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.
“We're delighted to have been able to secure an asset of Tanforan's quality for our client and build on our real estate presence in the United States and in this Northern California market,” said Matthew Strotton, head of US Funds and Investments for QIC.
“The US market is opportunity rich, and the combination of QIC's on-the-ground office in Los Angeles and teams around the world will continue to enable us to source high-quality assets for our clients.”
The Shops at Tanforan is the tenth US retail property QIC has invested into on behalf of its Australian clients over the last 18 months. Earlier this year, QIC assisted AustralianSuper – one of Australia's largest pension funds – to acquire a 25% stake in Honolulu's Ala Moana Centre for approximately $1.1 billion.
The Shops at Tanforan were acquired from Breevast B.V., which invests worldwide in commercial and residential real estate and also develops and manages commercial and residential properties, including large-scale portfolios of office buildings, business premises, shopping malls and homes.
Breevast US CEO Terry Crowley said, “We're delighted to have achieved this transaction with QIC and look forward to developing our relationship with them in other potential areas.”
QIC has around $9.7 billion invested in Australian and international retail and offices markets.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
