The French sentence is a faithful translation of the English sentence. Both sentences make sense if the context makes it clear which building in the town center is being referred to.
If there are multiple candidate buildings and you don't want to refer to a particular one, only mention the existence of such a building, then in English you would say “she is the owner of a building” and in French “elle est propriétaire d'un immeuble”.
Here one would usually omit the article in front of propriétaire. When the verb être is followed by a noun that indicates a quality, it's common to express this quality without an article, and sometimes even compulsory (but not here, here the article is just optional).
Elle est médecin. (She's a doctor.)
Elle est propriétaire. (She's a homeowner.)
Elle est propriétaire de cet immeuble. (She owns this building. The emphasis is on the ownership.)
C'est la propriétaire de cet immeuble. (She's the owner of this building. The emphasis is on the fact that she, rather than someone else, is the owner.)
Elle est la propriétaire de cet immeuble. (She's the owner of this building. The emphasis is on the fact that she's the owner, rather than some other fact about her.)