The Bay Centre shopping mall in downtown Victoria, British Columbia, has been sold, marking what could be one of the largest commercial real estate transactions in B.C. for 2015, according to Michael Keenan, principal and managing director at Avison Young.

The four-level, 407, 000-square-foot mall, anchored by The Bay, expands across three acres, near future high-rise residential developments.

“This transaction is an indication of the faith placed in the future revitalization and long-term sustainability of Victoria’s downtown retail and commercial core,” said Michael Gill, principal with Avison Young who, along with Principal Bob Levine, represented the seller in the transaction. The vendors were LaSalle Investment Management and a member of The Westcliff Group of Companies.

This is the second largest investment in Victoria’s downtown core, following Bosa Development Corporation’s June 2014 acquisition of the Fairmont Empress Hotel for $40 million.

“There remains considerable interest in acquiring premium retail assets in irreplaceable locations,” added Gill. “There are virtually no opportunities to acquire three acres in the heart of a downtown in one of Canada’s top cities. This was one of those rare opportunities.”