WASHINGTON (dpa-AFX) - Industrial real estate developer Prologis, Inc. (PLD) announced on Wednesday that it has entered into a joint venture with Gaming and Leisure Properties, Inc. (GLPI) to develop the former Hollywood Casino Joliet site in Illinois into a logistics park.
The companies said the 262-acre site is expected to be developed into a Class A warehouse and distribution park comprising more than 3.8 million square feet across five buildings, subject to the approval by the City of Joliet.
Prologis will serve as the managing member and developer of the project, while Gaming and Leisure Properties will contribute the land parcel to the venture in three phases.
The project is expected to be developed over approximately five years, with Prologis holding options over the second and third phases of development.
Gaming and Leisure said the venture represents its first investment outside the gaming sector and its first joint venture.
Shares of Prologis were down 0.45% to $125.90 on NYSE.
On the Nasdaq, shares of Gaming and Leisure Properties fell 0.84% to $38.49.
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