According to a source with knowledge of the transaction, the deal was arranged for the Archon affiliate by the New York- and Houston-based Granite Partners. The source confirms to GlobeSt.com that the transaction closed on Jan. 6.

"There was a highly competitive bidding process that enabled the seller to speed up the due diligence and the timetable for closing the deal," the source tells GlobeSt.com. "Within two weeks after the two sides had reached an agreement on the price and other terms of the transaction, the buyer committed a substantial non-refundable deposit and closed the deal two weeks later."

As an aside to the sale itself, CapLease will finance the acquisition on a short-term basis by tapping its warehouse credit facility from Wachovia Bank, according to the source. CapLease's newly acquired facility is located near the intersection of Interstate 287 and Route 10 on this Morris County township's border with Parsippany.

When it's completed, which is anticipated in the second half of this year, it will serve as an R&D and office center for the tenant's Cadbury Adams USA division, whose brand portfolio includes such gum and candy products as Bubbaloo, Bubblicious, Certs, Chiclets, Dentyne, Halls and Trident.

As reported earlier by GlobeSt.com, Archon signed Cadbury Schweppes to its lease for the facility this past spring and promptly began construction. Cadbury Adams was repped by David Houston of Colliers Houston in the 16-year, triple-net lease deal.

An Archon team from the Irving, TX-based company's Chatham office, led by director of development Sam Morreale and director of commercial real estate Fred Arena, worked through the site plan approval process for Cadbury Adams. Archon had earlier gotten approvals for a 301,000-sf class A office building on this and an adjacent site, and the latter remains available for an additional 100,000-sf development.