CBRE announced that Colorado-based butter producer and distributor Epicurean Butter Company (“Epicurean Butter” or the “Company”) has pre-leased 29,500 square feet at 14902 Grant Street in Thornton, Colo, part of 25 North, a new industrial park currently under construction. CBRE’s Matthew Kawulok and Daniel Close represented Epicurean in the lease.
“We were thrilled to find the ideal facility to accommodate Epicurean’s growth,” said Mr. Kawulok, senior associate with CBRE in Denver. “The company is at the forefront of the flourishing flavors and food ingredients category. Making 25 North its new headquarters will allow Epicurean to expand and optimize its operations from a strategic location right off I-25.”
Epicurean Butter is a market-leading manufacturer of flavored butters for the grocery retail and foodservice industries, currently headquartered in Federal Heights, Colo. The company was founded in 2004 by Thornton residents John and Janey Hubschman. Its products are made with all-natural and premium ingredients and are sold as branded and private label products through grocery retail, e-commerce and foodservice channels.
The Company began a search for a new facility to house its operation in early 2020 to capitalize on the broader market adoption of its products and expand its market share as consumer demand for premium, high quality, clean label products continues to increase.
Epicurean Chairman and CEO Tom Maddi commented, “We are excited to be moving our operation to a state-of-the-art facility to support our growing business. This new facility will provide a wonderful workplace environment and a showcase for our customers, helping us to maintain and build upon our core values of quality and service to our customers and to the community of Thornton.”
Epicurean recently partnered with HC Private Investments, a Chicago-based family office focused on making direct private equity investments in consumer and industrial companies.
25 North is a 70-acre, master-planned industrial development comprised of eight buildings totaling 900,000 square feet. The property is adjacent to I-25 and within a 25-minute drive of downtown Denver, Denver International Airport and the city of Boulder.
Epicurean will take occupancy at 25 North in April 2021. The space build-out will include production and packaging operations, a showroom kitchen, the headquarters office and on-site freezer and cooler storage.
“Cold storage warehouse capacity and demand will continue to grow in Denver and elsewhere, as the pandemic has accelerated consumer adoption of e-commerce grocery and food delivery,” added Mr. Close, first vice president with CBRE in Denver.
Driven by demand for distribution, warehouse and manufacturing space, metro Denver’s industrial market saw its 42nd consecutive quarter of positive net absorption, recording over 966,000 square feet in the third quarter of 2020. This pushed year-to-date net absorption to over 2.8 million square feet, a 37.9% increase year-over-year, according to a CBRE research report.