John McClellan, CCIM, SIOR, Senior Advisor with SVN Miller Commercial Real Estate recently completed a sale leaseback with Toroid Corporation. Toroid was founded in 1982 and has been a stalwart in the Northwood Industrial park since 1988 manufacturing Toroidal Transformers that are key parts of many of the worlds most sophisticated medical devices such as CT Scans and MRI equipment. While Toroid never technically owned their real estate (it was owned and leased to the company by its founder) , with his passing last November, the company elected to seek a new owner in exchange for their commitment to a new 15-year triple net lease.
This property received numerous inquiries at the very launch of the McClellan team’s marketing and ultimately, they were able to close the transaction with a local investment group. The buyer had been seeking to diversify their holdings in the stock market and after the last month of stock market challenges, they were extremely wise to make this move. According to Toroid President, Katarina Ennerfelt, “We are very impressed with John’s ethics and his work to find us a highly qualified local investor who we look forward to have a long-term relationship with. A sale leaseback made a lot of sense to Toroid and will enable us to make investments for the future. In light of the current situation, COVID-19, John managed to stay laser focused and tie all loose ends together. Not an easy task. Thank you Detective McClellan”.
Allie Conick, Advisor with SVN Miller Commercial Real Estate, represented the Buyer. The investment group said, “Allie was a great asset and demonstrated the highest level of professionalism throughout the entire sale process. We truly appreciated her expertise.” Financing was provided by Taylor Bank and the settlement was managed by local attorney John Custis.
SVN | Miller Commercial Real Estate, with offices in Salisbury, MD, Bethesda, MD, Easton, MD, Seaford, DE, and Onley, VA is a financial services firm specializing in commercial real estate. We provide advisory, brokerage, consultation, leasing and asset and property management services to clients in the Mid-Atlantic Region. We combine a comprehensive national footprint with local decision making, expertise and market-leading execution. We maintain an unequivocal commitment to our clients and community (#SVNgivesback).
SVN |Miller is an Accredited Management Organization® (AMO). Our team of dedicated professionals with market-leading knowledge includes a highly trained staff of Certified Property Managers® (CPM®), Brokers who hold the prestigious Certified Commercial Investment Member (CCIM) designation, and members of the Society of Industrial and Office Realtors (SIOR).