A.J. Richard is the parent company of Farmingdale, NY-based electronics retailer P.C. Richard's, and the company's plans for the site call for a combination of 413,000 sf of new and redeveloped space. Most of that space, more than 300,000 sf, involves the acquisition of an existing light industrial building from its local ownership and its conversion into W/D and office space for the company's regional operations.
Other plans for the site, located a couple of miles from Exit 12 of the Turnpike and near a new, two-year-old Radisson Hotel, also call for a 30,000-sf warehouse addition and a new 20,000-sf office building. The centerpiece of the project will be a 33,000-sf P.C. Richard Super Center retail store that will directly front the Turnpike off Minue St., currently slated to open in the fall 2010.
"This investment and the signing of this major redevelopment agreement is the result of months of negotiations," says Reiman, in a statement. "This is just the start of some major commercial redevelopment for Carteret."
Council president Joseph Sitarz, says in a statement that "the new retail, office and warehouse/distribution operation will create job opportunities for Carteret residents. P.C. Richard has committed to participate in local job fairs and to advertise locally for all job openings."
The site is also within a state-designated urban enterprise zone, from which P.C. Richard will reap a variety of incentives. They include a variety of state tax benefits during the construction/conversion process and employment incentives. And the retail portion of the operation will benefit from a reduced sales tax rate of 3.5%, half of the statewide tax rate.
Studley represented PC Richards in the transaction. The brokers were Thomas Carragher, senior vice president, and Gregg Najarian, corporate managing director.
"The retail operations will benefit from the reduced sales tax rate, a savings for consumers on all retail sales," says local UEZ director Kathy Shaw. Of the $100 million involved in the deal, about $15 million will be related to actual new construction that will add ratables. And A.J. Richard's redevelopment agreement with the city also guarantees union labor for the construction jobs.
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