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ORLANDO-Locally based Commercial Net Lease Realty Inc. has completed a public offering of four million shares of common priced at $13.34 per share. The offering is expected to close Nov. 30.

The company is selling all of the shares and plans to used the proceeds to pay down a portion of its $200 million unsecured credit facility. The retail REIT will then have about $120 million available for future borrowings.

“Our strategy of a diversified portfolio of long-term, net-leased properties to creditworthy tenants was welcomed by investors seeking investment security and consistent cash returns,” Gary M. Ralston, CNLR’s president and chief operating officer, says in a prepared statement.

Ralston says “this desire by investors appears to have resulted in strong demand for our shares.” The additional capital will help the REIT grow “and continue our track record of 12 consecutive years of increased dividends paid to shareholders,” the REIT’s president says.

The managing underwriters are Salomon Smith Barney, Wachovia Securities, A.G. Edwards & Sons Inc., Legg Mason Wood Walker Inc. and Raymond James.

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