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January 28, 2013 | | Comments 9

Kemper Development Buys Oriental Rug Co. Corner Property

Kemper Development Buys Oriental Rug Co. Corner PropertyThe PSBJ is reporting that the Kemper Development Co., has acquired a prime, corner location, adjoining Bellevue Square.

The location, on the northwest corner of Bellevue Way and NE 4th St., is enveloped by real estate owned by Kemper Development. Via the acquisition, Kemper will own all of the property between Bellevue Square and NE 4th St.

It has been rumored for some time that Kemper Development have been very interested in acquiring this landing so that they have more control over future development.

Previous plans have suggested that the property could be built luxury retail project.

The seller of the property, Farhad Khorram has owned and operated the Oriental Rug Co. for nearly 30 years at the Bellevue location.

The purchase price of the sale was not disclosed by either party.

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  1. That’s one acquisition Kemper must be very happy about.

  2. Please let it be a Saks ! Or maybe a Ralph
    Lauren Home Store. Whatever it becomes, I
    know that Mr. Freeman with go forward with
    a classy project, keeping in mind the weather in the Pacific Northwest, unlike The Bravern.

  3. He should turn it into more parking spaces. The easier he makes it for people to get in and park the more profits the mall will make. This is the reason I don’t shop there much anymore, always such a headache getting into the garage!

  4. So their next retiring/going-out-of-business/everything-must-go same might be for real?

  5. kdc has had a project in the works called “the bellevue” for quite some time. it is a redevelopment of the penney’s parking lot/se corner of the mall. would look kinda funny to have to develop around the rug shop. you can bet the rug shop gets nuked and a boutique hotel/residential tower with podium retail goes up between penney’s store and red robin.

  6. YAYA! nice work KDC!

  7. Ha, first time their sign will be right!

  8. Kemper has been hot for that space for decades. So curious what got negotiated. Heard a 4 Seasons Resort w/ plans to nuke Pennys, but that was many years ago.

  9. Looks like we are going to have residences in that corner.

    http://www.bizjournals.com/seattle/news/2013/03/15/kemper-development-plans-to-expand.html

    I hope some parts of the cool “The Bellevue” concept rendering get realized along with this.

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