"There has been a paradigm shift in the way institutional and private capital seeks to invest in real estate," says Caplin. "They are increasingly seeking to co-invest with strong, nimble, local operating partners with proven track records of finding the best opportunities in each local market."

Steelbridge Capital claims strong returns between 2005 and 2007 from the sale of nearly two million square feet of commercial real estate assembled in seven Florida markets during the mid-1990s. The firm has a proprietary database of opportunities but has been cautious about reinvesting over the past several years.

"We think valuations are finally starting to look attractive again," says Gavin Campbell, Steelbridge Capital founder and managing principal. "The opportunity to buy Florida assets at significant discounts to replacement cost is imminent, while the long-term job and demographic prospects for Florida and the Caribbean basin are as strong as ever."