Cleveland I-X Center Poised for Revival with IRG Team
Powerhouse Development to Create a New Vision after Pandemic Related Closure on March 12, 2020
CLEVELAND, Sept. 1, 2021 /PRNewswire/ -- Industrial Realty Group, LLC (IRG), one of the country's largest owners of commercial and industrial properties, is proud to announce its purchase of the stock in the I-X Center Corporation which operates Cleveland's 2.2 million square foot facility known as the International Exposition Center or the "I-X Center."
IRG will partner with Industrial Commercial Properties, LLC (ICP) for this transaction.
"The I-X Center has been on our radar for years," said Stuart Lichter, President of IRG. "It has 159 acres full of potential and a versatile 2.2 million square foot building. We're preparing a creative, robust plan for the surrounding development, while simultaneously reopening the existing I-X Center for convention and trade show use this year."
The developers will immediately prepare the Main Hall for events, with promoters to market trade show events such as Auto, Home & Garden, Recreational Vehicles, I-X Christmas Connection and I-X Piston Powered Auto-Rama Show.
"These trade shows have significant impact on the region's economy," said Lichter. "We are delighted to facilitate these events on site once again."
In addition, the team will work toward a comprehensive redevelopment plan to expand the development on the land surrounding the I-X Center. The site has features which are attractive to many tenants. It is west of downtown Cleveland and adjacent to Cleveland Hopkins International Airport with access to I-71.
The team is confident in their formula which converted Goodyear's former world headquarters in Akron into a successful mixed-use hub with a thriving event center, theater, and athletic facilities.
I-X Center is poised for an exciting new era.
Since the opening in 1985, the I-X Center has been providing Cleveland with many great trade shows and events. Park Corporation has owned the I-X Center Corporation stock since that time. As the I-X Center Corporation is being sold to a new team, Park Corporation believes that they will usher in a new chapter for the property and provide the Greater Cleveland community the highest level of service and entertainment for years to come.
About Industrial Realty Group (IRG)
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America's most difficult real estate challenges. Learn more at www.industrialrealtygroup.com.
About Industrial Commercial Properties (ICP)
Industrial Commercial Properties LLC (ICP) is a national real estate development company headquartered in Cleveland, Ohio, specializing in commercial and industrial rehabilitation, ground-up construction, job creation and economic development. ICP's portfolio includes over 150 properties, totaling more than 44 million square feet of leasable space and 340+ tenants. Visit our website at www.ICPLLC.com
Media Contacts:
Lauren Crumrine, Director of Marketing
Industrial Realty Group, LLC
614-562-9252
[email protected]
SOURCE Industrial Realty Group, LLC
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