Invesco Paid $122 a Foot for Fully Leased Upstate Bulk

A joint venture between Brennan Investment Group and Grandview Partners sold Crossroads Logistics Park in Spartanburg, South Carolina to Invesco Real Estate for $99.5 million. The three-building campus totals 814,320 square feet on 70 acres. JLL represented the sellers.

That is $122.19 per square foot and $1.42 million per acre — CRE360 arithmetic — at 26.7% site coverage. The building stack runs 477,360 plus two facilities of 168,480 square feet each; the single bulk box carries 58.6% of the campus.

The campus was 100% occupied with a weighted average lease term exceeding five years. Tenants include Siemens, a Tier I automotive supplier, a building-products manufacturer and distributor, and logistics and consumer-products users. The site sits on the I-85 Upstate corridor connecting Charlotte and Atlanta.

Invesco did not buy a lease-up story. It bought a fully occupied campus with more than five years of average term and an investment-grade name at the top of the rent roll, and paid a price that would look expensive against a vacant comp.

That is the shape of core industrial capital in 2026. It is present, it is writing nine-figure checks, and it is refusing to underwrite tenancy risk at any price. The premium is not for the box. It is for the signatures. The Upstate is the right place to test it — I-85 has absorbed a decade of speculative delivery, and enough vacant Class A remains that an occupied campus is genuinely scarce.

Implications: model the spread between leased and vacant bulk as an underwriting input, not a rounding error. Developers should assume the institutional bid arrives only after stabilization and price the carry to get there. Owners of partially leased campuses should ask whether one more signed tenant is worth more than six months of interest.

Flag: CPE headlined the deal at $100M; Connect CRE, Upstate Business Journal and IREI all report $99.5M, which we use. Groundbreaking coverage described a 79-acre park against 70 acres conveyed — read as entitled versus conveyed.