The advent of 5G positioning techniques by 3GPP has unlocked possibilities for applications in public safety, vehicular systems, and location-based services. However, these applications demand accurate and reliable positioning performance, which has led to the proposal of newer positioning techniques. To further advance the research on these techniques, in this paper, we develop a 3GPP-compliant 5G positioning testbed, incorporating gNodeBs (gNBs) and User Equipment (UE). The testbed uses New Radio (NR) Positioning Reference Signals (PRS) transmitted by the gNB to generate Time of Arrival (TOA) estimates at the UE. We mathematically model the inter-gNB and UE-gNB time offsets affecting the TOA estimates and examine their impact on positioning performance. Additionally, we propose a calibration method for estimating these time offsets. Furthermore, we investigate * Both authors contributed equally to this research.