Pyramid Management Group joins a partnership to purchase the Providence Place mall in downtown Providence for approximately $133 million.
Pyramid Management Group, in partnership with Paolino Properties and DW Partners, has secured exclusive rights to negotiate the acquisition of Providence Place, a major urban shopping and entertainment center in downtown Providence, Rhode Island. The $133 million transaction encompasses both the physical real estate and the management of the property.
The acquisition marks a strategic repositioning effort for the site, which has been under receivership and has recently undergone improvements to its security, maintenance, and infrastructure. The buying partnership, which combines experienced mall operators and local ownership, plans to finalize the purchase and sale agreement following recent court approval.
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