A.J. Richard is the parent company of Farmingdale, NY-basedelectronics retailer P.C. Richard's, and the company's plans forthe site call for a combination of 413,000 sf of new andredeveloped space. Most of that space, more than 300,000 sf,involves the acquisition of an existing light industrial buildingfrom its local ownership and its conversion into W/D and officespace for the company's regional operations.

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Other plans for the site, located a couple of miles from Exit 12of the Turnpike and near a new, two-year-old Radisson Hotel, alsocall for a 30,000-sf warehouse addition and a new 20,000-sf officebuilding. The centerpiece of the project will be a 33,000-sf P.C.Richard Super Center retail store that will directly front theTurnpike off Minue St., currently slated to open in the fall2010.

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"This investment and the signing of this major redevelopmentagreement is the result of months of negotiations," says Reiman, ina statement. "This is just the start of some major commercialredevelopment for Carteret."

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Council president Joseph Sitarz, says in a statement that "thenew retail, office and warehouse/distribution operation will createjob opportunities for Carteret residents. P.C. Richard hascommitted to participate in local job fairs and to advertiselocally for all job openings."

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The site is also within a state-designated urban enterprisezone, from which P.C. Richard will reap a variety of incentives.They include a variety of state tax benefits during theconstruction/conversion process and employment incentives. And theretail portion of the operation will benefit from a reduced salestax rate of 3.5%, half of the statewide tax rate.

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Studley represented PC Richards in the transaction. The brokerswere Thomas Carragher, senior vice president, and Gregg Najarian,corporate managing director.

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"The retail operations will benefit from the reduced sales taxrate, a savings for consumers on all retail sales," says local UEZdirector Kathy Shaw. Of the $100 million involved in the deal,about $15 million will be related to actual new construction thatwill add ratables. And A.J. Richard's redevelopment agreement withthe city also guarantees union labor for the construction jobs.

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