Gaming and Leisure Properties, Inc. (GLPI) has formed a joint venture with Prologis, Inc. to develop the former Hollywood Casino Joliet site.

GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois, to the joint venture in three phases, and Prologis will serve as the managing member and developer of the site. Prologis intends to develop the site into a modern warehouse and distribution park, anticipated to comprise five buildings totaling more than 3.8 million square feet.

The project is expected to be developed over approximately five years, in three phases, with Prologis holding options over the development of phases two and three. The transaction represents GLPI’s first joint venture, and the expansion into the industrial and logistics space marks its first investment outside the gaming sector.

“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, SVP and Investment Officer, Prologis.

The post Prologis to Redevelop Joliet Casino Site into 3.8M-SF Industrial Property appeared first on Connect CRE.