Coleta Brands has committed to a new build-to-suit industrial lease valued at $48.3 million for a facility within OMP Lamb Commerce Center in Las Vegas. The project will deliver a 368,270-square-foot industrial building on an 18.11-acre site at 2644 N. Lamb Blvd., tailored specifically to the tenant’s operational requirements.
The development is being led by OMP in a venture with AEW, which previously acquired the underlying land in July 2022. The partnership’s decision to pursue a build-to-suit project reflects a strategy centered on meeting a single tenant’s specifications rather than marketing a speculative facility to multiple prospective occupants.
The lease stands out against the backdrop of elevated new supply in the Las Vegas industrial market. According to the parties involved, the metro currently has more than 17 million square feet of newly built industrial space available. Despite that level of vacant new inventory, Coleta Brands opted for a customized building, underscoring that some users are prioritizing purpose-built layouts over readily available options.
Brokerage teams from Colliers and JLL represented the parties in the transaction. Paul Sweetland, Dan Doherty, Jerry Doty, Morgan Elson and Zach McClenahan of Colliers advised the landlord. Jason Simon of JLL represented Coleta Brands as tenant, coordinating requirements for the build-to-suit lease structure within the broader OMP Lamb Commerce Center project.
Commenting on the transaction, Colliers’ Paul Sweetland noted that build-to-suit deals are often driven by necessity rather than preference. He stated that Coleta Brands could not identify an existing building in the market that met its operational needs, reinforcing the circumstances that led the tenant to pursue a bespoke facility despite substantial available new industrial stock.
The Coleta Brands lease adds a large, single-tenant commitment to the Las Vegas industrial pipeline while much of the market’s new supply remains available. It also highlights the role of institutional partners such as OMP and AEW in structuring build-to-suit opportunities in locations where existing buildings do not align with modern user requirements.
