Providence, R.I. — A partnership between Syracuse, New York-based Pyramid Management Group, Paolino Properties and DW Partners has been selected to acquire Providence Place Mall, a 1.4 million-square-foot lifestyle center located in Providence, for $133 million. The sale, approved by Superior Court Judge Brian Stern, ends a year-long receivership for the 13.2-acre shopping center, which had been in default under its previous owner, Brookfield Properties.
The group plans to complete a repositioning of the property that focuses on curating a stronger mix of retail, dining and entertainment, while enhancing the overall customer experience.
Providence Place Mall currently houses a mix of tenants including Dave & Buster’s, Abercrombie & Fitch, American Eagle, Aldo, Apple, Bath & Body Works, Brooks Brothers, Champs Sports, Cyclebar, DSW, Five Below and Garage, among others.
Three of the mall’s original anchors — Nordstrom, Filene’s and Lord & Taylor — were replaced over the years with Boscov’s, Macy’s and JCPenney. However, JCPenney closed in 2015, and the space is now shared by interactive entertainment venue Level99 and guest parking options.