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Uptown Newport LP Acquires 25-Acre Property in Newport Beach, CA

^{Published on 2010-12-23 12:26:16 - Market Wire}
 

IRVINE, Calif.--([ BUSINESS WIRE ])--On December 22, 2010, Uptown Newport LP announced that it has purchased from Conexant Systems, Inc. (NASDAQ:CNXT) a 25-acre infill property that is currently comprised of 2 leased buildings totaling 438,000 square feet, located on Jamboree Road in Newport Beach, California. Uptown Newport LP is a joint venture consisting of a fund controlled by New York-based DRA Advisors LLC and an affiliate of The Shopoff Group, L.P., a real estate investment firm based in Irvine, California.

"Uptown Newport Village will become the largest urban infill location available in desirable Newport Beach"

aUptown Newport LP, represented by its local partner, The Shopoff Group, worked diligently to underwrite the acquisition,a said Mark Peterson, Conexanta™s Chief Legal Officer. aThe parties were able to work through the various complexities of this transaction in a cooperative and effective manner. We were pleased to be able to work with Mr. Shopoff and his executive team.a

aUptown Newport Village will become the largest urban infill location available in desirable Newport Beach,a said William A. Shopoff, Chief Executive Officer and President of The Shopoff Group. aWe plan to gain entitlement approval for up to 1,244 units plus 11,500 square feet of support retail. Once the entitlements are in place, the plan is to develop the property in phases.a

About Conexant

Conexanta™s portfolio of innovative semiconductor solutions includes products for imaging, audio, embedded modem, and video surveillance applications. Conexant is a fabless semiconductor company headquartered in Newport Beach, Calif. To learn more, please visit [ www.conexant.com ].

About The Shopoff Group

The Shopoff Group is a real estate venture capital and investment firm based in Irvine, California, with more than 25 years of experience in privately held real estate and development, it offers qualified, high net worth clienta™s strategic investment opportunities in land, residential and commercial properties, mortgage products, and pooled funds. For more information, visit [ www.shopoff.com ].