The average lease rate on the deal is approximately $0.50 per sfper month (NNN), local industry sources tell GlobeSt.com. If Amazontakes down the full 286,000 sf, the value of the lease would beapproximately $8.6 million.

The building, 3817-3837 Bay Lake Trail, is located within LasVegas Corporate Center in North Las Vegas. Amazon hopes to have thedistribution center up and running in October, in time for theholiday shopping season. The lease is Amazon's first in SouthernNevada. It has operated a 786,000-sf facility near Reno since1999.

Colliers' brokers Daniel Doherty, Patti Dillon, and SuzetteLaGrange represented Denver-based ProLogis in the transaction. IfAmazon exercises its option to double its leasehold the buildingthe 1.4 million-sf park will be full, with no new construction onthe table. "Everyone is on the fence, waiting to see how the nextsix months plays out," he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.