A South Dakota developer who has three Rochester apartment complexes in the works is expanding into the less expensive market of St. Paul by buying the Pioneer Press building.
The Pioneer Press on Friday sold its downtown St. Paul headquarters to a South Dakota real estate developer who plans to convert the building into an apartment complex.
Stencil Group of Sioux Falls, S.D., purchased the 162,000-square-foot property last week for an undisclosed sum. But the company’s chief executive, Nate Stencil, said the final sale wasn’t far off the asking price of $4.2 million.
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