Bayyari pays $1.28 million for bankrupt warehouse.

Fadil Bayyari is the new owner of the Ozark Cooperative Warehouse Association after recently purchasing the bankrupt company for $1.28 million.

An offer has been made and accepted, but the purchase won't be closed until the property is released by a bankruptcy judge later this month. It includes 45,000 SF of warehouse, cooling and freezer space and about 15 acres of surrounding property at 1601 E. Pump Station Road in Fayetteville's Industrial Park.

Bayyari plans to spend from $200,000 to $300,000 in renovations that will include major work on the interior; exterior, loading docks and the road to the warehouse.

"Besides the renovations, there's room on that property to build more space on it," Bayarri said. "But we probably won't be able to take possession of it until the first of the year."

Still, Bayarri hopes to have everything completed by late spring. While the exact numbers haven't been formulated yet, Bayyarri said the warehouse probably would lease from $4 to $7 per SE His company, Bayyarri Properties of Springdale, builds warehouses and shopping centers. The company also manages the properties.

Richard Davies, general manager, filed the OCWA for Chapter 7 bankruptcy on Oct. 2. The filing listed more than 200 creditors and more than $1 million in debt. The company also sold about $9,000 in equipment to various companies, according to the filing in U.S. Bankruptcy Court, Western District of Arkansas.

OCWA was formed in 1976 by a group of co-op retail stores and buying clubs. It provided scheduled refrigerated and frozen delivery service of over 3,500 products, according to its Web site.