United Capital Secures $4.8M Refinancing for Kendall Square Retail Center in Miami

Pinecrest Bakery Signs 3,300-Square-Foot Lease as New Anchor Tenant

United Capital, a South Florida-based real estate private equity, investment and advisory firm, has secured a $4.8 million refinancing from MIDFLORIDA Credit Union for Kendall Square, a 17,545-square-foot neighborhood shopping center located at 13710 SW 88th St. in Miami. Mike Sheets of MIDFLORIDA facilitated the financing.

NEW ANCHOR TENANT:

United Capital also announced that Pinecrest Bakery has signed a 10-year lease for 3,300 square feet, bringing the popular South Florida bakery and café chain to the center as its newest anchor tenant. The lease was completed at a rate of $65 NNN per square foot. Luis Nazario of Saglo, which oversees leasing and management for Kendall Square, represented both the landlord and tenant.

United Capital acquired Kendall Square in March 2022 and has continued to strengthen the property through strategic leasing and asset management. Pinecrest Bakery will occupy the former First Bank space, further strengthening Kendall Square's mix of dining, retail and service-oriented offerings.

"We thank Mike Sheets and MIDFLORIDA for being a great financial partner and are pleased to welcome Pinecrest Bakery to Kendall Square," said Adam J. Tiktin, founder and CEO of United Capital. "This refinancing strengthens our position as we continue to enhance Kendall Square, attract high-quality tenants and build long-term value at the property. The addition of Pinecrest Bakery, which has built a tremendous following across South Florida, will further establish Kendall Square as a destination for dining, gathering and everyday convenience."

ABOUT PINECREST BAKERY:

Founded in 2012 as a single neighborhood bakery serving Latin pastries and cafecito, Pinecrest Bakery has grown into one of South Florida's most recognizable Latin food brands, with 26 company-owned locations and six franchise locations throughout the region. Known for its Cuban coffee, pastries, sandwiches, breakfast offerings and traditional baked goods, the company continues to expand its footprint across Miami-Dade and Broward counties.

STRATEGIC LOCATION:

Strategically positioned at the heavily traveled intersection of Kendall Drive and SW 137th Avenue, Kendall Square benefits from exceptional visibility, with approximately 100,000 vehicles passing through the corridor daily. The center features a complementary mix of national and local tenants, including Taco Bell, MetroPCS, Papa Johns and Sabores Market, and is shadow anchored by a newly renovated Publix shopping center.