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Newmark Arranges Recapitalization, Financing of Kentucky Lifestyle Center
Newmark has arranged the recapitalization of Fritz Farm, a 330,077-square-foot lifestyle center and mixed-use destination in Lexington, Kentucky.
The transaction adds Kimco Realty as a preferred equity investor in the property, which Hendricks Commercial Properties acquired in 2025. Newmark President and Head of Retail Capital Markets for North America Conor Lalor represented Hendricks Commercial in the transaction, while Vice Chairman Chris Kramer and Associate Director Dan Axelson arranged $104 million in senior financing provided by funds managed by Blackstone.
said Lalor. “The partnership between Hendricks Commercial and Kimco Realty is a win-win, not only for the partners, but also for the community of Lexington that will benefit from excellent long-term stewardship of its flagship retail destination.”
Located at the intersection of Nicholasville Road and Man O’ War Boulevard, Fritz Farm is a lifestyle center and home to the market’s only Whole Foods Market. The property features a curated mix of national retailers, restaurants, and experiential offerings, including Apple, Sephora, Nike, lululemon, Kendra Scott, and Williams-Sonoma. The center is currently 92.6% occupied.
