By Y.M. Lowy

There has been growing concern in recent weeks about the future of Palisades Center Mall, with many locals worried the mall could be sold off or broken up. That does not appear to be the plan.

Black Diamond Capital Management announced that investment funds under its management have acquired Palisades Center, one of the largest shopping and entertainment centers in the Northeast. The firm says it intends to be a long-term owner and has no plans to flip the property.

In a statement, Black Diamond said it plans to reinvest in the 2.3 million square foot mall and continue improving it as a regional retail, dining, and entertainment destination. Company founder Stephen H. Deckoff called the mall “an irreplaceable asset” serving a dense and affluent Tri-State trade area and said the firm sees significant long-term value in the property.

Spinoso Real Estate Group will continue operating the mall, overseeing management and leasing. Since taking over operations last year, Spinoso says it has focused on stabilizing the property, rebuilding on-site leadership, restoring financial controls, and advancing capital improvements.

Palisades Center draws approximately 12 million visits annually and remains one of the largest malls in the area. With a new ownership group stating it is committed for the long term, local shoppers and businesses can expect the mall to remain a central part of Rockland County’s retail landscape.

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