Costco Wholesale Corp. has paid nearly $13.5 million for about 150 acres just west of downtown Owatonna, where the big-box retailer is planning to build a 354,000-square-foot warehouse.
Finance & Commerce reports on the deal for the site, which will become the home of Costco’s first distribution center in Minnesota. Issaquah, Wash.-based Costco (Nasdaq: COST) operates about two dozen of the giant warehouses nationwide. Another facility is in the works in Texas.
Costco’s interest in Owatonna has been known for months, though F&C notes the seller of the property didn’t discover the company was the interested party until late in the deal.
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