Gaming and Leisure Properties, Inc. (GLPI) and Prologis, Inc. have entered into definitive agreements to form a joint venture to redevelop the former Hollywood Casino Joliet property into a large-scale industrial complex.
Under the terms outlined, GLPI will contribute the former casino site, a 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois, to the joint venture in three phases. Prologis will serve as the managing member of the venture and will lead the planning and development of the project.
The partners envision transforming the property into a modern warehouse and distribution park. Current plans call for a logistics campus of five industrial buildings totaling more than 3,800,000 square feet, designed to support warehouse and distribution users seeking contemporary space in the Joliet area.
The development is expected to be built out over approximately five years and structured across three phases. Prologis will hold options on the development of phases two and three, providing flexibility in how and when subsequent stages of the project are executed.
The transaction is notable for GLPI as it represents the company's first joint venture. It also marks GLPI's initial move into the industrial and logistics real estate sector, expanding its investment activity beyond its traditional focus on gaming-related properties.
Prologis is positioning the former gaming site as a logistics campus that can leverage its location and connectivity. “The site offers exceptional location and access, and we see a strong opportunity to create a modern logistics campus that supports the local economy and businesses looking to operate in Joliet,” said Josh Zemon, senior vice president and investment officer at Prologis.
By converting a former casino property into a large-scale industrial park, the joint venture reflects the ongoing evolution of land use in established regional markets where logistics demand continues to influence redevelopment decisions. The multi-phase structure and option framework give Prologis discretion over the pacing of later stages while GLPI contributes the land as its primary stake in the venture.
The project, once fully built out, is expected to add a significant amount of modern industrial space to the Joliet market over the coming years, with the partners emphasizing both the site's access advantages and its potential role in supporting business activity in the area.
