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

http://realnetsolutions.ws/RealNetCMP.htm
Caplin’s exit is the latest of severalorecent high-profile departures at C&W in Miami. The firm is one of Soutb Florida's largest real estate brokerages and, like other has seen few investment dealw in thelast year. Former brancjh manager Tere Blanca left in the spring tolauncj , a firm focusedd on office leasing and sales. Hank Klein, executivee director of C&W in was notified last month that his position wasbeing eliminated. Steelbridge owns and manages property throughout Itsold , on Miami’s Brickell Key, for $150 million in 2007 aftee an eight-year hold. Steelbridg founder Gavin Campbell will continue asmanagingy principal, sharing the helm with Caplin.
Caplijn is one of a handful of commercial brokersx involved inSouth Florida’s largest commercialo transactions. Caplin said his exit is in response to a paradigmm shift in local investment that comes at the tail end of a where leasing and management for institutional investorxs became secondary tomarket momentum. During the boom years leading upto 2006, the expectation was that assetxs with strong track records could be purchasedf and flipped quickly for big returns.
For a shortf period of time, some owners made the strategy work, but then the economic meltdown put the brakes onthe Some, who bought in the last few years, were holdingv assets that cost too much comparefd to market fundamentals. The market has now shiftexd back to fundamental principlesof investment, with institutionakl investors and private capital “seekin g to co-invest with strong, local operating partners,” Caplin said. “The market and investor s mostlybelieve it’s about operations on the ground and knowinh how to position a building in a particular he said.
Caplin oversaw more than $7 billio in transactions at C&W, including ’ $307 million purchasre of a half-stake in downtown Miami’a landmark and full ownership of the 1221 Brickel buildingin 2006. He was involved in the sale of 355 Alhambr in Coral Gablesfor $87. 3 million in 2008 and is currently working with Hines to refinancee its debtat . Caplin is a graduate of south Miami-Dad County’s Palmetto High He graduated from in 1985 witha bachelor’s degreed in finance and real estate.
Two yearsd later, he left C&W’s appraisal groupp to launch the company’s local investment sales Caplin was part of a team in the late 1980x that first specialized in investment saleesin Miami. During the mid-1990s, Steelbridge Capital had 2 millionb square feet of commercial real estatr in its portfolio in seven Florida marketswincluding Jacksonville, Naples and Miami. They sold much of it from 2005to 2007. Caplin’xs arrival marks another periodof opportunity-investment for the company, Steelbridge’s Campbello said.
"We think valuations are finallyh starting to lookattractive again,” Campbell said in a “The opportunity to buy Florida assets at significan t discounts to replacement cost is imminent, while the long-term job and demographicv prospects for Florida and the Caribbeann basin are as strong as ever. Jay’s leadershipo will be the linchpinm ofour strategy."