Kemper Development Company has moved its planned sale of The Bellevue Collection into a new phase by appointing Eastdil Secured Savills as its advisor on the ongoing sales process. The decision follows the Freeman family's recent announcement that they were exploring strategic options, including a potential sale, for the large mixed-use property.
The Bellevue Collection is described as one of the country's largest mixed-use destinations, combining retail, dining, residential, hotel, office and entertainment uses within a single, integrated portfolio. The property totals more than 5,500,000 square feet, making it a sizable concentration of mixed-use space under unified control.
The Bellevue Collection encompasses multiple interconnected assets, including Bellevue Square, Bellevue Place and Lincoln Square North and South. Together, these components create a critical mass of space and tenant types that position the property as a regional hub for shopping, working, living and entertainment.
Across the portfolio, there are three office towers that provide a significant amount of commercial workspace. The office component is complemented by three hotels, which add lodging capacity and help support business, conference and visitor demand tied to the rest of the complex.
The residential portion of The Bellevue Collection includes luxury apartments, which are integrated into the broader mixed-use environment. These units benefit from immediate proximity to on-site retail, restaurants, entertainment options and employment centers within the same property footprint.
Entertainment amenities at The Bellevue Collection include two movie theaters, further reinforcing the destination's role as an all-in-one location for shopping and leisure. In total, the property hosts approximately 200 stores, restaurants and entertainment venues, creating a broad merchandising mix within a single, contiguous environment.
With the selection of Eastdil Secured Savills, Kemper Development Company has signaled that it is formalizing the advisory structure around the potential transaction. The firm has been engaged to provide guidance as the ownership group evaluates next steps in the sales process for this large-scale mixed-use asset.
Commenting on the decision to bring on an advisor, Jim Melby, CEO of Kemper Development Company, emphasized that the mandate extends beyond simply sourcing a buyer. He noted that choosing the advisor was about identifying a partner who understands the legacy, opportunity and responsibility associated with a property of this scale and prominence.
Melby's remarks highlight that the advisory engagement is intended to balance financial objectives with the long-term positioning and stewardship of The Bellevue Collection. As the sales process progresses, the advisor's role is expected to encompass strategic guidance around both transaction execution and the future direction of this multi-asset, mixed-use destination.
