Is it true that there is a place located between Paradise and Hellfire?

"Al-A'raf" is a high barrier between Paradise and Hell, from which its inhabitants look upon both Paradise and Hell. Then Allah admits them into Paradise. The most preponderant opinion regarding the inhabitants of Al-A'raf is that they are people whose good deeds and evil deeds are equal; their evil deeds did not lead them to Hell, nor did their good deeds surpass their evil deeds enough to admit them to Paradise. So they stand there until Allah decrees concerning them, then He admits them into Paradise by His mercy. This is what has been affirmed by the Companions, may Allah be pleased with them. The Holy Quran describes their state: "And between them will be a partition, and on Al-A'raf will be men who recognize each of them by their marks. And they will call to the companions of Paradise, 'Peace be upon you!' They have not yet entered it, but they aspire to it. And when their eyes are turned toward the companions of the Fire, they say, 'Our Lord, do not place us with the wrongdoing people.'" (Al-A'raf/ 46-47).