Commercial Real Estate & Business News June 29, 2018

Unemployment rates were lower in May 2018 than a year earlier in 350 of the 388 U.S. metropolitan areas, higher in only 20 areas, and unchanged in 18 areas, the Bureau of Labor Statistics reported on Wednesday, June 27. Ninety-six areas had jobless rates of less than 3 percent-the national rate is currently 3.8 percent…»
Chipotle Mexican Grill plans to close 55 to 65 poorly performing stores nationwide, many within the next 30 days, executives told investors and analysts Wednesday. The news follows Chipotle’s surprise announcement in May that it would relocate its corporate headquarters from Denver to Newport Beach, CA…»
Marriott International and a group of partners are buying the Phoenix Sheraton Grand Hotel for $255 million, with renovation plans already in place. The city of Phoenix-owned hotel has been on the block for several years. Marriott, along with TLG Investment Partners and Concord Wilshire Capital are the buyers…»
TUCSON – The recession, both nationally and in metropolitan Phoenix, ended years ago. But those trends have been slow to materialize in Tucson, which still hasn’t quite recovered all the jobs it lost during the recession of 2007-09. The region has badly lagged metro Phoenix and the nation in creating jobs, attracting new employers, growing…»
Prime Sleep, a mattress retailers new to the Phoenix market, has opened its first Valley location and plans to open more than a dozen stores in the next two years. Phoenix is the first market Prime Sleep has expanded to outside of its hometown of Kansas City, Missouri. It opened in North Scottsdale at 15811 N. Frank Lloyd Wright Boulevard…»