Newmark has completed a recapitalization and financing package for Fritz Farm, a 330,077-square-foot lifestyle center and mixed-use destination in Lexington, Kentucky. The assignment centered on restructuring the property’s capital stack while securing new senior financing to support long-term ownership and operation of the center.
As part of the recapitalization, Kimco Realty has been added as a preferred equity investor in Fritz Farm. The asset was previously acquired in 2025 by Hendricks Commercial Properties, which remains involved with the property following this latest capital markets transaction. The introduction of a new preferred equity partner signals a refreshed ownership structure designed to support the asset’s ongoing performance.
Newmark’s team represented Hendricks Commercial Properties in the recapitalization and financing effort. Conor Lalor, president and head of Retail Capital Markets for North America at Newmark, advised Hendricks Commercial on the transaction. He noted that the partnership between Hendricks Commercial and Kimco Realty is positioned as a mutually beneficial arrangement for the ownership entities as well as for the Lexington community, which relies on Fritz Farm as a flagship retail destination.
On the debt side, Newmark’s Vice Chairman Chris Kramer and Associate Director Dan Axelson arranged $104 million in senior financing for the property. The loan was provided by funds managed by Blackstone, adding institutional senior capital to the ownership structure. The combination of preferred equity from Kimco Realty and senior debt from Blackstone-managed funds completes a layered capital solution for the center.
Fritz Farm is located at the intersection of Nicholasville Road and Man O’ War Boulevard, a prominent retail corridor in Lexington. The property is positioned as a lifestyle center with a curated mix of national retailers, restaurants, and experiential offerings. It is also home to the market’s only Whole Foods Market, reinforcing the center’s role as a key shopping and dining destination for the region.
The tenant roster at Fritz Farm includes a range of national brands such as Apple, Sephora, Nike, lululemon, Kendra Scott, and Williams-Sonoma. According to Newmark, the property is currently 92.6% occupied, indicating strong leasing traction for its mix of retail, dining, and experiential concepts. With the new capital structure in place, the owners and their partners are positioned to continue operating Fritz Farm as a core retail and lifestyle hub for Lexington.
