By Jenny Kincaid Boone

Ownership of a Roanoke trove of old records, fishing and motorcycle gear, baseball cards and other unusual knickknacks has changed hands, but hunters of bargain-priced treasures may see little evidence of it.

RTM Roanoke Expo Center LLC, an investment group in Washington, purchased Happy's Flea Market on Williamson Road last month, according to the merchandising mecca's general manager, Greg Beecher. Terms of the deal and other specifics, such as the sale price, were not available.

According to city property records, the flea market area at 5411 Williamson Road has an assessed value of $1.4 million this year.

The previous owners of Happy's, known as American Flea Market Co. LLC, purchased the flea market in 1999 for about $1 million, according to past news reports.

The owners were Virginia Capital, a venture investment firm in Richmond, and Bill Gresser, who is past chairman of the National Flea Market Association. Virginia Capital would not comment about why it sold Happy's, and Gresser, of Arizona, could not be reached for comment about the sale.

"They've had the property for a long time," said Beecher, speaking for the former owners. "Their investment matured."

Nothing will change at Happy's with the new ownership, Beecher said, and it will continue to operate as a flea market.

That's good news, said Amy Krohmer, executive director of the Williamson Road Area Business Association.

After American Flea Market Co. purchased Happy's, some much-needed renovations were done there, including painting, repaving the parking area and putting up professional signs, Krohmer said.

"I would just hope that they would continue to keep it clean like it's been," she said. Krohmer remembers skating as a child at a roller-skating rink that once was housed at Happy's.

Happy's is among the oldest flea markets in Virginia, she said, tracing its beginnings to the early 1970s.

Built in 1958, the building formerly housed Arlen's department store, and later, a recreation center with miniature golf, roller skating and food. A retired Roanoke Valley doctor and former owner, Wayne Fralin, created the bustling flea market that now houses 100 vendors inside and at least 500 vendors on and off during the week.

Purveyors of many stripes rent spaces by the month. Some have been there for at least 20 years, while others are newer businesses. They pay a range of $100 to $2,000 a month, depending on the size of the space and other factors, said Steve Mirzayan, who owns Hopar's, a motorcycle gear shop at Happy's.

The flea market is open Tuesday through Sunday, and on Saturdays it is overflowing with vendors selling their wares, mainly outside under tents in the back of the building.

The market also houses a large number of Hispanic-owned small businesses.

The flea market business is lucrative and is growing, based on data from the National Flea Market Association, of which Happy's is a member. The number of flea markets nationwide in 2005 was about 1,600, said the association's executive director, Gail Barron. She couldn't provide specifics about recent growth in terms of percentage increases.

"Flea markets are unique because we feel like it's one of the last vestiges of the free enterprise system," Barron said. "You've got that face-to-face transaction. It allows the customer to deal with the proprietor of the store."

Beecher is the face of Happy's. The native of Buffalo, N.Y., became general manager in 1999 and previously was assistant manager of Yuma Park N' Swap, a flea market in Arizona.

He runs most parts of the flea market, pulling 6 a.m. to 6 p.m. shifts on Saturdays and Sundays.

"I'm like the Wizard of Oz, the man behind the curtain," he said.

Beecher oversees a colorful crew of business owners.

They include Cecil Dunbar, who opened The Record Shop 22 years ago, selling old records, DVDs, and video games. Over time, with rising competition from downloaded music off the Internet, Dunbar's video game business is most lucrative for him.

In fact, he considered changing his shop's name to Video Exchange but decided against it because he was afraid the name wouldn't stick with his regular customers.

Mirzayan, who opened Hopar's in 1984, sells an unusual mix of merchandise -- motorcycle jackets and jewelry.

"That's the great thing about the market," he said. "You can be pretty versatile."