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PHILADELPHIA-Minneapolis-based Target Corp. has bought 148.7 acres in West Jefferson Commerce Park in Madison County near Columbus, OH, for $4.46 million, or $29,993 an acre, according to published reports. The retail company plans to build a 1.35 million-sf distribution center that area real estate brokers estimate will cost in excess of $130 million, including land, construction, equipment, systems and inventory.

The park consists of a total of nearly 500 acres and is being developed by Dublin, OH-based MTB Corp. Both the city and the state provided Target with tax incentives.

Target will use the center to supply its stores throughout Ohio, Kentucky and Indiana. Plans call for fast-track construction and completion is scheduled for early 2004.

Target currently operates more than 1,000 Target stores in 47 states, 64 Marshall Field’s department stores, and about 350 Mervyn’s stores.

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