LAFAYETTE - Brown and Associates Ltd., a real estate investment firm in Westminster, closed recently on the purchase of The Village at Lafayette shopping center at 297 N. U.S. Highway 287 for $2 million.

The 20,048-square-foot center sits on about 2.5 acres at the southwest corner of Highway 287 and Baseline Road. It had been owned by an investment firm in Texas, according to Vista Commercial Advisers Inc.'s Chris Jensen, who represented seller Lafayette FCG Properties LLC in the transaction.

"I think it's a great location," said Sam Brown of Brown and Associates. "You've got two major streets. It's a modern, attractive building. I think it's got a lot going for it."

Jensen said the Village at Lafayette, built in 2004, is 71 percent leased, making it a "value-add opportunity."

Tenants include The Dental Shoppe, Compass Nursing Arts and a Dominoes Pizza. That's in addition to Liquid Mechanics Brewing Co., which recently leased 3,161 square feet of the former Fitness 19 space and is planning to open this spring.

"The fact that they leased the corner of the building that's right on the corner of 287 and Baseline, they've got the advantage of large traffic counts," Jensen said. "They picked a really good spot."