A local affiliate of Cicero-based Mainstreet Property Group LLC said Wednesday that it raised $110 million in an initial public offering.

HealthLease Properties Real Estate Investment Trust sold 11 million shares of stock at $10 each. The stock began trading Wednesday morning on the Toronto Stock Exchange under the ticker symbol HLP.UN. Shares were fetching $10.12 in early trading.

Mainstreet disclosed its intentions for the IPO  May 2.

The companies develop and operate senior health care centers. Mainstreet is rolling nine of its properties—and six more it plans to acquire in Canada—into HealthLease and will own 18 percent of that publicly traded company.

Zeke Turner, CEO of HealthLease and Mainstreet, said in a statement: “It is humbling to see the interest investors have expressed in this offering. We will work hard toward our goal of maximizing shareholder value.”

Turner founded Mainstreet in 2002. The company has ranked among the fastest-growing companies in the Indianapolis area in recent years. It had revenue of $9.6 million in 2010, up from $6.3 million in 2008.

Going public in Canada can be cheaper for small and mid-size companies because of fewer regulations. Initial public offerings by REITs have been particularly well received.

Mainstreet properties being rolled into HealthLease include facilities in Indianapolis, Alexandria, Marion, Valparaiso, Mishawaka and Wabash.

HealthLease plans to lease its senior-care centers to long-term operators that are responsible for all services to residents and maintenance of the buildings, which theoretically minimizes risk to investors.

Both HealthLease and Mainstreet will remain headquartered in central Indiana.