Park Centre Commons at 12000 Pecos St. in Westminster. (Google)
A real estate investor is suing Adams County for increasing its valuation of his 100,000 square feet of office space in Westminster amid “excessive vacancies” and worsening crime.
Park Centre Commons consists of two Reagan-era buildings at 12000 and 12050 Pecos St. in the northern suburb. They were valued at $6.9 million and $5.8 million, respectively, in 2024.
Since the pandemic began, “the subject property has experienced excessive vacancies,” according to two Nov. 24 lawsuits. “Tenants vacated spaces as they allowed remote work and tenants departed due to heightened security risks in the subject’s neighborhood. Such vacancy levels have not returned to pre-pandemic levels, and it is uncertain whether they will.”
When it came time to value the properties for 2025, Adams County put 12000 Pecos’ value at $10 million, or $3.1 million more than in 2024, according to documents BusinessDen obtained in a records request. Neighboring 12050 Pecos St. was valued at $8.3 million, a $2.5 million increase.
Protests were filed and 12000 Pecos’ valuation fell to $7.2 million but its sister property remained valued at $8.3 million. So, the buildings’ owner sued the county assessor last month.
Park Centre Commons is registered to Everett Clark with Clark Cos. in Cherry Creek. He did not return a request to discuss the matter with BusinessDen.
“No comment at this time, per pending litigation,” a county spokeswoman said of the cases.
Clark bought 12000 Pecos St. for $4.2 million and 12050 Pecos St. for $3.5 million in 1997. Built in 1985 and 1983, respectively, the buildings are both about 49,000 square feet.
“The plaintiff owns the subject properties as a speculative investor, not as an owner-user,” his lawsuits state, so they “are at a higher risk of dramatic fluctuations in occupancy.”
Clark is asking Adams County District Judges Patrick Pugh and Toni Wehman to hold trials and determine the buildings’ “actual value.” His attorneys are Michelle Bush and Mark Medina at Silverstein & Pomerantz, a Denver firm specializing in tax law.
Park Centre Commons at 12000 Pecos St. in Westminster. (Google)
A real estate investor is suing Adams County for increasing its valuation of his 100,000 square feet of office space in Westminster amid “excessive vacancies” and worsening crime.
Park Centre Commons consists of two Reagan-era buildings at 12000 and 12050 Pecos St. in the northern suburb. They were valued at $6.9 million and $5.8 million, respectively, in 2024.
Since the pandemic began, “the subject property has experienced excessive vacancies,” according to two Nov. 24 lawsuits. “Tenants vacated spaces as they allowed remote work and tenants departed due to heightened security risks in the subject’s neighborhood. Such vacancy levels have not returned to pre-pandemic levels, and it is uncertain whether they will.”
When it came time to value the properties for 2025, Adams County put 12000 Pecos’ value at $10 million, or $3.1 million more than in 2024, according to documents BusinessDen obtained in a records request. Neighboring 12050 Pecos St. was valued at $8.3 million, a $2.5 million increase.
Protests were filed and 12000 Pecos’ valuation fell to $7.2 million but its sister property remained valued at $8.3 million. So, the buildings’ owner sued the county assessor last month.
Park Centre Commons is registered to Everett Clark with Clark Cos. in Cherry Creek. He did not return a request to discuss the matter with BusinessDen.
“No comment at this time, per pending litigation,” a county spokeswoman said of the cases.
Clark bought 12000 Pecos St. for $4.2 million and 12050 Pecos St. for $3.5 million in 1997. Built in 1985 and 1983, respectively, the buildings are both about 49,000 square feet.
“The plaintiff owns the subject properties as a speculative investor, not as an owner-user,” his lawsuits state, so they “are at a higher risk of dramatic fluctuations in occupancy.”
Clark is asking Adams County District Judges Patrick Pugh and Toni Wehman to hold trials and determine the buildings’ “actual value.” His attorneys are Michelle Bush and Mark Medina at Silverstein & Pomerantz, a Denver firm specializing in tax law.
