Palace is on Roosevelt, north side of street, tucked back away from the road in a shopping center complex. Right now the Burlington Coat Factory and Guitar Center are the big anchor stores. I dont know what the stores would have been when you were around...
I dont live in VP - but have some friends that do, so I'm over there regularly. Did you know they converted the old Ovaltine factory into apartments? and they blew up the old smoke stack too! ( i think there's a youtube video of it)
DaBears!