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Newport Beach's Conexant sells land for $26 million
Residential and mixed-use developer City Ventures buys 25-acre property.
By Kristen SchottPublished: January 18, 2010 10:16 AM
Newport Beach-based tech firm Conexant plans to sell 25 acres of land next to its headquarters on Jamboree for $26.1 million to City Ventures, a Santa Ana-based residential and mixed-use developer.
Conexant will use the funds from the deal, which is expected to close by March, to reduce its debt, among other corporate purposes, according to Chairman and CEO Scott Mercer.
City Ventures says it plans to redevelop the land, which includes two office buildings totaling about 440,000 square feet, for residential uses.
The project will include a combination of apartments, townhomes and residential towers, according to City Ventures Chairman Craig Atkins.
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Conexant will use the funds from the deal, which is expected to close by March, to reduce its debt, among other corporate purposes, according to Chairman and CEO Scott Mercer. City Ventures says it plans to redevelop the land, which includes two office buildings totaling about 440,000 square feet, for residential uses. The project will include a combination of apartments, townhomes and residential towers, according to City Ventures Chairman Craig Atkins. NEXT PAGE >> Related headlines Santa Ana's First American CoreLogic: foreclosures up O.C. fairgrounds: Highest bid comes in at $65.5 million TechSpace acquires new facility in Westwood |
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