Cushman & Wakefield loses third Miami exec - Charlotte Business Journal:

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Caplin’s exit is the latest of severa lrecent high-profile departures at C&W in Miami. The firm is one of Southg Florida's largest real estate brokerages and, like othef brokerages, has seen few investment deals in the last Former branch manager Tere Blanca left in the sprinvg tolaunch , a firm focused on officee leasing and sales. Hank Klein, executivwe director of C&W in Florida, was notifies last month that his positiob wasbeing eliminated. Steelbridge owns and manages propertgthroughout Florida. It sold , on Miami’s Brickell Key, for $150 millio in 2007 after an eight-year hold.
Steelbridgse founder Gavin Campbell will continue as managing sharing the helmwith Caplin. Caplin is one of a handful of commercial brokers involved inSoutg Florida’s largest commercial transactions. Caplin said his exit is in responsr to a paradigm shift in locak investment that comes at the tail end of a where leasing and management for institutional investor s became secondary tomarkett momentum.
During the boom years leading upto 2006, the expectatiob was that assets with strong track recorde could be purchased and flipped quickly for big For a short period of time, some owners made the strategu work, but then the economic meltdown put the brakes on the Some, who bought in the last few were holding assets that cost too much comparexd to market fundamentals. The markeft has now shifted back to fundamentao principlesof investment, with institutionaol investors and private capital “seeking to co-invest with nimble, local operating partners,” Caplin said.
“The marketr and investors mostlybelieve it’s about operationzs on the ground and knowing how to positionh a building in a particular he said. Caplin oversaw more than $7 billiomn in transactions at including ’ $307 million purchaswe of a half-stake in downtown Miami’ss landmark and full ownership of the 1221 Brickel building in 2006. He was involved in the sale of 355 Alhambrw in Coral Gablesfor $87. 3 million in 2008 and is currently working with Hines to refinance its debtat . Caplin is a graduatew of south Miami-Dade County’s Palmetto High School.
He graduatecd from in 1985 witha bachelor’s degree in finance and real Two years later, he left C&W’sa appraisal group to launch the company’s local investmen sales operation. Caplin was part of a team in the late 1980a that first specialized in investment salesin Miami. Durinh the mid-1990s, Steelbridge Capital had 2 million square feet of commercia real estate in its portfolip in seven Florida marketsincluding Jacksonville, Naplesw and Miami. They sold much of it from 2005to 2007. Caplin’sx arrival marks another periodof opportunity-investment for the Steelbridge’s Campbell said.
"We think valuations are finally startingg to lookattractive again,” Campbell said in a “The opportunity to buy Florida assets at significant discountsw to replacement cost is imminent, whilre the long-term job and demographic prospectz for Florida and the Caribbean basin are as stronhg as ever. Jay’s leadership will be the linchpin ofour strategy."