Key Takeaways
- • Gaming and Leisure Properties (GLPI) and Prologis have formed a joint venture to redevelop the former Hollywood Casino Joliet site in Joliet, Illinois, with Prologis as planned managing member and developer, according to Connect CRE.
- • The 262-acre property at 777 Hollywood Boulevard is planned for five buildings totaling more than 3.8 million square feet of warehouse and distribution space.
- • GLPI will contribute the land in three phases, with Prologis holding options on the second and third phases and the project expected to run roughly five years.
- • The venture remains subject to review and approval by the City of Joliet, which is the next key milestone.
- • Connect CRE identified the deal as GLPI's first joint venture and first investment outside gaming.
Summary
Gaming and Leisure Properties has formed a joint venture with Prologis to redevelop the former Hollywood Casino Joliet site in Illinois, according to Connect CRE, which reported the transaction on Thursday, October 29, 2026. Prologis is the planned managing member and developer of the project.
The 262-acre property at 777 Hollywood Boulevard in Joliet is planned as a modern warehouse and distribution park. The development is expected to comprise five buildings totaling more than 3.8 million square feet, adding a sizable project to Prologis's logistics pipeline in a major market near Chicago. The site is being repositioned from its former casino use toward industrial and distribution activity.
Under the structure described, GLPI will contribute the land to the venture in three phases. Prologis will lead development over an expected timeline of approximately five years and holds options on the second and third phases, allowing it to expand its role as the plan advances. Josh Zemon, Prologis senior vice president and investment officer, said the location offers strong access and an opportunity to create a logistics campus supporting local businesses and the regional economy.
The transaction is subject to review and approval by the City of Joliet. That approval is the next important milestone, to be followed by detailed phasing, construction planning and commercial development of the site. Connect CRE noted that the planned capacity will be realized only as approvals and construction phases progress.
For reference, Prologis stock traded at 114.78 euros on Lang & Schwarz at 12:42 p.m. Berlin time on Friday, October 30, 2026. Prologis trades under the ticker PLD.
The 262-acre property at 777 Hollywood Boulevard in Joliet is planned as a modern warehouse and distribution park. The development is expected to comprise five buildings totaling more than 3.8 million square feet, adding a sizable project to Prologis's logistics pipeline in a major market near Chicago. The site is being repositioned from its former casino use toward industrial and distribution activity.
Under the structure described, GLPI will contribute the land to the venture in three phases. Prologis will lead development over an expected timeline of approximately five years and holds options on the second and third phases, allowing it to expand its role as the plan advances. Josh Zemon, Prologis senior vice president and investment officer, said the location offers strong access and an opportunity to create a logistics campus supporting local businesses and the regional economy.
The transaction is subject to review and approval by the City of Joliet. That approval is the next important milestone, to be followed by detailed phasing, construction planning and commercial development of the site. Connect CRE noted that the planned capacity will be realized only as approvals and construction phases progress.
For reference, Prologis stock traded at 114.78 euros on Lang & Schwarz at 12:42 p.m. Berlin time on Friday, October 30, 2026. Prologis trades under the ticker PLD.
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