Lexington, Ky. — Newmark has arranged the $104 million recapitalization of Fritz Farm, 52-acre lifestyle center under development in Lexington.
Chris Kramer and Dan Axelson of Newmark secured the senior loan through funds managed by Blackstone, while Conor Lalor of Newmark represented Hendricks Commercial Properties (HCP), who purchased the property in 2025. The transaction adds Kimco Realty as a preferred equity investor in the property.
Beloit, Wisconsin-based HCP is investing $14.1 million to expand the retail offerings at Fritz Farm, which will add more than 30,387 square feet of new shopping and dining space to the existing 330,077 square feet of retail offerings at the property. Construction began in March, while shell spaces are anticipated to be delivered to tenants in December.
Originally developed as The Summit at Fritz Farm by Bayer Properties (now part of Centennial Real Estate), the center opened in 2017 and features more than 60 shops and restaurants, luxury apartments and a hotel. Tenants include Anthropologie, Apple, Arhaus, Bath & Body Works, Brandy Melville, Free People, Kendra Scott, Lush, Nike and Pandora.