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Freeman Buys Scan Design Furniture Property for $11M

BELLEVUE, WA-Kemper Freeman's Bellevue Properties LP acquires 32,441 sf that wraps around the Bellevue Arts Museum adjacent to Lincoln Square, the new 1.4-million-sf, mixed-use development by Freeman's Kemper Development Co.

By Brian K. Miller | Updated on August 17, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

BELLEVUE, WA-The estate of Jens Bruun, the founder of Scan Design Furniture, has sold its Downtown real estate here to local developer Kemper Freeman’s Bellevue Properties LP for about $11 million, according to public documents. The acquisition includes two parcels totaling 32,441 sf that wrap around the Bellevue Arts Museum adjacent to Lincoln Square, a new 1.4-million-sf mixed-use development by Freeman’s Kemper Development Co. that will open in phases beginning this November.The property holds a two-story, 19,000-sf Scan Design Furniture store. The seller’s broker, Paul Suzman, founder and principal of OfficeLease, tells GlobeSt.com that the store will continue to operate for up to two years. During that time, Suzman says he will be working with the company to find a different Downtown Bellevue retail space to accommodate the store’s eventual relocation. In addition, Suzman says he is seeking about 70,000 sf of Kent Valley distribution space for the company.The purchase price equates to $339 per sf. A source at Kemper Development says there are no specific plans for the Scan Design property as yet. “We’re focused on Lincoln Square right now,” says the source, adding that the retail component of Kemper Development’s nearby Bellevue Place development is also in the midst of a remodel.Suzman declined to comment on the terms of the transaction with Bellevue Properties LP, saying only that the requirement of the estate is to fund the Scan Design by Inger & Jens Bruun Foundation, and that the foundation does not want to be a landlord. Scan Design Furniture was founded in Bellevue in 1964 and now has two retail stores in Washington, four in Oregon and one in Honolulu. The foundation, focused on pain research and Danish-American relations, was established by Jens Bruun shortly before his death in 2002.

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