Investment Team Led by Paolino Properties Wins $133M Bid for Providence Place

Providence Place mall may be sold to Pyramid Management Group and Paolino Properties for $133 million after a judge approved the mall's receiver, Mark Russo's, recommendation.

The Providence Journal reported that Superior Court Justice Brian Stern heard the recommendations from Russo in court on Wednesday morning, April 29. Russo explained that he solicited three final bids for the mall. Stern approved the Pyramid-Paolino venture as the buyer, allowing the sale. Closing on the property, however, may still take a few weeks.

Paolino Properties is associated with Joseph Paolino, who served as the state of Rhode Island's economic development director in the early 1990s. Paolino was a leading force in the development of Providence Place.

According to the Journal, Providence Place fell into receivership in 2024 after its previous owner, Brookfield, and GGP-Providence Place LLC defaulted on loans totaling over $250 million. Lenders' holdings amount to about $305 million since 2011.

A GoLocalProv article noted that when Providence Place first opened in 1999, its anchor stores were Filene's, Lord & Taylor, and Nordstrom. Today, Macy's and a Boscov's are the anchors.

According to The Providence Journal, the mall sees approximately 6.7 million visitors per year. 

Russo noted that the higher bidder for the property, SR Capital, was not selected as the company has not operated malls in the past. Pyramid has been one of the largest mall operators in the Northeast over the past 50 years, according to GoLocalProv.