Key Takeaways
- • Gaming and Leisure Properties (GLPI) has formed a joint venture with Prologis to develop the former Hollywood Casino Joliet site, a 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois.
- • The planned project is a modern warehouse and distribution park of five buildings totaling more than 3.8 million square feet.
- • GLPI will contribute the parcel to the joint venture in three phases, with Prologis serving as managing member and developer.
- • Development is expected to take roughly five years, with Prologis holding options over phases two and three.
- • The deal is GLPI's first joint venture and its first investment outside the gaming sector.
Summary
Gaming and Leisure Properties, Inc. (GLPI) has entered a joint venture with Prologis, Inc. to redevelop the former Hollywood Casino Joliet site in Joliet, Illinois, according to Connect Commercial Real Estate. The site is a 262-acre parcel at 777 Hollywood Boulevard.
Under the arrangement, GLPI will contribute the parcel to the joint venture in three phases. Prologis will serve as managing member and developer of the property. The company plans to convert the site into a modern warehouse and distribution park, anticipated to include five buildings totaling more than 3.8 million square feet.
The project is expected to be built over approximately five years in three phases. Prologis holds options over the development of phases two and three, giving it flexibility over the pace of the remaining construction.
The transaction marks GLPI's first joint venture and its first investment outside the gaming sector, signaling a move by the net lease REIT into industrial and logistics real estate. Josh Zemon, SVP and Investment Officer at Prologis, said the site offers exceptional location and access and that the company sees an opportunity to create a modern logistics campus that supports the local economy and businesses looking to operate in Joliet.
Under the arrangement, GLPI will contribute the parcel to the joint venture in three phases. Prologis will serve as managing member and developer of the property. The company plans to convert the site into a modern warehouse and distribution park, anticipated to include five buildings totaling more than 3.8 million square feet.
The project is expected to be built over approximately five years in three phases. Prologis holds options over the development of phases two and three, giving it flexibility over the pace of the remaining construction.
The transaction marks GLPI's first joint venture and its first investment outside the gaming sector, signaling a move by the net lease REIT into industrial and logistics real estate. Josh Zemon, SVP and Investment Officer at Prologis, said the site offers exceptional location and access and that the company sees an opportunity to create a modern logistics campus that supports the local economy and businesses looking to operate in Joliet.
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