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Mungo Cos. Buys 1st American
News of another home building sale or merger can be viewed skeptically, but in the comparatively strong Carolinas market the union of The Mungo Cos. with 1st American just makes sense. The deal, which is potentially worth $20 million, was announced late last week. "I felt I was a one-man operation, and it was time for me to take the business to the next level," said Michael Dean Chadwick, CEO of 1st American, who plans to stay on for at least three years.
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Ultimate Makeover
THE MUNGO COS. OF COLUMBIA, S.C., didn't have to do much to market the master planned community of Brook-haven, also in Columbia. Ideally located for commuters to both Columbia and Charlotte, N.C., the site had been watched by builders and buyers for years. Originally intended for industrial use, the 1,000-acre parcel was known as “the IBM tract,” says Steven Mungo, CEO of The Mungo Cos. When that use never materialized, the site was converted to residential. Brookhaven was the first neighborhood to be developed there.
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Sea Island Cottages Sell
Reset prices on island lots in Charleston, S.C., help homes sell fast.
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