Providence, RI Pyramid Management Group, in partnership with Paolino Properties and DW Partners, closed on the purchase of 1.4 million s/f Providence Place, one of the largest and most visited shopping centers in Rhode Island. Pyramid will partner with Paolino Properties and DW Partners – each bringing talents and resources to this venture.
The transaction (reported to be $133 million) represents the beginning of a comprehensive repositioning and revitalization process for one of New England’s most prominent retail assets.
“We are thrilled to welcome Providence Place back to the Pyramid portfolio,” said Stephen Congel, chief executive officer of Pyramid Management Group. “The center is optimally positioned in the market, and we couldn’t be more excited to elevate this iconic property to new heights. 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. We have already engaged with numerous tenants that have expressed a serious interest in opening locations at Providence Place.”…