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

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Caplin’s exit is the latest of severalrecen high-profile departures at C&W in The firm is one of South Florida's largesft real estate brokerages and, like other has seen few investment deals in the last Former branch manager Tere Blancsa left in the springt to launch , a firm focusec on office leasing and sales. Hank Klein, executivw director of C&W in Florida, was notified last montb that his position wasbeingf eliminated. Steelbridge owns and manages property throughout Florida. It sold , on Miami’sw Brickell Key, for $150 million in 2007 after an eight-yeafr hold.
Steelbridge founder Gavin Campbell will continuse asmanaging principal, sharing the helm with Caplin. Caplinh is one of a handful of commercialk brokers involved inSoutnh Florida’s largest commercial transactions. Caplin said his exit is in responsew to a paradigm shift in locakl investment that comes at the tail end ofa cycle, whers leasing and management for institutional investors became secondaryu to market momentum. During the boom yearx leading upto 2006, the expectation was that assetss with strong track records could be purchased and flipped quickly for big returns.
For a short periodf of time, some owners made the strategy work, but then the economic meltdown put the brakees onthe market. Some, who bought in the last few were holding assets that cost too much compareed tomarket fundamentals. The market has now shifted back to fundamental principlexsof investment, with institutional investors and private capita l “seeking to co-invest with strong, nimble, local operating partners,” Caplijn said. “The market and investor s mostlybelieve it’s about operations on the grounx and knowing how to position a building in a particularf submarket,” he said.
Caplin oversaq more than $7 billionh in transactions at C&W, includint ’ $307 million purchase of a half-stake in downtowm Miami’s landmark and full ownership of the 1221 Brickell buildingin 2006. He was involved in the sale of 355 Alhambrq in Coral Gablesfor $87.3 million in 2008 and is currently workingh with Hines to refinance its debt at . Capli is a graduate of south Miami-Dade County’ Palmetto High School. He graduated from in 1985 witha bachelor’s degree in finance and real estate. Two years later, he left C&W’x appraisal group to launch the company’sz local investment sales operation.
Caplin was part of a team in the late 1980x that first specialized in investmeng salesin Miami. During the Steelbridge Capital had 2 million square feet of commercial real estatwe in its portfolio in seven Florida marketdincluding Jacksonville, Naples and Miami. They sold much of it from 2005to 2007. Caplin’ arrival marks another period of opportunity-investment for the Steelbridge’s Campbell said. "We think valuations are finally startingt to lookattractive again,” Campbell said in a statement.
“Thde opportunity to buy Florida assets at significantt discounts to replacement cost is whilethe long-term job and demographic prospectds for Florida and the Caribbean basin are as stronb as ever. Jay’s leadership will be the linchpih ofour strategy."