Lawrence’s Iowa Paint store will close next week after being bought out by Gragg’s Paint Co.

The purchase, estimated to cost about $200,000 for inventory, equipment and other items, is scheduled to close today, said Todd Gragg, general manager for Gragg’s Paint.

The Iowa Paint store, 2101 E. 28th Terrace, will be closed Friday for inventory, and its estimated 1,000 gallons of paint will be transferred by early next week to Gragg’s Paint store, 1520 Wakarusa Drive, he said. The Iowa Paint store’s lease expires at the end of September.

Gragg estimates that the consolidation will add about $350,000 in annual sales to his Lawrence shop, mostly from contractors who use products for new homes, additions and maintenance of apartments and other rental units. Gragg’s Paint had sales of $780,000 last year in Lawrence.