Conexant Sells Newport Beach Property

Newport Beach-based semiconductor maker Conexant Systems reports today that the firm has sold property adjacent to its Newport Beach headquarters, for $23.5M. According to the company, it sold the property to Uptown Newport LP, a joint venture of DRA Advisors LLC and The Shopoff Group LP. Conexant said the sale would strengthen the firm's balance sheet, and provide it with financial liquidity. The firm said it retains an equity investment in the land, worth $2.2M, as part of the limited partnership. Conexant said the property consists of approximately 25 acres and two leased buildings.