Prominent local developer Heri Polzl has teamed up with Markham-based Tricap Properties to buy The Shops at Waterloo Town Square.

In a Wednesday news release, Polzl said his first priority is to fill some of the 18,000 square feet of vacant space in the shopping complex.

"It's a once in a lifetime opportunity, to be able to buy the centre, the true heart, of a substantial city like Waterloo," Polzl said in the release.

"We could not pass it up."

The Shops are set to be managed by Primus PM, Polzl's company. The deal between Polzl and Tricap and sellers First Gulf Corp. was finalized this week, the release said, though the price has not been revealed.