Later Years
Throughout the years, the center has continued to evolve in terms of both tenants and construction and was managed by the university through its investment affiliate Stanford Management Company since 1991. However, in 2003, taking advantage of the high prices that shopping centers were fetching, the university's board of trustees agreed to sell the center for USD $333 million to Simon Property Group which, in turn, leases the underlying land from the university under a 51-year lease. The university's lease includes an annual rent equal to a 25% percent of the center's net profits.
Read more about this topic: Stanford Shopping Center
Famous quotes containing the word years:
“Twenty years a child; twenty years running wild; twenty years a mature man—and after that, praying.”
—Irish proverb.
“A few years before I lived in the woods there was what was called a “winged cat” in one of the farmhouses.... This would have been the right kind of cat for me to keep, if I had kept any; for why should not a poet’s cat be winged as well as his horse?”
—Henry David Thoreau (1817–1862)