Davis Square Realty Ventures LLC has purchased a 41,000-square-foot building in Somerville’s Davis Square for $7.8 million.

The three-story, retail/office building, located at 240 Elm St., was sold by Elm Chester LLC, according to a statement.

Elm Chester purchased the Somerville Building in March 2010, according to records obtained by The Warren Group, publisher of Banker & Tradesman. It was last assessed for $4.07 million.

Craig Barker of Boston Real Estate Advisors was the sole broker in the transaction.