Doug Compton’s portfolio of downtown properties is expanding.

The Lawrence developer and president of First Management Inc. scored ownership Thursday of 1029 Mass., the building that is home to Play It Again Sports.

One of Compton’s holding companies, Consolidated Properties LLC, bought the building, bringing its total downtown to at least a dozen. Compton’s partner in Consolidated Properties is friend Larry Brown, former Kansas University basketball coach and current New York Knicks coach.

“It’s just another opportunity in downtown Lawrence,” Compton said. “We believe in downtown, and we want to continue to be a part of it.”

Compton declined to disclose terms of the deal, but seller Dave Wright said Consolidated Properties paid more than the building’s $226,300 valuation assigned by the Douglas County Appraiser’s Office.

Wright didn’t bother seeking other potential buyers for the space: 2,500 square feet on the main level, 1,000 square feet in the basement and a 500-square-foot office upstairs.

“Have you seen all the First Management signs downtown?” Wright said. “He’s winning the bidding wars. There’s no sense going to that trouble. If you’re smart, you can just save a lot of time and effort on everybody’s part by cutting to the chase.

Consolidated Properties LLC, one of Lawrence developer Doug Compton's holding companies, bought the building that houses Play It Again Sports at 1029 Mass. The shop plans to remain open until a buyer for the business can be found.

“If I didn’t believe I was getting the winning bid, I would have put it out for bid.”

Play It Again Sports will remain open until a buyer for the business can be found, Wright said, and he’s already talked with some “interested parties.” Wright opened the place in August 1993, offering used sporting goods before other shops selling used items became commonplace downtown.

Today, he said, nearly nine out of every 10 items Wright sells – whether it’s a basketball, bat or treadmill – are new, although the used items are available for people seeking the lowest-possible prices.

Whoever takes over the Play It Again shop will be left to work out a lease with Compton, Wright said, and the numbers on both sides should pencil out.

“I’m just looking for a new challenge in life,” said Wright, 39. “I’ve really enjoyed what I’ve done, but I’ve always said, ‘If I ever felt like I didn’t want to turn the key when I walk up to the back door, I’d give the key to somebody else.’ It’s just time for that.”