Pyramid completes purchase of Providence Place
The most-visited shopping center in the state of Rhode Island is now back in the hands of the developer that opened it in the 1990s.
Syracuse-based Pyramid Management Group, in partnership with Paolino Properties and DW Partners, has closed on the purchase of Providence Place, the 1.4 million-sq.-ft. retail centerpiece of the state’s capital and its largest mall.
“We are thrilled to welcome Providence Place back to the Pyramid portfolio,” said Pyramid’s CEO Stephen Congel. “The center is optimally positioned in the market, and we couldn't be more excited to elevate this iconic property to new heights.”
Pyramid vows to make an immediate impact at the mall that will include aesthetic enhancements to the common areas, new dining and entertainment tenants, and the implementation of Pyramid’s gold standard security program with a promise to bring “new energy to the thriving Rhode Island and Southern New England markets.”
“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,” said Joseph Paolino Jr., managing partner of Paolino Properties.
“Providence Place has been an important part of our city for nearly three decades,” Paolino observed. “We are excited to work together to invest in the property, bring new energy to the center and build on its role as a major destination in downtown Providence.”
The acquisition of Providence Place builds on a year of strong momentum for Pyramid, marked by more than $500 million in long-term refinancings at multiple properties and continued investment in several significant projects, diversifying its locations with the addition of hospitality, residential, and medical uses.
“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,” Congel said. “We have already engaged with numerous tenants that have expressed a serious interest in opening locations at Providence Place.”
Pyramid is one of the largest privately-held real estate developers in the Northeast, with 10 properties located throughout New York, Massachusetts and Rhode Island. The developer’s big-mall, Northeastern portfolio includes Crossgates in Albany, N.Y., Walden Galleria in Buffalo, N.Y., and the 10th largest mall in the United States — the 2.4 million square foot Destiny USA in Syracuse, N.Y.
