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Newspaper news: Pioneer Press building sold for downtown apartments

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The Pioneer Press broke news that was close to home when the newspaper published a story that said its longtime offices have been sold to a South Dakota real estate developer. The space, which has been the paper's headquarters since 1984, will be converted into an apartment building.

The property was listed by Colliers International, which noted that the 8-story building at 345 Cedar St. contains 162,000 square feet. It was listed at $4.2 million. Terms of the sale were not released.

In May, a newspaper spokeswoman told the Business Journal that Colliers International had been hired to to oversee the process of selling or leasing the space.

Nate Stencil, CEO of the Stencil Group, which purchased the building, said it could accommodate 150 to 168 apartments.

WCCO reported that construction to renovate the space into residential units is expected to begin in January. The renovated building could begin welcoming its first tenants by the fall of 2016.

The newspaper plans to relocate elsewhere in St. Paul, with details to be announced next week. The sale of the building comes two weeks its former printing plant was sold; newspaper production was contracted to the Star Tribune last year.

The Star Tribune's longtime landmark officers were also recently vacated. The Minneapolis structure is being demolished to make way for the Downtown East development. The newspaper's staff has relocated to three floors of a downtown office building.

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