Las Vegas has warehouse space to spare. It does not have the right warehouse space in the right place, and a $48.3 million deal on Lamb Boulevard just proved it.
Colliers announced on November 9, 2026, that it completed a 368,270-square-foot build-to-suit lease at OMP Lamb Commerce Center. The tenant, Coleta Brands, did not take a finished building. It ordered one built to its exact requirements.
The Deal, By the Numbers
The project will rise on an 18.11-acre site at 2644 N. Lamb Blvd., Las Vegas. Colliers sold that same site to the development team in July 2022, so the firm has been on this ground for more than four years.
| Deal point | Figure |
|---|---|
| Building size | 368,270 square feet |
| Transaction value | $48.3 million |
| Site size | 18.11 acres |
| Site sold to developers | July 2022 |
| New industrial space available in the market | More than 17 million square feet |
Colliers called it one of the more notable build-to-suit industrial deals completed in Southern Nevada this year. OMP is developing the project in partnership with AEW, further expanding its industrial footprint in Southern Nevada.
On the landlord side, Colliers Vice Chairs Paul Sweetland, Dan Doherty, and Jerry Doty worked the deal with Associates Morgan Elson and Zach McClenahan. Jason Simon at JLL represented Coleta Brands.
Why Custom Beat 17 Million Square Feet of Ready Space
Here is the insight most operators miss. A market can be oversupplied and undersupplied at the same time, because square feet are not interchangeable.
Sweetland said it plainly: "Build-to-suit projects are typically driven by necessity, and this tenant simply couldn't find a building in the market that met its requirements."
He added: "By bringing together the tenant, JLL and OMP, we were able to create a solution that delivers exactly what the user needs while maximizing the value of a site we've been involved with since its sale in 2022."
Read that as a power move, not a consolation prize. Coleta Brands skipped the compromise, kept its operating requirements intact, and locked a purpose-built facility while ready inventory sat waiting for a different kind of user.
How to Use This If You Need Space in Las Vegas
If your business needs industrial space, copy the sequence, not just the headline.
- Write the requirements first. List the features a building must have before you tour anything, so a cheap ready building does not quietly rewrite your operation.
- Price custom against compromise. Compare a build-to-suit on a controlled site with the cost of retrofitting a spec building that almost fits.
- Ask who controls the land. This deal worked because the site had been in developer hands since July 2022, ready when the right tenant appeared.
- Bring both sides to one table early. Landlord brokers, tenant representation, and the developer built one solution here instead of trading paper for months.
The bottom line is clean. Las Vegas industrial is not short on buildings. It is short on buildings that fit, and on Lamb Boulevard, fit just closed at $48.3 million.
