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:
“In former years it was said that at three o’clock in the afternoon all sober persons were rounded up and herded off the grounds, as undesirable. The tradition of insobriety is still carefully preserved.”
—For the State of Vermont, U.S. public relief program (1935-1943)
“I do not, like the Fundamentalists, believe that creation stopped six thousand years ago after a week of hard work. Creation is going on all the time.”
—George Bernard Shaw (1856–1950)