NEW YORK CITY- CapLease, Inc., a real estate investment trust that primarily owns single-tenant commercial real estate properties, has entered into a new $100 million revolving credit agreement with Wells Fargo, SEC filings show. According to the company, the new three-year loan will finance an initial collateral pool of 16 properties, including 11 Kroger grocery stores in Georgia, Tennessee and Kentucky.

“It was really geared toward the old lending business that we had and not so much properties,” Shawn Seale, CFO of CapLease Inc., tells GlobeSt.com. “Now that we are pretty much exclusively an equity-ownership REIT, meaning that we don’t really lend money anymore, this facility is designed to more easily finance the properties that we purchase.”

In addition to the 11 grocery stores, the pool consists of two multi-tenant properties in Omaha, NE and Columbus, OH leased to Abbott Laboratories; a property in Bloomington, Indiana leased to Baxter International, Inc.; and a site in Louisville, KY leased to Michelin North America, Inc, filings show. Under the financial arrangement, CapLease drew $53.1 million of borrowings upon closing of the credit facility primarily to repay borrowings on certain of the assets in the initial collateral pool, according to the company. In connection with the closing of the new facility, CapLease also reduced the size of its existing facility with Wells Fargo, which is now secured entirely by amortizing mortgage assets to $12 million.