R. Scott Dennis Of Invesco Real Estate Acquires Industrial Campus In Spartanburg For $99.5M

The transaction involved the acquisition of Crossroads Logistics Park, a Class A industrial campus located at 151 International Park Drive in Spartanburg, SC. The property spans 70 acres, features three buildings, and encompasses a total of 814,320 square feet. The sale price for this fully occupied asset was $99,500,000, which translates to a price per square foot of $122.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $99,500,000
• Address: 151 International Park Drive
• Market: Spartanburg, SC
• Asset Size: 814,320 SF
• Acres: 70
• Buyer: R. Scott Dennis - Invesco Real Estate
• Seller: Kevin Brennan - Brennan Investment Group
• Seller: Raj Menon - Grandview Partners
• Brokers: Dave Andrews, Pete Pittroff, Michael Scarnato, Michael Lewis & Jack Barnes - JLL

This transaction featured R. Scott Dennis representing Invesco Real Estate as the buyer, acquiring the property from a joint venture between Kevin Brennan of Brennan Investment Group and Raj Menon of Grandview Partners. The property boasts more than five years of average lease term remaining for tenants including Siemens and other manufacturing, logistics, and consumer-products companies.