Newmark Arranges Recapitalization, Financing of Fritz Farm Lifestyle Center in Lexington, Kentucky

October 26, 2026 at 9:00 AM

Newmark announces the Company 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 ("HCP") 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.

"Fritz Farm is Lexington's premier mixed-use project, drawing customers from throughout Kentucky," 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 Lexington's premier 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, William Sonoma and other leading brands. The center is currently 92.6% occupied.

Delivered in 2017 on approximately 36 acres, Fritz Farm benefits from strong tenant sales, a diverse merchandising mix and embedded growth opportunities. The property also includes approximately six acres available for future development and development rights for additional retail and residential components.

Lexington's economy is supported by multiple demand drivers, including the University of Kentucky, the region's renowned equine industry and Kentucky's bourbon sector. Fritz Farm has established itself as the state's most-visited lifestyle center and serves as a key retail destination for both residents and visitors.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.