Aldi develops Port Richey store

Aldi develops Port Richey store

BUYER: Aldi Florida LLC, Haines City

SELLER: Cay Cinema LLC

PROPERTY: 6815 Cinema Drive, Port Richey

PRICE: $1.56 million

PREVIOUS PRICE: $1.1 million, October 2008

LAW FIRM ON DEED: Preston O. Cockey Jr. PA, Tampa

PLANS, DESCRIPTION: Batavia, Ill.-based discount grocer Aldi USA purchased a 7,300-square-foot former Lone Star Steakhouse restaurant building on two acres along U.S. 19 for $1.56 million. The purchase price equated to $780,000 per acre.

Aldi plans to develop the restaurant into a 16,000-square-foot grocery store for an opening in the third quarter of 2010. It is also scheduled to open another store at U.S. 19 and Alternative 19 in Holiday at about the same time.

Aldi operates more than 1,000 stores in 30 states, from Kansas to the East Coast.