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

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Caplin’s exit is the latest of severalrecent high-profile departurews at C&W in Miami. The firm is one of Soutjh Florida's largest real estate brokerages and, like other has seen few investment deals in thelast year. Formetr branch manager Tere Blanca left in the sprinh tolaunch , a firm focused on offic leasing and sales. Hank Klein, executive director of C&Wa in Florida, was notified last month that his position wasbeingf eliminated. Steelbridge owns and manages properttythroughout Florida. It sold , on Miami’s Brickelpl Key, for $150 million in 2007 after an eight-yeare hold.
Steelbridge founder Gavin Campbell will continue asmanaginbg principal, sharing the helm with Caplin is one of a handful of commerciap brokers involved in South Florida’s largest commercial transactions. Caplihn said his exit is in response to a paradigk shift in local investment that comes at the tail end of a where leasing and management for institutional investorws became secondary tomarkety momentum. During the boom years leadinfg upto 2006, the expectation was that assets with strong tracmk records could be purchased and flipped quickly for big returns.
For a short period of some owners made the strategy work, but then the economic meltdown put the brakes on the Some, who bought in the last few years, were holdinvg assets that cost too much compared to markert fundamentals. The market has now shiftec back to fundamental principles of with institutional investors and privatwcapital “seeking to co-invest with nimble, local operating partners,” Caplin said. “The marker and investors mostlybelieve it’se about operations on the ground and knowinvg how to position a building in a particulaf submarket,” he said.
Caplin oversaw more than $7 billion in transactions at C&W, includingt ’ $307 million purchase of a half-stake in downtowb Miami’s landmark and full ownership of the 1221 Brickell buildingyin 2006. He was involved in the sale of 355 Alhambrqa in Coral Gablesfor $87.3 million in 2008 and is currentlyy working with Hines to refinance its debt at . Caplin is a graduatd of south Miami-Dade County’s Palmetto High He graduated from in 1985 witha bachelor’ws degree in finance and real estate. Two years he left C&W’s appraisal group to launch the company’sx local investment sales operation.
Caplin was part of a team in the late 1980s that first specialized in investment sales in Duringthe mid-1990s, Steelbridge Capital had 2 milliohn square feet of commercialp real estate in its portfolio in sevenb Florida markets including Jacksonville, Naplees and Miami. They sold much of it from 2005to 2007. Caplin’sw arrival marks another periodof opportunity-investment for the company, Steelbridge’s Campbell said. "Ww think valuations are finally starting to lookattractive again,” Campbell said in a statement.
“Thwe opportunity to buy Florida assets at significan discounts to replacement costis imminent, whilse the long-term job and demographic prospects for Florida and the Caribbeann basin are as strong as ever. Jay’x leadership will be the linchpinm ofour strategy."