Developer Buys Evergreen Center in Westlake

Silagi Development Co. of Thousand Oaks has purchased the 80,000-square-foot Evergreen Shopping Center in Westlake.

Tony Principe, executive vice president of Westcord Westoaks Commercial Group, which represented Silagi in the deal, said the Evergreen acquisition was part of a $6.3-million property transaction between his client and Wells Continental Investments, a Los Angeles-based Pacific Rim investor.

As part of the transaction, Silagi also acquired a 10,000-square-foot strip center on La Brea Avenue in Los Angeles and a residential condominium unit in the Bunker Hills Towers in downtown Los Angeles.

Principe said Silagi is expected to spend about $300,000 to renovate the 15-year-old Evergreen property on Thousand Oaks Boulevard, west of Westlake Boulevard. The center is 70% occupied.

The shopping center adds to Silagi’s list of Ventura County holdings. Earlier this year, the company opened the final phase of the Conejo Business Center office development in Thousand Oaks.