NJ TRANSIT BOARD APPROVES RETAIL SPACES AT TWO MAJOR STATIONS
June 16, 2010
NEWARK, NJ — As part of the corporation’s effort to maximize the value of its facilities while offering additional amenities to customers, the NJ TRANSIT Board of Directors today approved the lease of retail spaces at two of the state’s busiest train stations with new restaurants—McDonald’s at Trenton Transit Center and Sbarro at the Frank R. Lautenberg Station at Secaucus Junction.
“The two lease agreements are examples of smart business decisions that leverage our existing resources to generate commercial revenue, while providing a convenient amenity for customers,” said Transportation Commissioner and NJ TRANSIT Board Chairman James Simpson.
“Customers of these busy stations will find the new retail spaces to be welcome additions,” said NJ TRANSIT Executive Director James Weinstein. “As we look for ways to maximize the value of our property, we are also focused on making our stations convenient and comfortable for our riders.”
The Board authorized a 10-year lease with McDonald’s USA, LLC—a wholly owned subsidiary of McDonald’s Corporation—for approximately 3,000 square feet of retail space in the Wallenberg Avenue concourse at Trenton Transit Center at an annual base rent of $100,000. In addition, McDonald’s will invest $1.5 million in capital improvements to the leased premises.
Recognized around the world, McDonald’s is the leading global food service retailer, providing breakfast, lunch, dinner and snack items. McDonald’s operates in more than 32,000 restaurants in more than 100 countries.
The Board also authorized a five-year lease with Gateway Coffee Shop, Inc.—doing business as Sbarro—for approximately 910 square feet of retail space located on the main concourse of Secaucus Junction at an annual base rent of $62,400 plus a percentage of gross sales. In addition, the tenant will make $350,000 in upgrades to create a branded Sbarro restaurant.
Sbarro restaurants, which offer pizza and fresh Italian food, operate in more than 1,100 locations in 48 states and 43 countries, primarily in travel plazas, shopping malls, airports and universities.
About NJ TRANSIT
NJ TRANSIT is the nation's largest statewide public transportation system providing more than 895,000 weekday trips on 240 bus routes, three light rail lines and 12 commuter rail lines. It is the third largest transit system in the country with 165 rail stations, 60 light rail stations and more than 18,000 bus stops linking major points in New Jersey, New York and Philadelphia.