Peter Edelmann Puts Essex Experience Mall on Market for $27.75 Million

Peter Edelmann has placed the Essex Experience shopping center up for sale. He announced the move to Seven Days on Thursday. The property is listed at $27.75 million. J.L. Davis Realty serves as the listing agent for the transaction. No buyers have submitted offers yet. All business owners within the complex have received notice of the sale.

The shopping center is structured as a condominium complex. This structure allows Edelmann to sell the retail spaces while keeping specific assets. He will continue to own and operate Essex Cinemas. He also retains control of the Double E performance center. He plans to upgrade both facilities. He holds minority ownership stakes in several other tenants. These include Black Flannel Brewing and Distilling, Uncommon Coffee, Purple Salt Spa and Salon, the Bramble restaurant, and Magic Mann Premium Cannabis.

Edelmann, 73, cited a desire to focus on other ventures. He described his current phase as aging out of daily management. He noted that he has built substantial equity in the property. However, he faced cash flow challenges in recent years. The pandemic severely impacted his income when theaters, restaurants, and stores closed. He also invested heavily in the nearby Essex Resort and Spa over the past eight years. Those investments included renewable energy projects and a new banquet hall.

His new priorities center on two major projects in Essex. The first is Phun, an entertainment center under construction next to the Hannaford supermarket. It will occupy 15,000 square feet of space. The facility will feature duckpin bowling, a high-tech dart game called Krazy Darts, and an arcade with modern and retro video games. A sports bar and dining room will complete the space. Edelmann describes the concept as competitive socializing.

The second project is a retreat center at the Essex Resort and Spa. Construction has begun on this facility. It will include culinary and medicinal gardens. The design is modeled after gardens created by landscape architect Ken Mills in Colchester. Edelmann is collaborating with herbalist Rosemary Gladstar and stonemason Pete Demick on the project. He also plans to incorporate work by Vermont artists. This includes installations by Jericho Center sculptor Chris Cleary.

Edelmann purchased the financially struggling inn and strip mall in 1993. He spent three decades transforming the properties into community-oriented spaces. The process involved navigating several setbacks. The state abandoned a plan to build a regional highway that would have directed more traffic to the center. The New England Culinary Institute left the resort. Online shopping and streaming services reduced foot traffic in recent years. Edelmann still owed a $200,000 tax bill when the pandemic hit in March 2020.

Today, the Essex Experience houses almost entirely locally owned businesses. It is considered one of the most desirable retail centers in Vermont. Edelmann’s focus on sustainability has drawn international attention. Developers from other states frequently contact him to replicate the Essex model. He emphasized that he is shifting his focus rather than stopping his work. He wants to ensure the new owner maintains guardrails so tenants are not priced out.

Edelmann remains a tenant in the shopping center after the sale. He expects to stay involved in the community. He stated that he has been a shepherd for the properties long enough. He will continue to live and work in Essex.