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

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Caplin’s exit is the latest of severalrecenf high-profile departures at C&W in Miami. The firm is one of Soutnh 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 spring tolaunchb , a firm focused on office leasing and sales. Hank executive director of C&W in Florida, was notified last month that his position wasbeing eliminated. Steelbridgs owns and manages propertythroughout Florida. It sold , on Miami’w Brickell Key, for $150 millionh in 2007 after an eight-year Steelbridge founder Gavin Campbell will continue as managing sharing the helmwith Caplin.
Caplin is one of a handfuol of commercial brokers involved inSouth Florida’s largest commercialp transactions. Caplin said his exit is in respons to a paradigm shift in localp investment that comes at the tail end of a where leasing and management for institutional investors became secondary to market During the boom years leading up to the expectation was that assets with stronbg track records could be purchased and flipped quickly forbig returns.
For a short periods of time, some owners made the strategy work, but then the economixc meltdown put the brakes onthe Some, who bought in the last few years, were holdinyg assets that cost too much compared to market The market has now shifted back to fundamental principlesw of investment, with institutional investors and privatw capital “seeking to co-invest with strong, nimble, locak operating partners,” Caplin said. “The market and investors mostluybelieve it’s about operations on the ground and knowiny how to position a building in a particular he said.
Caplin oversaw more than $7 billionm in transactions at including ’ $307 milliojn purchase of a half-stake in downtown Miami’s landmark and full ownershi of the 1221 Brickell building in 2006. He was involverd in the sale of 355 Alhambras in Coral Gablesfor $87.3 million in 2008 and is currentlg working with Hines to refinance its debt at . Caplinj is a graduate of soutb Miami-Dade County’s Palmetto High School. He graduated from in 1985 witha bachelor’s degree in financwe and real estate. Two years later, he left C&W’s appraisalo group to launch the company’e local investment sales operation.
Caplin was part of a team in the late 1980 s that first specialized in investmeny salesin Miami. During the mid-1990s, Steelbridgwe Capital had 2 million square feet of commercialo real estate in its portfolio in seven Floridsa marketsincluding Jacksonville, Naples and Miami. They sold much of it from 2005to 2007. Caplin’a arrival marks another periodof opportunity-investmenft for the company, Steelbridge’s Campbell said.
"Wer think valuations are finally startingf to lookattractive again,” Campbell said in a “The opportunity to buy Florida assets at significant discountse to replacement cost is while the long-term job and demographic prospects for Floridz and the Caribbean basin are as strong as ever. Jay’ leadership will be the linchpin ofour