The Lakers have completed a deal to buy a five-acre El Segundo, Calif., property worth $80 million that, among other things, will house a new, independently-owned practice facility, the team announced Friday. Construction is expected to be finished by the spring of 2017.

Currently, the Lakers practice at the Toyota Sports Center, which they share with the NHL’s Los Angeles Kings, but their new facility, located at the northwest corner of Mariposa Avenue and Douglas Street, will also be the home of the team’s new corporate headquarters, featuring a 750-seat exhibition court and offices on the property, as part of the Elevon at Campus El Segundo development.

“With its proximity to the airport and beaches, clean air, diverse businesses, and wonderful community, El Segundo is the perfect place for us to be,” said Lakers president and co-owner Jeanie Buss. “We’ve been here for the past 15 years with great success, and we’re thrilled to secure the perfect spot to expand on that success and remain for many years as a part of this vibrant and growing area.”

The new facility will also be home to the Los Angeles D-Fenders of the NBA’s Development League, where the team will play their home games on the exhibition court.