Prologis and Gaming and Leisure Properties are joint-venturing a roughly 3.8 million-square-foot warehouse campus on the former Hollywood Casino Joliet site at 777 Hollywood Boulevard, Bisnow reported November 4, 2026, with GLPI contributing 262 acres and Prologis leading development across at least three phases over five-plus years.
What Is GLPI Doing Outside Gaming for the First Time?
The Joliet project is GLPI's first major non-gaming redevelopment, per Bisnow's Chicago industrial coverage tied to the November 2026 deal timeline. Wyomissing, Pennsylvania-based GLPI historically owns casino real estate; here it contributes land, while Prologis builds logistics.
Prologis also bought an adjacent closed water park for $6.6 million in late October 2026, expanding the assemblage beside the Hollywood Boulevard casino footprint.
Why Did Josh Zemon Call Chicago Development Hand-to-Hand Combat?
At Bisnow's Chicago Industrial Summit, Prologis SVP Josh Zemon described infill entitlement work as "hand-to-hand combat" but worth it because scarcity supports rent growth on new product even with higher rates and capital costs.
Colliers data in Bisnow's piece:
| Chicago industrial pipeline | Colliers Q3 2026 |
|---|---|
| SF under construction | 11.4M |
| Peak Q3 2022 | >37M |
Zemon argued the market will not return to 20-30M SF concurrently under construction because land, assemblage, and power are too hard. Prologis still runs a green light on select submarkets with high conviction.
How Does Power Shape the Joliet Bet?
Zemon said ComEd met in person on Day 1 at Joliet so Prologis would not strand casino-era power. Existing utility capacity is now table stakes for logistics development, echoing CEO Dan Letter's CNBC comments that energy resilience ranks first in location decisions.
That power thread links Chicagoland infill to Southern California portfolio buyers repricing light industrial on rent correction, not greenfield utility drama.
What Strategy Sits Behind the 3.8 Million Square Feet?
Zemon said customer conversations drive site selection: barrier-to-entry infill and large blocks where Class-A alternatives are scarce. Users are upgrading from Class B/C, supporting rent growth that offsets capital costs, he told Bisnow.
The Joliet campus is the large-format counterweight to Minooka and Glendale Heights sites Prologis acquired earlier in 2026. It is ground-up optionality while BKM-Kayne buy stabilized coastal stock.
The Numbers Worth Writing Down
- Planned GLP SF: ~3.8 million
- Land: 262 acres (GLPI JV)
- Water park add-on: $6.6 million
- Chicago U/C SF: 11.4M (vs >37M peak)
- Phase count / timeline: 3+ phases, 5+ years
Casinos to Cubic Feet
Hollywood Casino Joliet becoming 3.8 million square feet of logistics is the 2026 industrial story in one redevelopment: gaming landlords monetize pads, logistics REITs bring power and tenants, and Chicago's construction meter stays one-third of peak while Prologis still builds.
If 91% of executives want decentralized fulfillment networks, Joliet-scale campuses are the supply response, even when monthly apartment rents dip nationally and storage advertised rates fall. Industrial location is increasingly energy + infill + phase optionality, not just clear height and dock count.
Sources
- 'It's Hand-To-Hand Combat': Prologis Exec On Chicago Industrial Strategy, Bisnow, November 4, 2026
- Prologis plans nearly 4M sf warehouse campus on former Joliet casino site, Yahoo Finance, November 2, 2026