Kemper Development Company has chosen a broker for the sale it set in motion last month. The company said Monday that Eastdil Secured Savills, a global real estate investment bank, will advise the Freeman family on the next stage of the process, which the family announced on Aug. 28 when it said it was exploring a sale of The Bellevue Collection.
KDC said it picked the firm for its capital markets and property sales experience. Eastdil Secured Savills works on large commercial real estate transactions worldwide, and the assignment covers one of the largest mixed-use properties in the country.
What Is Being Sold
The Bellevue Collection spans more than 5.5 million square feet in the core of downtown Bellevue and takes in Bellevue Square, Bellevue Place and Lincoln Square North and South. Within those properties are three office towers, three hotels, luxury apartments, two movie theaters and upward of 200 stores, restaurants, and entertainment venues.
The company traces its start to a 16-store open-air center called Bellevue Shopping Square, which opened 80 years ago. Kemper Freeman spent more than five decades running the business and rebuilding that center into the complex that stands today. His retirement last year was among the factors KDC pointed to in August in deciding to explore a sale. (Our look back at Bellevue Square’s History, published for the property’s 75th anniversary, traces that evolution.)
Who the Family Is Looking For
The Freemans have said they want a buyer who values the property’s role in the surrounding community and has the resources to build on it.
“Choosing the right advisor for a property of this significance was never just about identifying a buyer, it was about finding a partner who understood the legacy, opportunity and responsibility that come with it,” said Jim Melby, CEO of Kemper Development Company. He said the Eastdil Secured Savills team quickly showed both an understanding of what sets the property apart and the market knowledge to find a buyer “who can build on what has been thoughtfully developed over decades.”
Roy H. March, executive chairman of Eastdil Secured Savills, said the firm intends to market the property globally. “We are truly honored to have the opportunity to tell the story of The Bellevue Collection and the remarkable legacy the Freeman family has built over generations,” he said, adding that the family’s stewardship “had an extraordinary impact on Bellevue and the broader region.”
What Happens Next
KDC has not announced a timeline for a transaction. The company said in August that the properties will keep operating normally and that community programming, including Snowflake Lane, will run as scheduled through 2026.
