Timberland Partners acquired the Sibley Square at Mears Park office at 190 5th St. E in Saint Paul, MN from BGK Properties, Inc. for $5.45 million, or about $26 per square foot.

The eight-story, 206,000-square-foot office building was built in 1913 in the St Paul CBD submarket. The buyer is looking into converting the property into multifamily rentals with 130 market-rate apartment units.

Both parties handled the direct sale in-house.

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