SAN BRUNO, CA—Australia-based global firm QIC has acquired The Shops at Tanforan retail center in the San Francisco Bay area of San Bruno. QIC acquired the approximately 970,000 square foot shopping center for $174.4 million on behalf of a major Australian client.

The Shops at Tanforan is located, 13 miles south of San Francisco, near to where Google, Apple, Facebook and other tech companies are located. The Shops have excellent accessibility and exposure by the El Camino Real and nearby Interstates 101 (Bayshore Freeway) and 280 (Junipero Serra Freeway). Its anchor tenants include Sears, Target, JC Penney and Century Theatres.

The acquisition, which represents QIC's first 100%-owned US property, further cements the firm's US platform, and is a natural next step from QIC's two-year stateside joint venture with Forest City Enterprises, of eight, high-quality retail assets. QIC is a global diversified alternatives investment firm offering real estate, infrastructure, private equity, liquid strategies and multi-asset investments, and one of Australia's largest institutional investment managers.