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

The building, 3817-3837 Bay Lake Trail, is located within Las Vegas Corporate Center in North Las Vegas. Amazon hopes to have the distribution center up and running in October, in time for the holiday shopping season. The lease is Amazon's first in Southern Nevada. It has operated a 786,000-sf facility near Reno since 1999.

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

The 229,000-sf in the building not tied up by Amazon was leased in the first quarter by Monster Cable Products Inc. for its national distribution center. The value of the 64-month lease is reportedly $6.4million.

ProLogis dramatically increased its ownership in the Las Vegas market and Nevada in general last year when in partnership with Lehman Bros. it acquired a 24.7-million-sf portfolio from Dermody Properties and CalSTRS for $1.8 billion. With more than 60% of the portfolio in Nevada, the deal instantly gave ProLogis a leading position in the state.

The deal included 12 million sf in the Reno area and four million sf in the Vegas area, including one million sf within Las Vegas Corporate Center, taking its ownership there to 2.5 million sf in 12 buildings. ProLogis says its only availability at Las Vegas Corporate Center is the remainder of the 500,000-sf building in which Monster Cable will be located.