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:
“We watched her jug a hare, once, on television, years ago.... The hare had been half rotted, then cremated, then consumed. If there is a god and she is of the rabbit family, then Saskia will be in deep doo- doo on Judgment Day.”
—Angela Carter (1940–1992)
“He had been eight years upon a project for extracting sunbeams out of cucumbers, which were to be put into vials hermetically sealed, and let out to warm the air in raw, inclement summers.”
—Jonathan Swift (1667–1745)