Tennants at Hounds Hill include Barratts, Claires Accessories and Superdrug in 110,000 sq ft (10,220 sq m) of retail space.
Modus Properties managing director Brendan Flood said Blackpool's popularity with tourists and investment in the town made the acquisition attractive. He said: 'Blackpool is a large conurbation with a great tourist loyalty. The town will see major benefit from public and private investment being made over the next five years.'
The Winsford Cross shopping centre, which is anchored by Asda, was sold for about£50 million to Mar Properties. Since buying the centre in 2001, Modus has expanded the retailing space by 40,000 sq ft (3,715 sq m) through redevelopment.
Flood said of both transactions: 'We have enjoyed our time as owners of Winsford Cross Shopping Centre.' He added: 'Blackpool has an exciting future.'