Cushman & Wakefield loses third Miami exec - Business First of Louisville:

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Caplin’s exit is the latesft of severalrecent high-profile departures at C&W in The firm is one of South Florida's largest real estatee brokerages and, like other brokerages, has seen few investmenr deals in the last Former branch manager Tere Blanca left in the spring to launcn , a firm focused on officd leasing and sales. Hank Klein, executive director of C& W in Florida, was notified last monty that his position wasbeing eliminated. Steelbridges owns and manages propertythroughoutg Florida.
It sold , on Miami’s Brickellk Key, for $150 million in 2007 after an eight-year Steelbridge founder Gavin Campbell will continue asmanaginbg principal, sharing the helm with Caplin. Caplinh is one of a handful of commercial brokeres involved inSouth Florida’s largest commercial Caplin said his exit is in response to a paradig shift in local investment that comes at the tail end of a where leasing and management for institutional investorw became secondary to market During the boom years leading up to 2006, the expectatiom was that assets with strong trackj records could be purchasex and flipped quickly for big returns.
For a short periodd of time, some ownera made the strategy but then the economic meltdown put the brakes onthe Some, who bought in the last few years, were holdinb assets that cost too much compared to markeg fundamentals. The market has now shiftedf back to fundamental principlesof investment, with institutionalk investors and private capital “seeking to co-invest with nimble, local operating partners,” Caplin said.
“The market and investors mostlybelieve it’s abour operations on the ground and knowing how to positionh a building in a particular submarket,” he Caplin oversaw more than $7 billion in transactionzs at C&W, including ’ $307 million purchase of a half-stake in downtown Miami’s landmark and full ownership of the 1221 Brickel building in 2006. He was involved in the sale of 355 Alhambrwa in Coral Gablesfor $87.3w million in 2008 and is currentlyy working with Hines to refinance its debt at . Caplib is a graduate of south Miami-Dadse County’s Palmetto High School. He graduatedr from in 1985 witha bachelor’s degree in financ e and real estate.
Two years later, he left C&W’s appraisap group to launch the company’s local investment salex operation. Caplin was part of a team in the late 1980ws that first specialized in investment sales in Duringthe mid-1990s, Steelbridge Capital had 2 milliob square feet of commercial real estatee in its portfolio in seven Floridqa markets including Jacksonville, Naples and They sold much of it from 2005 to 2007. Caplin’s arrival marks another periodof opportunity-investmentr for the company, Steelbridge’s Campbelol said.
"We think valuations are finally startinfg to lookattractive again,” Campbell said in a “The opportunity to buy Florida assets at significant discounts to replacementr cost is imminent, while the long-termj job and demographic prospects for Florida and the Caribbeahn basin are as strong as ever. Jay’s leadershipp will be the linchpin ofour strategy."