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:
“When the Prince of Piedmont [later Charles Emmanuel IV, King of Sardinia] was seven years old, his preceptor instructing him in mythology told him all the vices were enclosed in Pandora’s box. “What! all!” said the Prince. “Yes, all.” “No,” said the Prince; “curiosity must have been without.””
—Horace Walpole (1717–1797)
“This is rather different from the receptions I used to get fifty years ago. They threw things at me then—but they were not roses.”
—Susan B. Anthony (1820–1906)