The Ventura County Community College District closed escrow on its new district administrative center at 761 E. Daily Drive in Camarillo, which VCCCD purchased for $7 million.

“Moving the administration building to the center of the district will benefit everyone,” Chancellor Bernard Luskin said in a news release issued on Nov. 16. “In addition, the new location will provide cost-savings benefits and future growth opportunities that will allow the district to expand its services to students and other community stakeholders. We anticipate the district offices will relocate in April 2017.”

The 38,893-square-foot building is on a 20-acre professional office zoned and master-planned seven-building site. An additional $1 million will be spent on closing costs, appraisal and inspections, interior building renovation and improvements, furniture and equipment, and signage and moving costs.

The new center will improve access for students, faculty, staff and community members, VCCCD said. It will also provide office and storage space, training and conference rooms, a board room and sufficient parking.

There are long-term lease agreements with four tenants that will provide the district with approximately $272,000 in annual lease payments, along with the annual savings of $420,000 from the elimination of its current lease.

• Contact Alex Kacik at akacik@pacbiztimes.com.