Wythenshawe Civic Centre is to be acquired by Manchester City Council as part of wider plans to transform the town centre.
The 350,000 sq ft site includes the likes of Asda, B&M, Iceland and Home Bargains and is to be bought from property giant St Modwen.
In a statement, city council said the shopping parade is the commercial centre of the area and a "vital resource for local people to access shops, leisure facilities and other amenities".
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The local authority added the "strategic acquisition" would consolidate its wider land ownership to "provide a platform to explore options around investment and regeneration".
Due diligence is set to take place over the coming weeks while the council expects to complete the deal by the end of the summer.
The authority added that work is underway to ensure that the change in ownership will have no impact to traders, tenants and businesses in the centre.
Over recent months the council has been working on a long-term future vision for the potential regeneration of the town centre that includes new homes, employment and cultural space alongside investment into public realm.
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Cllr Gavin White, Manchester City Council’s executive member for housing and development, said: "We know how important the town centre is to local people in Wythenshawe as a lifeline to shops and amenities.
"We also know that residents have wanted to see more investment in the centre for some time, so it's fantastic to get the ball rolling on what will be a transformational redevelopment for the centre and for local people.
"We’ll be undertaking some consultation exercises with local people in the coming weeks and months to share our vision for the town centre and get invaluable feedback from the very people who use it regularly."
A spokesperson for St Modwen added: "As St Modwen’s strategy has shifted in recent years to focus on logistics development and housebuilding, we are happy that Manchester City Council will be the custodians of Wythenshawe town centre moving forward.
"We see a great future for the area and look forward to seeing Wythenshawe thrive as part of longer-term regeneration plans."