The local authority has bought the 400,000 sq ft shopping centre in Bootle from Ellandi and Avenue Capital for £32.5m, three years after Ellandi purchased the centre for £27m.
The Strand opened in the 1960s, and has 118 shops, including tenants New Look, B&M, JD Sports, and Argos.
According to the council, the acquisition will form part of plans to regenerate the town centre, but also aims to provide a new revenue stream to support local services.
The council said: “With services under pressure due to cuts to council budgets at a national level, Sefton Council has been looking for new ways to generate income to limit the impact of cuts. The purchase of the Strand is a step to ensure we can continue to deliver the services our residents need in the future.
“The purchase has been fully funded through a loan and comes at no expense to the taxpayers and residents of Sefton.”
Plans for the future development of the centre will be put together over the coming months.