Posted Thursday, July 19, 2012 --- 7:50 a.m.

MENOMONEE FALLS, Wis. (AP) -- Kohl's Corp. said Thursday it has reached a property agreement to keep its headquarters in Menomonee Falls.

The department store chain will take ownership of about 100 acres in Woodland Prime, a Menomonee Falls business park. Kohl's will also acquire a small office building adjacent to the land.

In exchange, Menomonee Falls will assume ownership of Kohl's former distribution center in the village. The company says it plans to build a second corporate campus on the vacant land and continue to operate it current headquarters in Menomonee Falls. Currently, nearly 3,000 people work at Kohl's headquarters.

Kohl's CEO Kevin Mansell says the company has always preferred to stay in Wisconsin, but needed time to study options, including a move outside the state. The transaction is expected to close this fall.

Copyright 2012. The Associated Press.