Kelowna's Dilworth Shopping Centre officially has new owners.

The 14-acre property on the corner of Highway 97 at Leckie Road was purchased for $85 million in conjunction with the Vernon Square shopping centre in Vernon.

Vancouver real estate companies Peterson Group and Premise Properties co-invested in the 200,000 square feet of leasable area, which it believes still serves a strong purpose in Kelowna.

“Contrary to current headlines, we still believe in retail, especially the “everyday retail” mix that Dilworth offers, including grocery, liquor, services and food,” said Justin Pollard, Vice President for Premise Properties.

“We purchased Dilworth because it is a well located and unique value-added opportunity in a great city.”

 Among the tenants are several prominent service based retail tenants including Worlds Gym, Staples, JYSK, TD Bank and Boston Pizza.

The strip mall also includes a Safeway, which is owned separately and not part of the sale.

Photo Credit: Google Maps.

“We believe the service-oriented nature of the centre will continue to drive the need or desire for customers to visit the shopping centre physically,” said Darren Wong, Director of Investments for Peterson Group. 

“The asset differs from larger enclosed shopping centres that are more fashion oriented; we liked that Dilworth provides a more service-oriented, community offering.”

Dilworth Shopping Centre is designated for mixed-use and does have the potential for more commercial density and even residential opportunities.