiations with the United Food and Commercial Workers that included a two-week strike. They also follow a corporate restructuring earlier this year in which Albertsons merged its Intermountain and Denver divisions to form the Mountain West Division. In addition, the company laid off nearly 400 Safeway corporate staff as it launched a cost-cutting initiative in February...

A Chick-fil-A restaurant entrance with outdoor seating, red umbrellas, and a modern glass office building background.

Restaurants, bars, coffee shops drive US retail market


Restaurants, bars, and coffee shops are fueling the retail real estate market, accounting for nearly a fifth of all new leasing over the past year, as Americans spend record sums dining out despite higher prices.


New Census Bureau data shows consumers shelled out more than $100 billion at restaurants and coffee shops in July, a 5.6% increase over the past year and nearly 50% more than at the start of the pandemic, underscoring both the resilience of demand — as customers desire value and convenience — and the sector’s expanding footprint...

Can a CASp Report Protect Your Property Value?

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

Weekly Perl: A Commercial Real Estate News Recap

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...)

Is ADA Really Just the Tenant’s Problem?

By Marc Perlof • September 7, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 September 7, 2026 If you own retail real estate, here’s what just changed for you. Why ADA Risk Matters Americans with Disabilities Act (ADA) risk can affect a retail property owner even when the tenant operates the business. For California retail properties, accessibility issues can lead to lawsuits, settlements, Certified Access Specialist (CASp) reports, repair obligations, lease disputes, buyer concerns, and lower property value if the risk is not managed. The biggest issue is not always the cost of the repair. The bigger issue is uncertainty. Buyers, tenants, lenders, and attorneys may use unresolved ADA concerns to ask for credits, repairs, holdbacks, price reductions, or stronger lease protections. For retail owners, the goal is simple: understand the risk before a lawsuit, tenant, buyer, or lender uses it against you. Why ADA Risk Matters to Retail Property Owners Most retail property owners do not think about ADA risk until something creates pressure. That may be a lawsuit, a tenant complaint, a buyer question during due diligence, a lender request, a CASp inspection, or a repair demand. By that point, the owner is usually reacting instead of controlling the issue. This matters because ADA risk is not only a legal issue. It is also an ownership, leasing, and value issue. A retail owner may face legal costs, settlement costs, repair costs, tenant conflict, delayed closings, buyer discounts, or disclosure concerns. This year, I saw ADA issues come up on separate retail properties. Once the claims surfaced, the owners had to deal with attorneys, settlement discussions, CASp reports, and property updates. That is when ADA risk stopped being theoretical. It became a real ownership issue with real costs, real deadlines, and real value impact. The mistake many owners make is assuming the tenant is responsible for everything. That may or may not be true. The lease matters. The property condition matters. The location of the issue matters. The type of tenant matters. The owner’s control over common areas matters. The history of prior improvements also matters. In other words, ADA risk is not always simple. What ADA Risk Looks Like in a Retail Property Retail properties are exposed because customers use the property in many ways. They park, walk to the business, enter the space, move through the property, use restrooms, approach counters, and sit in dining or waiting areas. Accessibility issues may involve parking stalls, access aisles, paths of travel, ramps, sidewalks, entrances, doors, restrooms, service counters, signage, slopes, seating areas, or common areas. Some issues may be inside the tenant’s premises. Other issues may be in areas controlled by the landlord. Some may involve shared areas used by multiple tenants. Some may have existed for years without a complaint. That does not always mean the issue goes away. For owners, the practical questions are: What accessibility issues exist? Who controls the area? Who is responsible under the lease? What can reasonably be corrected? What is the cost? How could this affect value? These are ownership questions, not just legal questions. Is ADA the Tenant’s Responsibility or the Landlord’s Responsibility? This is one of the biggest questions retail owners ask. The honest answer is: it depends. A tenant may be responsible for its own operations, furniture layout, fixtures, counters, interior improvements, and customer service areas. But a landlord may still have exposure, especially if the issue involves the property itself or common areas controlled by the owner. This is why the lease matters. A strong lease should address compliance, maintenance, repairs, alterations, tenant improvements, common areas, indemnity, and legal claims. But even a strong lease may not stop a claim from being made against the owner. The lease may help determine who pays, but it may not prevent the owner from being pulled into the issue. The tenant may operate the business, but the owner still owns the property. How ADA Risk Can Affect Retail Property Value ADA risk affects value because buyers do not only underwrite income. They also underwrite risk. A buyer looking at a retail property may ask whether there have been ADA lawsuits, settlements, CASp reports, unresolved repairs, tenant complaints, or prior accessibility claims. They may also ask whether the property has accessible parking, a clear path of travel, proper signage, accessible entrances, and restrooms that fit the tenant use. If the answers are unclear, the buyer may price in uncertainty. That can reduce value. The repair cost may be manageable. The uncertainty may not be. A buyer may not know whether the issue costs $10,000, $50,000, or $150,000. When buyers do not know the number, they often assume a larger number to protect themselves. That is how a repair issue becomes a pricing issue. A buyer may ask for a price reduction, repair credit, escrow holdback, longer due diligence period, legal review, updated reports, or stronger seller representations. In some cases, the buyer may use the issue to renegotiate the deal. In other cases, the buyer may decide the risk is not worth it. This is the “so what” for the property owner. Unmanaged ADA risk can reduce leverage. Reduced leverage can reduce value. How ADA Risk Can Affect Leasing ADA issues can also affect leasing. A new tenant may require accessibility improvements before opening. A franchise tenant may have stricter standards. A restaurant may care about parking, seating, restrooms, service counters, and path of travel. A medical or dental tenant may care even more because patients may include older customers or people with mobility limitations. If the property has unresolved accessibility issues, the tenant may ask for landlord work, tenant improvement money, free rent, rent reductions, a longer due diligence period, or lease protections. The owner may still complete the lease. But the deal may become more expensive. That affects Net Operating Income (NOI). If NOI is reduced, value may be reduced. What Retail Property Owners Should Do Retail owners should not panic. They should get organized. Review the areas customers actually use. This may include parking, access aisles, paths of travel, entrances, doors, ramps, restrooms, counters, signage, and common areas. Review the lease. The owner should understand who is responsible for compliance, repairs, common areas, tenant improvements, legal claims, and indemnity. Consider whether a CASp inspection makes sense. This may be especially important before a sale, refinance, major lease negotiation, tenant turnover, or if there are obvious access issues at the property. Get proper legal and accessibility guidance. ADA and California accessibility claims can be technical. Owners should not rely only on guesses, tenant comments, broker opinions, or internet searches. Think about value. The question is not only, “What will this cost to fix?” The better question is, “What could this cost if it shows up during a lawsuit, lease negotiation, refinance, or sale?” Being proactive is smart, but it should be done carefully. Owners should not rush into inspections, written statements, or repairs without first speaking with an ADA attorney and a qualified accessibility professional. The goal is not to create a report with no action plan. The goal is to understand the risk and make controlled decisions. Final Thought ADA risk is not just a tenant problem. It can affect the owner, the lease, the tenant relationship, the buyer pool, the sale process, and the value of the asset. For retail property owners, the goal is not fear. The goal is control. If the owner understands the issue early, the owner can plan, budget, negotiate, repair, disclose, or address the risk before someone else uses it as leverage. If you own a retail property with public access, I can help you review how ADA risk may affect leasing, buyer questions, and future sale value before it becomes a negotiation problem. In the next week’s blog, “CASp Reports and Retail Property Value: What California Owners Should Know,” we will discuss what a CASp report can reveal, why timing matters, and how knowing the issues early can help protect a retail property owner’s leverage. Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #CaliforniaRealEstate #RetailPropertyOwners #ADACompliance #CASp #PropertyValue #CommercialProperty #MarcRetailGuy
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