Home decor retailer Garden Ridge has shelled out $1.6 million to acquire and occupy a former Kmart store at 2244 S. Reynolds Road. The transaction has been completed on Monday, according to The Blade.

The Houston-based retailer plans to renovate the building before re-occupying it. The Kmart store shut down in 2012 and a local thrift store has temporarily occupied the said property, the report detailed.

Toledo City Council member Matt Cherry said of the purchase: "This is a great start. I've been told the retailer plans to invest $3.5 million in that store and will create over 20 jobs. And you'll also have the construction jobs, so I don't see how it can't be [a good thing]."

Founded in 1979, Garden Ridge is a retail chain that sells home decor products such as furniture, pottery, bedding, and housewares. It is currently owned by private firm AEA Investors. The company now has 62 stores across 20 states in the US, The Blade reported.