Kemper Development Company announced Monday its closing on a long-term lease for a one-acre property adjacent to its Bellevue Square and Bellevue Place properties, thus locking down all four corners at the intersection of Northeast Eighth Street and Bellevue Way.

It does not yet appear that the site on the northwest corner of Northeast Eighth Street will somehow fit into developer Kemper Freeman’s Bellevue Collection. The developer plans a $1.2 billion expansion of the Collection with additions to Bellevue Square and a Lincoln Square 2, all totaling an additional 2 million square feet of retail, office, hotel, residential, dining and entertainment space.

“We have a long-term interest in this property as it is adjacent to all of our current properties,” said Jim Melby, president, Kemper Development Company. “We have seen the highly successful synergistic impact of having adjacent and connecting retail, office space, luxury living, hotels and entertainment with our current properties. It offers tremendous benefit with retail as the catalyst.”

The leased property currently houses Sleep Country USA, Cost Plus World Market and Precor Home Fitness, among others. Kemper Development Company states it has no current plans to modify the property and tenants will remain in their current locations. The property is being leased from the Kaylen Investment Co., with the option to buy.