Ownership Group Acquires Providence Place Mall Out of Receivership

The Providence Place shopping center, in receivership since November 2024, has new ownership. A group consisting of Pyramid Management Group, Paolino Properties and DW Partners has closed on the acquisition of Rhode Island’s largest mall for a reported $133 million.

The transaction represents the beginning of a comprehensive repositioning and revitalization process for the 27-year-old center, Pyramid said in a statement. “Pyramid is hitting the ground running, and our team is already hard at work bringing new brands, state-of-the-art security technology, and center-wide improvements to the shopping center,” said Stephen J. Congel, CEO of Syracuse, NY-based Pyramid.

Added Joseph R. Paolino, Jr., managing partner of Paolino Properties. “There is something especially meaningful about Pyramid returning to a property they originally developed and managed, and we have tremendous confidence in the experience and expertise they bring to its operation.” For Paolino, the acquisition represents a return as well: he was mayor of Providence when the idea of a large-scale shopping center was first broached, and he later helped advance the project as the state’s economic development director.