The Real Deal Miami

Firm acquires its 3rd Sarasota office building for $23.5M

Capstone Management LLC bought a three-story building with 157,500 square feet of space
July 30, 2017 12:00PM

101 Paramount Drive in Sarasota

Capstone Management LLC acquired its third office building in Sarasota in a $23.5 million deal.

An affiliate of Capstone bought a three-story office building with 157,500 square feet of space. The 18-year-old building at 101 Paramount Drive, called Sarasota Commerce Center II, has tenants that include Universal North America Insurance Co. and Shared Services Center.

The Paramount Drive property had been occupied by accounting firm Arthur Andersen prior to its 2002 collapse.

Sarasota Commerce Center II is Capstone’s third office-building acquisition in Sarasota since 2015.

Capstone paid $15.9 million in February 2016 for the PNC Bank building, a 71,000-square-foot office property in downtown Sarasota, together with two adjacent lots.

In April 2015, Capstone paid $11.5 million for another office property in downtown Sarasota, a five-story, 38,420-square-foot building at 1626 Ringling Boulevard. [Business Observer]Mike Seemuth