Capital Lease Funding (LSE) priced a $35 million preferred stock offering.

The New York-based commercial real estate investment trust said it sold the public 1.4 million series A cumulative redeemable preferred shares for $25 each. The shares pay 8.125% and are expected to list on the New York Stock Exchange under the symbol LSEPrA.

The transaction is expected to close next Wednesday through Wachovia Securities, the sole bookrunning and joint-lead manager, Friedman Billings Ramsey, the joint lead manager, and A.G. Edwards and RBC Capital Markets, the co-managers.

On Friday, Capital Lease rose 6 cents to $9.86.

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