A large commercial development in Thunder Bay, Ont., featuring a number of big box stores and shopping plazas will soon have new owners.

The Thunder Centre on Fort William Road has been sold by its outgoing owner, Partners Real Estate Investment Trust. The buyer has not yet been identified, company officials said, because the sale still has to be finalized.

According to the investment trust, the transaction is worth nearly $40 million.

In total, the Thunder Centre features about 168,000 square feet of retail space, including stores like Home Depot, the LCBO, Home Outfitters, Canadian Tire and a number of other retail strip buildings.