Monday, March 29, 2010

Conexant Ends $26M Land Deal in Newport Beach

Newport Beach-based chipmaker Conexant Systems Inc. said it has pulled out of a $26 million deal to sell buildings and land next to its headquarters.

In January, Conexant struck a deal with Santa Ana-based developer City Ventures LLC to sell 25 acres of land and two buildings totaling more than 450,000 square feet of space along Jamboree Road, near the Newport Beach-Irvine city line.

The move was made by Conexant as part of its effort to clean up its balance sheet by raising money and paying down debt.

The deal was supposed to close this month, but soon ran into issues. In early March, Conexant said that City Ventures was asking for an undisclosed lower price on the land, and that the sale’s closing would be delayed.

On Friday, Conexant said the agreement had been terminated. The chipmaker said it would consider alternatives for the real estate, including a sale to another party or retaining it for the foreseeable future.

City Ventures, one of the more active buyers of land in Southern California the past year, had eyed Conexant’s land for a housing development.

 

http://www.ocbj.com

Posted via web from The Newport Beach Lifestyle

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