Target acquired a $231M distribution center in Thornton, adding a key logistics hub as the retailer prepares to unveil a new growth strategy next week.

The 96-acre property at 15450 Washington St. includes a 529K SF freezer and cooler warehouse and is part of the 5820 Logistics Park. Development began in 2023, with completion expected by the end of the first quarter. The Denver Business Journal first reported the deal.

The purchase comes amid mounting investor pressure as Target loses ground to competitors like Walmart and Costco. The retailer will hold its investor day in New York City on March 4, where it's expected to outline a turnaround plan, according to The Minnesota Star Tribune.

Analysts say Target needs to refine its online and in-store strategy to regain momentum.

With this latest acquisition, Denver could play a bigger role in Target’s logistics network, supporting its push for faster inventory turnover and improved e-commerce fulfillment.

The site was developed by Hillwood Development Co., which was founded by Ross Perot, Jr.

Target has not commented on the acquisition.

The $257M industrial development was partially funded through a $79.2M EB-5 loan, according to CMB Regional Centers, an operator of EB-5 programs. The EB-5 visa program offers foreign investors a path to U.S. residency in exchange for job-creating investments.

That program, however, is in flux. President Donald Trump just announced plans to scrap EB-5 in favor of a $5M "gold card" visa program within weeks. There are questions about his authority to change the program without the involvement of Congress.

The current EB-5 program requires an investment of about $1M.