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Group buys Providence Place mall for $133 million from receivership
The Providence Place shopping center has been in receivership since November 2024, and the new owners plan a repositioning and revitalization effort that includes new brands and security technology.
ConnectCRE reports that a partnership led by Pyramid Management Group, Paolino Properties, and DW Partners has closed on the acquisition of Providence Place, Rhode Island’s largest mall, for a reported $133 million.
The shopping center has been in receivership since November 2024, and the deal marks the start of a comprehensive repositioning and revitalization process for the 27-year-old property, Pyramid said in a statement.
Pyramid said its team is already working to bring new brands, add state-of-the-art security technology, and make center-wide improvements.
In the announcement, Pyramid CEO Stephen J. Congel said the company is “hitting the ground running,” and Paolino’s Joseph R. Paolino, Jr. noted the acquisition is meaningful because he previously helped advance the shopping center’s initial development and related economic development efforts.