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Clifford Companies acquires two industrial facilities.

Stephen Mann, chairman of The Clifford Companies, announced that the company has acquired two industrial facilities totaling 94,415 square feet in Chantilly, Virginia. Clifford, and an offshore partner, purchased the properties for $2.675 million.

The properties, located at 14701 and 14725 Flint Lee Road, were on their way to foreclosure by the Federal Deposit Insurance Corporation (FDIC) at the time of the sale. Clifford acquired the buildings, which were both developed in 1989, by purchasing the Assignment of Foreclosure being issued by the FDIC.

According to Mann, the purchase of the two Virginia properties marks New York City-based Clifford's first acquisition in the Washington metropolitan area.

The Clifford Companies, real estate advisors, managers and investors providing a comprehensive range of services for troubled real estate investments, have had substantial experience in the workout arena. The company recently advised a Connecticut bank on the disposition of $240 million in troubled assets and directed the restructuring of a British company's $1 billion U.S. portfolio. The Clifford Companies also manage 6.7 million square feet of office space, as well as retail and residential properties in the New York metropolitan region and California.
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Title Annotation:properties located at 14701 and 14725 Flint Lee Road, Chantilly, Virginia
Publication:Real Estate Weekly
Date:Jul 21, 1993
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