Oct
30

Meadwestvaco Spends $40M on 4,500-Acre Tract

By
Company acquires Parks of Berkeley

October 29, 2008

By Katy Stech – The Post and Courier

MeadWestvaco Corp. owns hundreds of thousands of acres of South Carolina forestland, harvesting occasional sections for its paper and lumber operations.

But the Richmond, Va.-based packaging giant bought its latest wooded tract with an eye on capitalizing on future residential growth in Berkeley County.

On Tuesday, the company announced the $40 million purchase of the Parks of Berkeley site, a 4,500-acre tract that is approved for more than 13,000 homes.

The sale frees up the previous owner to focus on a separate development that has been approved for nearly 6,000 homes a few miles away.

Ken Seeger, president of MeadWestvaco’s community development and land-management group, said the purchase gives the paper company a prime tract that is “in the logical path of growth.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/oct/29/company_acquires_parks_berkeley59536/
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