The Bay Centre in Victoria has been sold in what Avison Young predicts will be one of the largest commercial real estate transactions in all of B.C. this year. The 407k SF, four-level enclosed mall—on three acres in the heart of Victoria’s commercial core—was sold by LaSalle Investment Management and a member of The Westcliff Group of Companies in an off-market transaction. The purchaser is Manulife Real Estate, the Times Colonist reports. The deal closed Feb. 11. While selling price wasn't disclosed, B.C. Assessment has valued the property at $97.5M.

This is the second significant investment in Victoria’s downtown in the past nine months, with Bosa Development Corp’s acquisition of The Empress Hotel in June 2014. The Bay Centre deal “is an indication of the faith placed in the future revitalization and long-term sustainability of Victoria’s downtown retail and commercial core,” says Avison Young principal Michael Gill who, along with Avison Young principal Bob Levine, repped the seller. Michael says The Bay Centre’s new owners have a “long-term view for the property” that'll involve ”improvements to the asset on several fronts.”