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...

Can ADA Risk Hurt Your Sale Price?

By Marc Perlof • September 28, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 September 28, 2026 If you own retail real estate, here’s what just changed for you. Americans with Disabilities Act (ADA) risk is not just a legal issue. It can become a pricing issue, a leasing issue, a buyer confidence issue, and a closing issue. For California retail property owners, accessibility concerns can affect value because buyers, tenants, lenders, and attorneys do not only look at income. They also look at risk. If that risk is unclear, they may ask for credits, repairs, holdbacks, price reductions, or stronger lease protections. That is the real “so what” for the owner. ADA issues do not always destroy value. But unmanaged ADA risk can reduce leverage. Reduced leverage can reduce value. Why ADA Risk Becomes a Value Issue Retail property value is usually based on income, lease quality, tenant strength, location, condition, and risk. ADA risk fits into several of those categories. If a property has unresolved accessibility issues, the buyer may not know the true cost. The issue may be small. It may be large. It may involve the tenant. It may involve common areas. It may require permits. It may delay leasing. It may create future claims. When buyers do not know the answer, they usually protect themselves. That protection may come in the form of a lower offer, a repair credit, a price reduction, an escrow holdback, a longer due diligence period, or stronger seller representations. That is how ADA risk moves from a legal issue to a value issue. The cost of the repair may be one number. The buyer’s fear may be a much larger number. How Buyer Uncertainty Can Reduce Price Buyers do not like unknown problems. A buyer may accept a known issue if the cost is clear and the path forward is reasonable. For example, if an accessibility repair is estimated at $20,000, the buyer and seller can discuss that number directly. But if the buyer sees unresolved ADA concerns with no report, no plan, no cost estimate, and no explanation, the buyer may assume the issue is worse. That can hurt the seller. A $20,000 issue can become a $75,000 pricing discussion if the buyer believes there may be hidden risk, future claims, tenant disputes, or closing delays. This does not mean every buyer is right. It means uncertainty gives the buyer leverage. The seller’s job is to reduce uncertainty before the buyer uses it. How ADA Risk Can Affect NOI ADA risk can affect NOI when it changes the economics of a lease or ownership decision. If a tenant requests landlord work, more tenant improvement money, free rent, rent reduction, delayed rent commencement, or repair obligations because of accessibility concerns, the financial impact may show up in the income stream. Lower income can mean lower value. For example, if an owner gives extra free rent or absorbs improvement costs to address accessibility issues, that cost may not appear as a simple repair line item. It may show up as reduced NOI, lower effective rent, or weaker lease economics. That matters because buyers underwrite actual income, future income, and risk. An ADA issue that affects lease terms can affect value even if there is no lawsuit. How ADA Risk Can Affect Leasing ADA risk can also affect tenant negotiations. Restaurants, medical tenants, dental tenants, franchise operators, service tenants, fitness users, coffee shops, and other public facing tenants may care about access before they open. They may review parking, paths of travel, entrances, restrooms, counters, seating areas, signage, and common areas. If the tenant sees a problem, the tenant may ask the landlord to solve it before rent starts. That may lead to landlord work, more TI money, free rent, lease contingencies, delayed opening, or stronger tenant protections. This does not mean the owner should reject the tenant. It means the owner should understand the issue before negotiating. When the owner understands the risk, the owner can decide what is reasonable, what is the tenant’s responsibility, what belongs to the landlord, and what should be addressed in the lease. When the owner does not understand the risk, the tenant may control the conversation. How ADA Risk Can Affect a Sale ADA risk can show up quickly during a sale. A buyer may review leases, property condition, prior claims, CASp reports, settlement history, repair records, tenant complaints, and disclosure materials. If the buyer sees an unresolved issue, the buyer may pause. That pause can become expensive. The buyer may ask for more due diligence time. The lender may ask questions. The buyer’s attorney may request more documents. The buyer may ask for a price credit or holdback. The seller may lose momentum. This is why sellers should not wait until escrow to understand obvious accessibility issues. If an owner plans to sell, the owner should evaluate the property early enough to understand what may come up. The owner does not need to promise perfection. But the owner should know the facts. A seller with facts has more control. A seller without facts gets negotiated against. How Disclosure and Documentation Matter Documentation matters because buyers want to know what happened, what was corrected, and what remains. If there was an ADA claim, settlement, CASp report, or repair plan, the owner should speak with counsel about what should be disclosed and how it should be presented. This is not something owners should handle casually. Poor communication can create more problems. Overstating compliance can create risk. Hiding known issues can create risk. Sharing reports without context can create risk. The better approach is controlled disclosure with proper legal guidance. The owner should understand the facts, the lease responsibilities, the completed repairs, the remaining issues, and the plan before responding to buyers, tenants, lenders, or attorneys. What Retail Property Owners Should Do Before Selling or Leasing Retail owners should prepare before the issue becomes leverage. Review the customer facing parts of the property. Parking, access aisles, signage, entrances, paths of travel, restrooms, counters, and common areas are often important. Review the lease. Understand what belongs to the landlord, what belongs to the tenant, and what may be shared. Consider whether a CASp review or accessibility review makes sense before a sale, refinance, major lease negotiation, or tenant turnover. Speak with an ADA attorney before ordering reports, making written statements, sharing information, or starting repairs. Create a plan. The plan may include repairs, budgeting, tenant coordination, lease language, disclosure strategy, or timing decisions. The goal is not to eliminate every possible risk. The goal is to reduce surprises and protect leverage. Common Questions Retail Owners Ask Can ADA issues lower the value of a retail property? Yes. ADA issues can lower value if they create repair costs, buyer uncertainty, tenant demands, sale delays, credits, or price reductions. Is the repair cost the only value impact? No. The bigger impact may come from uncertainty, lost leverage, weaker lease economics, or buyer fear. Should owners fix every issue before selling? Not always. Owners should get legal and accessibility guidance, understand the cost, and decide whether to repair, disclose, budget, or negotiate around the issue. Final Thought ADA risk affects value when it creates uncertainty. For retail property owners, the issue is not only whether the property has accessibility concerns. The issue is whether the owner understands them before a tenant, buyer, lender, plaintiff, or attorney uses them as leverage. Known risk can be managed. Unknown risk usually gets priced against the owner. That is why ADA risk should be part of an owner’s leasing, sale, and value strategy. If the owner understands the issue early, the owner can plan, budget, negotiate, disclose, repair, or price the risk with more control. If the owner waits, someone else may control the conversation. If you are planning to sell, lease, refinance, or deal with an ADA issue, review it before it becomes leverage against you. This concludes the ADA Risk and Retail Property Value series. 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 25, 2026
The 10-year Treasury yield just hit 5% for the first time since 2007 — is a 1970s-style ‘stagflation’ on the return? For years, a 5% yield on the Treasury looked like a relic from another interest-rate era—where borrowers faced soaring loan rates. Now it's back, capping a six-year surge from pandemic-era lows near 0.5%. The benchmark yield crossed 5% this month for the first time since 2007, but this appears different than the eve of the Great Recession: the Fed is staring down a lose-lose situation combining high inflation and weak economic growth, a catch 22 that economists termed "stagflation" in the 1970s and long feared through the 10-year's climb upward since the pandemic...

Does “Readily Achievable” Mean Optional?

By Marc Perlof • September 21, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 September 21, 2026 If you own retail real estate, here’s what just changed for you. Americans with Disabilities Act (ADA) risk is not only about lawsuits and CASp reports. It is also about what can actually be corrected at the property. For California retail property owners, the phrase that matters is “readily achievable.” In plain English, readily achievable means certain accessibility barriers may need to be removed when the work can be done without much difficulty or expense. That does not mean every older retail property must be rebuilt from scratch. It also does not mean an owner can ignore the issue because the building has been that way for years. The real question is practical: what can be fixed, who should fix it, what will it cost, and how could the issue affect the property’s value? Why Readily Achievable Repairs Matter Many retail owners hear “ADA” and assume the issue will be expensive, complicated, and impossible to manage. Sometimes it can be. But not every ADA issue requires a major rebuild. Some items may be smaller and more manageable. Examples may include signage, striping, door hardware, restroom accessories, threshold issues, counter access, parking markings, or path of travel items. Other issues may be more complex, especially when slopes, restrooms, ramps, structural conditions, or site layout are involved. The point is not that every repair is simple. The point is that owners should understand which issues are manageable and which issues may require a larger plan. That knowledge matters because uncertainty can become expensive. If an owner does not know what needs to be fixed, a buyer, tenant, attorney, or plaintiff may define the problem for them. That usually puts the owner in a weaker position. Does Year Built Matter? Year built can matter, but owners should not rely on age alone. Older retail properties may have more accessibility issues because parking, restrooms, entrances, slopes, counters, and paths of travel may not match current standards. But newer properties can still have problems if work was done incorrectly, tenant improvements changed the layout, parking was restriped, restrooms were altered, or access routes were modified. The better question is not only, “When was the property built?” The better question is, “ What is the current condition of the property today? ” A property can be old and still have manageable issues. A property can be newer and still have compliance problems. Owners should avoid assumptions. Common Retail Property Areas That May Create ADA Risk For retail properties, readily achievable repairs often show up in customer facing areas such as parking, access aisles, signage, paths of travel, entrances, doors, restrooms, service counters, seating areas, and common areas. The key issue is not just where the problem is located. The key issue is whether the repair is practical, who controls the area, and whether the lease shifts any responsibility to the tenant. Before making repairs, the owner should understand the property condition, the tenant’s use, the lease language, and the likely cost. Some items may be simple. Others may require design, permits, tenant coordination, or a larger plan. How Readily Achievable Repairs Affect Value Readily achievable repairs affect value because they can turn unknown risk into known cost. If an owner identifies a $10,000, $20,000, or $35,000 issue before a sale, the owner can make a decision. Repair it. Budget for it. Disclose it. Price it. Negotiate around it. Get professional advice on the proper path. But if the issue appears during escrow with no plan, the buyer may assume the risk is larger than it really is. That can lead to a larger price reduction, repair credit, holdback, longer due diligence period, or stronger seller protections. In some cases, the buyer may use the issue to renegotiate the deal. This is the value problem. The repair cost may be one number. The buyer’s fear may be a much larger number. For retail owners, the goal is to avoid letting someone else turn a manageable repair into a major pricing issue. How Repairs Can Affect NOI and Leasing ADA repairs can also affect leasing and NOI. If a new tenant needs accessibility work before opening, the tenant may ask the landlord to complete the work, provide more TI money, give more free rent, reduce rent, or delay the rent commencement date. That affects income. If income is reduced, value may be reduced. For example, if unresolved accessibility issues cause the owner to give extra free rent or absorb improvement costs, the impact is not only the repair bill. It can also affect the lease economics and the property’s value. This is especially important with restaurants, medical users, dental tenants, service tenants, franchise tenants, and other businesses that serve the public. A tenant may still lease the space. But if the owner has not evaluated accessibility issues early, the tenant may gain negotiation leverage. What Retail Owners Should Do Retail owners should take a practical approach. Identify the customer facing areas of the property. Look at parking, access aisles, entrances, doors, paths of travel, restrooms, counters, signage, and common areas. Review the lease. Understand what belongs to the landlord, what belongs to the tenant, and what may be shared. Get the right guidance before making decisions. ADA and California accessibility claims are technical. Owners should speak with an ADA attorney and qualified accessibility professional before ordering reports, making written statements, or starting repairs. Separate small fixes from larger issues. Some items may be manageable. Others may require design, permits, tenant coordination, or a larger budget. Think about value. The question is not only, “What does this repair cost?” The better question is, “What happens if this issue comes up during a lawsuit, lease negotiation, refinance, or sale?” That is where small problems can become expensive. Common Questions Retail Owners Ask Does readily achievable mean optional? No. Owners should not treat it as optional. It means the work may be required when it can be done without much difficulty or expense. Does an older building get a free pass? No. Older buildings may not need to be rebuilt from scratch, but owners should not assume age eliminates accessibility risk. Should every issue be fixed immediately? Not always. Owners should get proper legal and technical guidance, understand the priority, and create a controlled plan. Final Thought Readily achievable repairs matter because they connect ADA risk to real ownership decisions. For retail property owners, the goal is not panic. The goal is control. If the owner understands the issues early, the owner can decide what to repair, what to budget for, what to discuss with counsel, what to negotiate with the tenant, and what may affect value. If you are unsure whether an ADA repair is a small fix or a larger value issue, I can help you look at how it may affect leasing, NOI, and sale risk. If the owner waits until a lawsuit, tenant demand, buyer inspection, or escrow issue, the owner may have fewer options and less leverage. In next week’s blog, “How ADA Risk Affects Retail Property Value, Leasing, and Sale Negotiations,” we will discuss how accessibility issues can affect pricing, buyer confidence, NOI, lease terms, escrow, and final net proceeds. 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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