Cushman & Wakefield loses third Miami exec - South Florida Business Journal:

bertayfybuqutyp.blogspot.com
Caplin’s exit is the latest of severalrecenr high-profile departures at C&W in Miami. The firm is one of Soutb Florida's largest real estate brokeragee and, like other has seen few investment deals in thelast year. Former branch manager Tere Blanca left in the spring tolaunch , 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. Steelbridg owns and manages property throughout Itsold , on Miami’e Brickell Key, for $150 million in 2007 after an eight-yeatr hold.
Steelbridge founder Gavin Campbell will continus asmanaging principal, sharing the helm with Caplin is one of a handful of commercial brokers involved in Southg Florida’s largest commercial Caplin said his exit is in responsre to a paradigm shift in locakl investment that comes at the tail end of a where leasing and management for institutionakl investors became secondary to market During the boom years leading up to the expectation was that assetz with strong track records couldd be purchased and flipped quickly for big returns. For a short periodc of time, some owners made the strategt work, but then the economic meltdowbn put the brakes onthe market.
Some, who bought in the last few were holding assets that cost too much compared tomarkeyt fundamentals. The market has now shifted back to fundamentalo principlesof investment, with institutional investorsw and private capital “seeking to co-invest with nimble, local operating partners,” Caplin “The market and investors mostly believ e it’s about operations on the ground and knowing how to position a buildinfg in a particular submarket,” he Caplin oversaw more than $7 billion in transactionsa at C&W, including $307 million purchase of a half-stake in downtown Miami’d landmark and full ownership of the 1221 Brickell buildinvg in 2006.
He was involved in the sale of 355 Alhambraz in Coral Gablesfor $87.33 million in 2008 and is currently workiny with Hines to refinance its debt at . Caplib is a graduate of south Miami-Dade County’ws Palmetto High School. He graduatecd from in 1985 witha bachelor’es degree in finance and real estate. Two years he left C&W’s appraisal group to launchn the company’s local investment saled operation. Caplin was part of a team in the late 1980s that first specialized in investment salesin Miami.
Durinhg the mid-1990s, Steelbridge Capital had 2 millioj square feet of commercial real estatr in its portfolio in seven Florida marketesincluding Jacksonville, Naples and Miami. They sold much of it from 2005to 2007. Caplin’sz arrival marks another periodof opportunity-investment for the Steelbridge’s Campbell said. "We think valuationxs are finally starting to lookattractive again,” Campbello said in a statement. “The opportunityt to buy Florida assetsz at significant discounts to replacementr costis imminent, while the long-term job and demographiv prospects for Florida and the Caribbean basin are as strony as ever.
Jay’s leadership will be the linchpin ofour