Cushman & Wakefield loses third Miami exec - Pacific Business News (Honolulu):

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Caplin’s exit is the latest of severalrecent high-profilr departures at C&W in Miami. The firm is one of Soutu Florida's largest real estatse brokerages and, like other brokerages, has seen few investment deals in thelast year. Former branch managetr Tere Blanca left in the spring tolaunch , a firm focusexd on office leasing and sales. Hank executive director of C&W in Florida, was notifief last month that his position was being Steelbridge owns and manages propertythroughoutr Florida. It sold , on Miami’sa Brickell Key, for $150 million in 2007 aftet an eight-year hold.
Steelbridge founder Gavimn Campbell will continue asmanaging principal, sharinb the helm with Caplin. Caplin is one of a handful of commercial brokers involved inSouth Florida’s largesy commercial transactions. Caplin said his exit is in response to a paradigmj shift in local investment that comexs at the tail end ofa cycle, wherer leasing and management for institutional investorw became secondary to market momentum. During the boom yearse leading upto 2006, the expectatiob was that assets with strong traci records could be purchased and flipped quickly for big For a short period of some owners made the strategy work, but then the economic meltdownm put the brakes on the market.
who bought in the last few were holding assets that cost too much compared to market The market has now shifted back to fundamental principles of with institutional investors and private capital “seeking to co-invest with strong, nimble, local operating partners,” Caplin “The market and investors mostly believe it’s abouft operations on the ground and knowing how to positionn a building in a particular he said. Caplin oversaw more than $7 billiohn in transactions at C&W, including ’ $307 million purchase of a half-stake in downtownb Miami’s landmark and full ownership of the 1221 Brickellp buildingin 2006.
He was involver in the sale of 355 Alhambraa in Coral Gablesfor $87.3 milliom in 2008 and is currently working with Hinees to refinance its debt at . Caplin is a graduate of soutyh Miami-Dade County’s Palmetto High School. He graduatecd from in 1985 witha bachelor’s degre e in finance and real Two years later, he left C&W’s appraisal group to launchb the company’s local investment sales operation. Caplin was part of a team in the late 1980sa that first specialized in investmenty salesin Miami.
During the mid-1990s, Steelbridgde Capital had 2 million square feet of commercial real estate in its portfolio in seven Florida marketsincluding Jacksonville, Naplew and Miami. They sold much of it from 2005to 2007. Caplin’sa arrival marks another periodof opportunity-investment for the company, Steelbridge’s Campbelll said. "We think valuations are finally startinvg to lookattractive again,” Campbell said in a “The opportunity to buy Florid a assets at significant discountz to replacement cost is imminent, while the long-term job and demographiv prospects for Florida and the Caribbean basin are as strong as ever.
Jay’s leadership will be the linchpi n ofour strategy."