Property Alliance Group has completed the sale of land in Accrington to Tesco Stores for an undisclosed sum.
Detailed planning consent was granted at the start of the year to build a £35m, 93,000 sq ft store at the Eagle Street site. Construction is due to start later this year.
The project is the largest single investment in Accrington in the last five years and will create 350 new jobs in the area.
Jonathan Mather, director, Property Alliance Group, said: "The site's close proximity to the town centre will drive linked trips to the shopping core and help breathe new life into Accrington."
Cheetham & Mortimer acted for Property Alliance Group and Tushingham Moore acted for Tesco Stores.