Menard, Inc.-which operates the Menards chain of home-improvement stores-paid $5 million for land next to its store in Richfield, according to documents filed with the Hennepin County assessor's office.

A representative of the Eau Claire, Wisconsin-based company wouldn't provide any details about what the company's plans are for the 2.2-acre site located at 7717 Nicollet Avenue South.

Menards bought the land from Yik and Yau Lo of Woodbury, who paid $2.13 million for it in 2002, according to the county's property records.

Chinese restaurant Jun Bo is located on the site, which sits next to the Menards store along Interstate 494.

Melissa Poehlman, Richfield's city planner, told Twin Cities Business on Tuesday afternoon that Menards has spoken with city officials “over the past few years” and expressed an interest in expanding its Richfield store, which doesn't currently have a lumberyard.

“We would speculate that that's why they have purchased the property adjacent to them,” Poehlman said. However, she said that the company hasn't yet submitted any official plans or building-related applications.

Menards operates more than 200 stores in the Midwest-including at least 20 in Minnesota. The company recently opened a mega store in Eden Prairie after tearing down and rebuilding a store on the same property.

The company appears poised to do something similar with its recently shuttered store on Interstate 394 in Golden Valley. Mark Grimes, the city's director of planning and development, said Tuesday afternoon that Menards plans to raze the 128,000-square-foot store and replace it with a two-story store that spans about 250,000 square feet. Demolition began within the past week, and Menards hopes to open the new store in April 2012, Grimes said.

A Menards spokesman confirmed that two new Minnesota stores-one in Bemidji and another in Marshall-will open in early spring.