Ventura County Credit Union has purchased the 73,000-square-foot office building at 2575 Vista Del Mar Drive in Ventura for its new headquarters. The property was previously the corporate home of Affinity Group.
The purchase price was not disclosed. The property previously changed hands for $4.4 million in late 2012, property records show.
The credit union is moving its corporate offices to the new facility and expects to have as many as 100 employees working there, it said in a news release.
VCCU executives are positioning the purchase as an investment, since the credit union will occupy about half the building and lease out the rest. No tenants have been identified yet.
“While we didn’t intend to purchase a building of this size, its economic value and long-term potential made great sense for us,” VCCU President and CEO Joe Schroeder said in a statement. “We’ve been out of space at our current headquarters, off Telephone Road, for more than a year — and although we are committed to keeping our branch at that location, we needed to find more suitable space for our growing support team.”
The $654 million-asset institution is the second-largest credit union based in the Tri-Counties, just after CoastHills Credit Union out of Lompoc. VCCU has more than 60,000 members and had net income of $5.1 million last year.
VCCU will transition employees to the new headquarters starting this winter, it said.