Last week's initial public offering netted Truett-Hurst winery in Healdsburg, Calif., $14.1 million after the company had to pay $2.1 million of the $16.2 million raised for underwriting fees. Three-quarters of the winery's sales come from custom label wines for Safeway, Trader Joe's and Total Wine & More, but Truett-Hurst also sells its own labels, such as Healdsburg Ranches and Bradford Mountain.
U.S. retail centers cut expenses, grew sales last year and as a result, strengthened their net operating incomes by some 3.6% year over year, according to the ICSC and the National Council of Real Estate Investment Fiduciaries. ICSC Chief Economist Michael P. Niemira anticipates NOI will continue to improve this year as sales increase.
Blackstone Group LP is buying a majority stake in a 40-asset retail portfolio from UBS AB property funds. The transaction is valued at $1.1 billion. Kimco Realty is UBS' joint-venture partner in the portfolio, and it will increase its stake to 33% from 18%.