Invesco buys fully leased Spartanburg park at $122 a foot

Invesco Real Estate paid $99.5 million for Crossroads Logistics Park, an 814,000-square-foot Spartanburg industrial campus, buying it from Brennan Investment Group and Grandview Partners, with Commercial Search identifying the buyer and Connect CRE reporting the sale.

The park at 151 International Park Drive spans 70 acres alongside Interstate 85, the 10-county Upstate corridor linking Charlotte and Atlanta. Its three buildings—two at 168,480 square feet and one at 477,360 square feet—are fully leased with an average remaining lease term exceeding five years. The large-format warehouse is paired with two smaller boxes, giving the park flexibility for distribution tenants with different footprint needs. That lease stack removes near-term rollover risk, turning the asset into something closer to a current-pay bond, exactly what core institutional capital typically seeks in a secondary market.

At roughly $122 a square foot, the price carries no vacancy or re-tenanting discount; the buyer paid for income certainty rather than repositioning upside, the way a fully leased, long-term industrial park trades in a market like Spartanburg. It also rewards the developer that executed the lease-up, Brennan and Grandview having converted a construction site into an income-producing asset in roughly four years.

Brennan began construction in March 2022 with J.M. Cope Construction as general contractor, so the sale lands about four years after groundbreaking. JLL Capital Markets represented the sellers with a team led by Dave Andrews, Pete Pittroff, Michael Scarnato, Michael Lewis and Jack Barnes, an assignment that follows JLL's $856 million refinancing of Winthrop's portfolio earlier this week, per PRED's records, making the brokerage the intermediary on two sizable capital markets transactions inside a week.

The deal also arrives as Brennan pushes into new territory, and just before the Spartanburg sale, as this publication reported, Brennan hired a capital markets veteran to open its Phoenix industrial market, a sign the firm is seeding its next growth leg while harvesting developed assets. For Invesco, the purchase adds a stabilized logistics holding in a corridor that keeps drawing institutional capital, and if the lease roll performs the $122-a-foot bid will look sensible while a long remaining term cushions tenant churn. The current occupancy and the I-85 location make that risk modest, but it is the risk the buyer has accepted.