Henry Group Real Estate Announces Sale of Historic Highland Square Property to Longtime Tenant Hydrate IV Bar
Denver, CO – Henry Group Real Estate is pleased to announce the successful sale of a freestanding retail property at 3440 W 32nd Avenue in Denver’s historic Highland Square shopping district. The 1,688-square-foot freestanding building, situated on a 3,150-square-foot lot, was sold on March 31, 2025 for $944,000 ($559/SF) to longtime tenant Katie Wafer Gillberg, founder of Hydrate IV Bar and Carl Gillberg, marking their first commercial real estate acquisition.
Purchased in 1997 by sellers Marshall and Janine Vanderburg, the early 1900s Victorian-style building served as a multi-tenant retail hub. Over the years, the property housed various small businesses, including a Pilates studio and a boutique second-hand clothing store, each contributing to the unique character of Highland Square. Recognizing the neighborhood’s potential in the thriving commercial corridor, the Vanderburgs initially occupied the space for their own business before leasing it to a series of local entrepreneurs.
Highland Square’s history dates back to its origins as a separate town incorporated in 1875 before being annexed by Denver. Once a streetcar suburb, the area evolved into a resilient business and residential hub. Today, it remains one of Denver’s most sought-after retail destinations, benefiting from exceptional foot traffic and a strong sense of community.
In 2016, Katie Gillberg, a fifth-generation Colorado native, founded Hydrate IV Bar, a wellness-focused IV therapy spa. She expanded her business in 2017, opening a second location at 3440 W 32nd Avenue under a long-term lease with the Vanderburgs. Hydrate IV Bar has since grown to include eleven locations in Colorado and twenty nationwide, with more in development. With this acquisition, Katie and Carl Gillberg have secured a permanent home for Hydrate IV Bar in the heart of Highland Square.
“This transaction underscores Highland Square’s enduring appeal as a premier retail and investment destination in Denver,” said Montana Rae of Henry Group Real Estate, who, alongside Boston Weir, represented the sellers. “The West Highlands continues to thrive, with strong demand from residents and businesses eager to establish roots in this neighborhood. Hydrate’s commitment to staying here for the long term makes perfect sense, and we are thrilled to have been involved.” The buyer was treated as a customer in the transaction.
Go Back Purchased in 1997 by sellers Marshall and Janine Vanderburg, the early 1900s Victorian-style building served as a multi-tenant retail hub. Over the years, the property housed various small businesses, including a Pilates studio and a boutique second-hand clothing store, each contributing to the unique character of Highland Square. Recognizing the neighborhood’s potential in the thriving commercial corridor, the Vanderburgs initially occupied the space for their own business before leasing it to a series of local entrepreneurs.
Highland Square’s history dates back to its origins as a separate town incorporated in 1875 before being annexed by Denver. Once a streetcar suburb, the area evolved into a resilient business and residential hub. Today, it remains one of Denver’s most sought-after retail destinations, benefiting from exceptional foot traffic and a strong sense of community.
In 2016, Katie Gillberg, a fifth-generation Colorado native, founded Hydrate IV Bar, a wellness-focused IV therapy spa. She expanded her business in 2017, opening a second location at 3440 W 32nd Avenue under a long-term lease with the Vanderburgs. Hydrate IV Bar has since grown to include eleven locations in Colorado and twenty nationwide, with more in development. With this acquisition, Katie and Carl Gillberg have secured a permanent home for Hydrate IV Bar in the heart of Highland Square.
“This transaction underscores Highland Square’s enduring appeal as a premier retail and investment destination in Denver,” said Montana Rae of Henry Group Real Estate, who, alongside Boston Weir, represented the sellers. “The West Highlands continues to thrive, with strong demand from residents and businesses eager to establish roots in this neighborhood. Hydrate’s commitment to staying here for the long term makes perfect sense, and we are thrilled to have been involved.” The buyer was treated as a customer in the transaction.