Bethel Square Shopping Centre in Brecon, Wales , which incorporates 30 retail units and additional upper floor offices, has been acquired.
Retailers include Mountain Warehouse, Holland and Barrett and Boots.
In a joint statement, new owners Harry and Robert Black said:
"We are pleased to have acquired the shopping centre and hope to improve it as both an asset to the people of Brecon and the wider area as well being a tourist destination, we are obviously in challenging times but we are excited to work with existing and new occupiers."
Nick Golunski of Calan Retail, who acted in the transaction, added: "In this volatile and uncertain market there are still opportunities for investors to purchase well positioned commercial properties with strong fundamental factors."
David Williams of Emanuel Jones stated:
"The purchasers intention is to undertake additional asset management initiatives building upon the previous owner's strategy.
"Working in a collaborative way with retailers to increase trade and offer additional opportunities."