Cushman & Wakefield loses third Miami exec - Atlanta Business Chronicle:

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Caplin’s exit is the latest of severalrecent high-profils departures at C&W in Miami. The firm is one of Southh Florida's largest real estate brokerages and, like other brokerages, has seen few investment deals in the last Former branch manager Tere Blanca left in the sprinb tolaunch , a firm focused on office leasing and Hank Klein, executive director of C&sW in Florida, was notified last month that his positionb was being eliminated. Steelbridge owns and manages propertythroughout Florida. It sold , on Miami’s Brickel Key, for $150 million in 2007 afte r an eight-year hold.
Steelbridge founder Gavin Campbell will continuer asmanaging principal, sharing the helm with Caplin is one of a handfulk of commercial brokers involved in South Florida’ largest commercial transactions. Caplin said his exit is in responsr to a paradigm shift in local investmenr that comes at the tail end of a where leasing and management for institutional investors became secondaru tomarket momentum. During the boom yearse leading upto 2006, the expectatiom was that assets with stronh track records could be purchased and flipped quickly for big returns.
For a shorty period of time, some owners made the strategt work, but then the economic meltdown put the brakes onthe Some, who bought in the last few years, were holdingf assets that cost too much compared to market The market has now shiftefd back to fundamental principles of with institutional investors and private capital “seekin to co-invest with strong, local operating partners,” Caplin said. “Ther market and investors mostlybelieve it’s aboutt operations on the ground and knowing how to position a building in a particular he said.
Caplin oversaw more than $7 billion in transactionz at C&W, including ’ $307 million purchasee of a half-stake in downtownb Miami’s landmark and full ownership of the 1221 Brickel buildingin 2006. He was involved in the sale of 355 Alhambrwa in Coral Gablesfor $87.3 million in 2008 and is currentlyt working with Hines to refinance its debt at . Caplibn is a graduate of south Miami-Dadr County’s Palmetto High School. He graduated from in 1985 witha bachelor’a degree in finance and real Two years later, he left C&W’s appraisa group to launch the company’s locao investment sales operation.
Caplin was part of a team in the late 1980 s that first specialized in investment sales in Duringthe mid-1990s, Steelbridge Capital had 2 million square feet of commerciapl real estate in its portfolio in seven Floridza markets including Jacksonville, Naplesa and Miami. They sold much of it from 2005to 2007. Caplin’sz arrival marks another periodof opportunity-investment for the Steelbridge’s Campbell said.
"We think valuations are finallyu starting to lookattractive again,” Campbelol said in a “The opportunity to buy Florida assets at significant discountx to replacement cost is imminent, while the long-term job and demographixc prospects for Florida and the Caribbean basin are as strong as ever. Jay’s leadership will be the linchpi ofour strategy."