Capstone Management buys former Andersen building

An affiliate of Capstone Management LLC has added a third Sarasota office building to its portfolio by acquiring a former Arthur Andersen building for $23.5 million, according to property records.

Capstone's purchase of the Sarasota Commerce Center II building, at 101 Paramount Drive, marks the latest in a series of recent purchases of area Class A office properties, records show.

In February 2016, the company bought the 71,000-square-foot PNC Bank Building and a pair of adjacent lots in downtown Sarasota for $15.9 million.

A year earlier, in April 2015, a Capstone company invested $11.5 million to buy the five-story Ringling Square office building, also downtown at 1626 Ringling Blvd. Ringling Square, a 38,420-square-foot building, also contains an adjacent 144-space parking garage.

All three Capstone affiliates are managed by Rebecca Hunzeker, according to state records. Hunzeker could not be reached for comment on the company's latest acquisition.

Sarasota Commerce Center II, once occupied by accounting and consulting firm Arthur Andersen before it imploded in connection with an Enron Corp. scandal, contains 157,500 square feet in all.

The three-story building, whose tenants include Universal North America Insurance Co. and Shared Services Center, was completed in 1999. A companion building contains the U.S. headquarters of Intertape Polymer Group.