Conexant to Sell Newport Beach Property for $23M
NEWPORT BEACH, Calif., Dec. 15, 2010 — Conexant Systems Inc. has signed an agreement with Uptown Newport LP to sell property adjacent to its Newport Beach headquarters for $23.5 million, it said yesterday.
Under the agreement, the company will retain an equity investment in the land of up to $2.2 million in limited partnership interest. Located on Jamboree Road, the 25-acre property includes two leased buildings.
Subject to customary closing conditions, the transaction’s completion is anticipated for the end of December.
“The divestiture of our property in Newport Beach will strengthen our balance sheet and provide us with increased financial liquidity,” said Scott Mercer, chairman and CEO of Conexant. “We plan to use the proceeds from the sale for general corporate purposes, including continued investments in our growth businesses.”
Uptown Newport is a joint venture of DRA Advisors LLC, a New York-based registered investment advisor, and an affiliate of the Shopoff Group LP of Irvine, Calif., a real estate investment firm.
Conexant Systems supplies innovative semiconductor solutions for imaging, audio, embedded modem and video surveillance applications.
For more information, visit: www.conexant.com