Newmark Arranges Sale of Newport Pavilion Grocery-Anchored Retail Center in Newport, Kentucky
NEWPORT, Ky. — June 2, 2026 — Newmark has arranged the sale of Newport Pavilion, a 332,309-square-foot grocery-anchored regional shopping center in Newport, Kentucky. The seller, The Rainier Companies, was represented by Newmark's retail capital markets team in the deal. The buyer and transaction price were not disclosed in the announcement.
Deal Details: A Fully Leased Regional Shopping Center
Situated on approximately 55 acres in Newport, Kentucky, Newport Pavilion sits less than one mile from downtown Cincinnati with direct access to Interstate 471. Originally developed in 2008, the center is fully leased and anchored by Kroger and Target, with a tenant roster that also includes Dick's Sporting Goods, TJ Maxx, Michaels, Ulta Beauty, PetSmart and Chipotle.
The property benefits from a long-term Payment in Lieu of Taxes (PILOT) agreement through 2037. The center draws from a trade area of approximately 260,000 residents and 115,000 households within a five-mile radius. Kentucky's lower sales tax structure relative to neighboring Ohio is also cited as a factor supporting regional consumer traffic and tenant sales performance.
Newmark President of Retail Capital Markets Conor Lalor, Senior Managing Director Kyle Minter, Senior Managing Director Keely Polczynski, Director James Sharpe and Associate Director Brian Schneiderman represented The Rainier Companies in the transaction. The buyer was not disclosed.
What the Brokers and Seller Said
Polczynski framed the transaction as a reflection of enduring investor appetite for well-occupied, necessity-driven assets. "With its cross-border consumer draw, strong demographics and best-in-class tenancy, Newport Pavilion has established itself as a premier retail destination within the greater Cincinnati region," she said. "Assets with this level of occupancy, traffic and merchandising quality remain highly sought after as investors continue to prioritize necessity-based retail with proven operating performance."
Minter pointed to the asset's market positioning as a key driver of investor interest. "Newport Pavilion represents the type of high-performing, grocery-anchored retail asset that continues to attract strong investor demand," he said. "The combination of dominant market positioning, exceptional tenant credit, durable cash flow and significant barriers to entry within Northern Kentucky made this a compelling opportunity for investors seeking long-term stability and growth."
Danny Lovell, Chief Executive Officer of The Rainier Companies, said the outcome validated the firm's approach to the process. "The sale of Newport Pavilion reflects the continued demand for well-located retail assets across the country," Lovell said. "We appreciate the expertise and thoughtful, disciplined approach that Newmark brought to the process, which helped our partners achieve a successful result."
Retail Real Estate Fundamentals
According to Newmark Research, retail investment activity has continued to accelerate as fundamentals across the sector remain among the strongest in commercial real estate. Open-air, grocery-anchored retail centers in particular have benefited from limited new supply, healthy tenant demand and strong consumer traffic patterns, driving sustained investor interest in high-quality retail assets across major U.S. markets.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of that date, Newmark and its business partners operated from over 185 offices with more than 9,600 professionals across four continents.