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:
“Youth is rather to be pitied than envied by people in years since it is doomed to toil through the rugged road of life which the others have passed through, in search of happiness that is not to be met with in it and that, at the highest, can be compounded for only by the blessing of a contented mind.”
—Samuel Richardson (1689–1761)
“If we focus exclusively on teaching our children to read, write, spell, and count in their first years of life, we turn our homes into extensions of school and turn bringing up a child into an exercise in curriculum development. We should be parents first and teachers of academic skills second.”
—Neil Kurshan (20th century)