Our History
Airport Plazas was founded in 2006 as a development arm of GAZ Realty. The core of GAZ Realty has been the development of suburban service plazas in the New York City metro area for more than twenty years.
Building companies in niche markets for decades, Airport Plazas founder, George Abi Zeid sought a niche to differentiate itself from the ubiquitous and oversaturated suburban service station market. A majority of service stations in the suburban landscape were built years ago on smaller corner properties when gas in itself was a profitable business. With the increase in fuel prices and the toll of credit card fees, the profits dwindled and the fuel business has become the anchor for accessory businesses like a convenience store and car wash. For this reason, the oil companies themselves have divested a majority of their real estate holdings and no longer own or operate fuel stations.
As a frequent traveler, Mr. Abi Zeid recognized that airports offering similar service plazas were extremely limited. Most services tend to be offered at terminals, but only past the security check. The New York metro area airports pose an especially challenging market in that unless you pay for expensive parking, airport visitors are restricted to spend only 3-5 minutes in the pick-up or drop-off areas of the terminal.
Upon winning its first bid for an airport development at Newark Liberty Airport, GAZ Realty had found its niche. In order to build a successful national operation, a new company needed to be formed with a dedicated staff and focus. They began soliciting airport authorities across the country, meeting with airport directors, visiting locations, and attending trade shows.
The exposure to airports across the country together with invaluable time spent with their management teams has helped sculpt the vision of the company. One of the key challenges for airports was attracting tenants or developers who could understand the uniqueness of the airport opportunity. It was through these coast-to-coast meetings that Airport Plazas formed with a goal of creating "Next Generation Airport Retail".
