Bishop Auckland's modernised Newgate Centre has been sold to a specialist developer for £8m.
The new owner is the Oakgate Group, from Wetherby, one of Yorkshire's fastest growing property and investment companies with a track record of successful projects in York, Harrogate and Leeds.
The company has exchanged contracts with the Asda supermarket chain, which spent £2.5m on improving the centre after moving in November to a £15m store at Wilson's Forge.
Asda described the deal yesterday as a vote of confidence in the town.
The store chain will work with Oakgate until completion takes place at the end of January.
An Asda spokesman said yesterday: "The company felt it was the right time to hand the reigns over to a specialist management company, with experience of running shopping centres, to ensure its ongoing success.
"It was always going to be better if it was taken out of our hands. With Oakgate's experience there is no question that this is a good thing for Bishop Auckland."
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