Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • August 14, 2026
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10-Year Treasury Yield Falls to 4.682% — Data Talk
The 10-year yield declined 0.001 percentage point to 4.682% today. The price rose to 97 20/32.

--Yield is down for two consecutive trading days

--Yield is down 0.015 percentage point over the last two trading days

--Largest two-day yield decline since Wednesday, Aug. 5, 2026

--Yield is down six of the past eight trading days

--Today's yield is the sixth highest this year...


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

Wendy’s new CEO expects more store closings


Wendy’s turnaround effort will include additional restaurant closings, but the company’s new president and CEO said future shutdowns will be more targeted than in the past.


Bob Wright delivered dismal second-quarter earnings on Friday for the fast-food operator, which saw global systemwide sales drop 6.5%, driven by an 8.2% decline in the United States, partially offset by 3.4% growth in international. U.S. same-restaurant sales decreased 7% and international same-restaurant sales dipped 2.3%. And the company said it doesn’t expect things to get better the rest of the year...


An elevated outdoor view of a modern shopping mall promenade with manicured greenery, palm trees, and pedestrians.

Bessent said the K-shaped economy 'is over.' Here's what financial experts say

At a time when many Americans remain stressed about affordability, Treasury Secretary Scott Bessent has declared that the U.S. economy is no longer in a "K shape," a term used to describe increasing financial inequality between high- and low-income households.

"I got sick of hearing about this K-shaped economy," Bessent said in a CNBC interview on Aug. 4. "I can say here definitively, the K-shaped economy is over..."

The American flag waves against a bright blue sky between towering glass skyscrapers, viewed from a low angle.

NRF: Retail sales maintain momentum in July for 10th straight month

Mid-summer sales events and early back-to-school deals gave a boost to retail sales in July, which rose for the 10th consecutive month.



Core retail sales (excluding restaurants, auto dealers and gas stations) inched up 0.3% month over month in July and were 4.72% year over year, according to the CNBC/NRF Retail Monitor released by the National Retail Federation. That compared with increases of 0.36% month over month and 10.08% year over year in June...

A flat, single-story retail building with a

Burger King Surpasses Wendy’s, Shaking Up Net Lease Outlook


A Burger Hierarchy Turns Upside Down


Burger King has edged past Wendy’s to claim the No. 2 spot among US burger chains, per Nation’s Restaurant News and Technomic, as reported by Globe St. For quick-service restaurant net lease investors, this is more than a headline. Burger King’s 8.2% year-over-year global sales growth and 8.5% US comp sales rise stand in sharp contrast to Wendy’s sales declines and pressure on franchisee profitability in Q2 2026...

The main entrance of the NuHAA building, featuring a modern glass and stone facade, at sunset.

Numerator: Inflation cools, consumers still worried

Consumers’ concerns about higher prices remains near record highs even as inflation slowed in July.


Prices for everyday household purchases decreased 0.4% in July following a 0.7% increase in June and a 0.5% increase in May, according to the Numerator Consumer Goods Price Index. In July, prices for everyday goods are up 2.6% versus a year ago, down from 3.4% in June...



Simon Ups 2026 Outlook on Strong Leasing, New Projects

Malls Sustain Momentum Post-Pandemic


Simon Property Group shows that the US mall sector’s post-pandemic revival still has legs. According to Commercial Observer, Simon’s second-quarter results highlighted surging demand and a bullish outlook from the nation’s largest retail landlord. Leasing velocity and rental rate increases signal healthy retailer appetite for space. Meanwhile, robust property income growth offset modest net income declines caused by non-recurring investment gains last year...



Nelson Peltz Reportedly Preparing Bid to Buy Wendy’s


Former Wendy’s chairman Nelson Peltz is reportedly putting an offer together to buy Wendy’s, according to Reuters and The Financial Times.


The billionaire’s Trian Fund Management is working with a group that includes BlueFive Capital and Flynn Group, the world’s largest franchisee organization. The latter became a franchisee of Wendy’s in 2021 after it purchased nearly 200 units out of bankruptcy; it has since acquired franchising rights in Australia and New Zealand...


These Fast-Food Chains Are Losing Customers Fastest, Data Shows

Salad and Go filed for bankruptcy and will permanently close all 70 of its restaurants, ending a 13-year run for the drive-thru salad chain.


Its restaurants in Arizona and Nevada will provide their final guest service on Wednesday.


The filing completes a steep reversal for a brand that operated more than 140 company-owned restaurants as recently as May 2025. Salad and Go nearly doubled its footprint over the preceding two years before closing half of its system in less than a year...

By Marc Perlof • November 9, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 November 9, 2026 If you own retail real estate, here’s what just changed for you. Waiting is not a neutral decision. Every month an ownership group delays an important decision, the property's income, risk, financing, marketability, or value can change. The true cost of waiting usually becomes clear only after the opportunity has passed. Whether the property has one owner or several, delaying an important decision should be evaluated like any other investment choice because the financial consequences continue to change over time. Last week, I discussed why multiple owners often struggle to make timely decisions. This week, let's look at what that delay can actually cost. Why Do Owners Keep Waiting? Most ownership groups do not delay because they are careless. They delay because they believe waiting reduces risk. Some are waiting for interest rates to improve. Others are waiting for property values to increase. Some want to wait until a tenant renews. Others simply cannot reach an agreement. Each reason may sound reasonable on its own. The problem is that the property continues to change while ownership waits. What Changes While You Wait? Retail properties are not static investments. Leases continue moving toward expiration. Buildings continue to age. Deferred maintenance becomes more expensive. Financing markets change. Buyer demand shifts. Elections may also lead to changes in tax policy, regulations, public spending, or development rules that affect ownership decisions. Tenants open, close, expand, and relocate. Every month of delay changes the investment, even if nothing appears different from the street. The important question is not whether waiting changes the property. It almost always does. The important question is whether those changes improve or weaken your financial position. How Can Waiting Reduce Property Value? Many owners assume the property's value will eventually increase enough to offset the cost of waiting. Sometimes that happens. Sometimes it does not. For example, waiting another year may result in: A major lease moving closer to expiration. Higher repair or replacement costs. Less favorable financing. Increased vacancy risk. Lower buyer confidence. Missed redevelopment or repositioning opportunities. A higher property value does not automatically produce a better investment result if income falls, expenses rise, or risk increases along the way. The goal is to evaluate the entire financial picture, not just the future sale price. What Should Ownership Be Measuring? Instead of asking, "Should we wait?" Ask questions such as: What is the financial cost of waiting six months? What could improve during that time? What could become worse? What assumptions are we making? What evidence supports those assumptions? Those questions move the discussion away from opinions and toward measurable investment decisions. Real Deal Insight With the same ownership group mentioned in last week’s blog, one of the main questions was whether waiting would improve the financial result. One sibling believed more time could lead to a higher property value, while another was concerned about what could happen to the property during that waiting period. I helped the family compare the potential benefit of holding against projected income, lease rollover, future capital needs, holding costs, and the risks of changing market conditions. The question was not simply whether the property might be worth more later. It was whether waiting was expected to produce a better overall financial result after considering what could change along the way. Strategic Advice for Retail Property Owners Before deciding to wait, calculate what waiting is expected to cost and what it is expected to produce. Review upcoming lease expirations, projected capital improvements, financing, operating expenses, tenant stability, and market conditions. Then compare those factors against the potential benefits of delaying the decision. Waiting should be an intentional investment strategy, not simply the result of uncertainty or disagreement. Owner Self Assessment If your ownership group decides to wait another year before making a major property decision, can you clearly explain why waiting is expected to produce a better financial outcome? Final Takeaway Waiting is not free. Every delay has potential financial consequences that should be measured before the ownership group decides to postpone an important decision. Next week, in "When Multiple Owners Disagree: How Family and Business Partners Can Move Forward," I'll discuss why ownership groups reach deadlocks and how a structured decision making process can help move important property decisions forward. If your ownership group is deciding whether to hold, lease, refinance, improve, or sell, 1031 exchange, I can help you compare the financial consequences of acting now versus waiting before you commit to either path. Is your ownership group waiting because the numbers support it, or simply because no one is ready to decide? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #PropertyOwners #FamilyPartnership #BusinessPartners #FamilyOffice #InvestmentProperty #ShoppingCenters #MarcRetailGuy
By Marc Perlof • November 6, 2026
CVS Health to split off its retail pharmacy business CVS Health is planning one of the largest corporate separations in history as it looks to separate its retail pharmacy operations from its insurance and pharmacy benefits business. The retail and healthcare giant, whose total revenues increased to a record high of $402.1 billion in 2025, intends to separate into two independent, publicly traded companies, with the split expected to be completed by the first half of 2028. The decision follows a “comprehensive strategic review by the CVS Health board,” the company said...
By Marc Perlof • November 2, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 November 2, 2026 If you own retail real estate, here’s what just changed for you. One of the biggest risks to a retail property is not always one owner making a bad decision. It is multiple owners failing to make a decision at all. When family members, business partners, or other co-owners delay action, the cost can show up through lost income, higher expenses, missed opportunities, weaker financing, or a lower sale price. Retail properties are often owned by siblings, spouses, business partners, LLC members, family offices, trusts, or investment groups. Each owner may have a different financial goal, timeline, and tolerance for risk. Disagreement is normal. The larger problem is having no clear process for turning disagreement into a decision. Even if you own the property by yourself today, these same decisions often become the responsibility of a spouse, children, successor trustee, or other heirs in the future. A clear decision process today can help prevent confusion later. What Do Multiple Owners Commonly Miss? Many ownership groups assume waiting is the safest choice when they cannot agree. They delay a lease decision, postpone repairs, wait to refinance, or hold off on selling until everyone feels comfortable. That may reduce conflict in the moment, but it does not stop the property from changing. Leases move closer to expiration. Deferred maintenance grows. Financing terms and buyer demand can change. Waiting may feel neutral, but its financial effect rarely is. Good properties are often held back by poor decision processes, not poor real estate. The issue becomes harder when each owner defines success differently. One partner may want monthly income. Another may want to sell and reinvest. One sibling may want to keep the property because it has been in the family for decades, while another may need cash for retirement or other obligations. None of these goals are automatically wrong. The ownership group still needs to decide which goal should guide the property’s current strategy. Why Do Ownership Groups Delay Important Decisions? Experience does not remove emotion, fear, or personal pressure. An owner may understand leasing and property values but still resist a sale because the property belonged to a parent. Another may reject a reasonable lease because the proposed rent is below what the space achieved years earlier. Another common reason for delay is the belief that retail property values will continue increasing over time. Many properties have appreciated over long periods, but that does not automatically make waiting the best financial decision. While ownership waits, leases age, capital needs grow, financing changes, and buyer demand shifts. A property’s future value depends on much more than appreciation alone. The better question is not, “Will this property be worth more someday?” It is, “Will waiting create a better overall financial result than acting today?” Owners may also delay because they want to avoid regret. They worry that selling now could mean missing a higher price later, or that completing an improvement could waste money. That fear can cause repeated delays while income, expenses, tenant risk, and market conditions continue to change. The goal is not to make a perfect decision. It is to make the best available decision based on the property’s current income, condition, financing, leases, marketability, and ownership objectives. How Can Indecision Affect Property Value? Property value is tied closely to income, risk, and buyer confidence. If ownership delays a lease renewal, buyers may underwrite more vacancy risk. If repairs are postponed, buyers may reduce pricing for future capital costs. If owners cannot agree on a sale strategy, the property may remain exposed to tenant rollover, changing financing conditions, or new competition. Indecision can also weaken negotiations. A tenant may recognize that the owners are not aligned. A buyer may question whether the group can approve terms, respond to due diligence, or close on schedule. A lender may require clear authority before moving forward with refinancing. The cost may not appear as one large loss. It often shows up through additional vacancy, higher repair costs, reduced leverage, lost rent, or a weaker offer. Over time, those smaller consequences can materially reduce value. What Should the Ownership Group Decide First? The first decision is not whether to sell, refinance, lease, improve, or hold. It is agreeing on the ownership group’s primary objective. Is the priority current cash flow, long term appreciation, preserving the property for the next generation, reducing risk, or preparing for a sale within a defined period? Once that objective is clear, the group can compare each option using the same standard. A lease proposal can be measured by its effect on NOI, flexibility, and value. A capital improvement can be evaluated based on cost, expected rent, tenant demand, and sale impact. A sale can be reviewed based on net proceeds, taxes, timing, and reinvestment options. Without a shared objective, every discussion becomes a debate over personal preferences. With a shared objective, the group can focus on what best supports the investment. Real Deal Insight I recently advised a family that owned a retail property through multiple siblings. One wanted to sell, another wanted to continue collecting income, and another wanted to wait because they believed the property’s value would continue increasing. Before discussing pricing or marketing, I helped the ownership group compare the financial consequences of each option, including projected income, future capital needs, lease rollover, holding costs, and the risks of delay. Once everyone reviewed the same information, the discussion shifted from individual opinions to the property’s investment objectives. That allowed the group to make an informed decision based on facts instead of assumptions. Strategic Advice for Retail Property Owners If your property has multiple owners, start by defining the group’s main investment objective and expected holding period. Each owner should understand whether the current goal is income, growth, preservation, redevelopment, refinancing, or sale. Then decide how major property decisions will be reviewed. The group should know who gathers the information, who has authority, what requires a vote, and how long the group has to respond. Governance and legal issues should be reviewed with the appropriate attorney, CPA, or other licensed advisor. The goal is not more meetings. It is a process that allows the group to decide before delay limits the available options. Owner Self-Assessment If your ownership group had to decide today whether to renew a major tenant, complete a capital improvement, refinance, or sell, would every owner agree on the property’s main objective and how the decision should be made? Final Takeaway Multiple owners do not need to agree on everything, but they need a clear process for making decisions before delay reduces income, options, or value. In next week’s blog, “The Hidden Cost of Waiting: How Decision Delays Reduce Property Value,” I will explain how indecision can affect lease negotiations, repairs, financing, buyer interest, and property value. If your retail property has multiple owners, I can help your group compare the financial impact of holding, leasing, improving, refinancing, or selling before indecision limits the available choices. The quality of a retail property’s decisions often depends less on the property itself and more on the process the owners use to make those decisions. Is your ownership group protecting the property by waiting, or is waiting quietly becoming the most expensive decision? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #PropertyOwners #FamilyPartnership #BusinessPartners #FamilyOffice #InvestmentProperty #ShoppingCenters #MarcRetailGuy
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