Exhibits 3′-nucleotidase activity toward adenosine 3′,5′-bisphosphate (PAP), namely hydrolyzes adenosine 3′,5′-bisphosphate into adenosine 5′-monophosphate (AMP) and a phosphate. May play a role in the formation of skeletal elements derived through endochondral ossification, possibly by clearing adenosine 3′,5′-bisphosphate produced by Golgi sulfotransferases during glycosaminoglycan sulfation. Has no activity toward 3′-phosphoadenosine 5′-phosphosulfate (PAPS) or inositol phosphate (IP) substrates including I(1)P, I(1,4)P2, I(1,3,4)P3, I(1,4,5)P3 and I(1,3,4,5)P4.