What: 240 Elm St. 

Where: Somerville 

Built: 1920 

Owner: Asana Partners 

A 100 percent leased retail and office building in the heart of Somerville’s Davis Square has been sold for $39 million to Asana Partners of Charlotte, North Carolina. 

Totaling 46,276 square feet, 240 Elm St. is anchored by a bfresh store, which is an urban grocery format by Stop & Shop parent Ahold, and Spaces, a shared office space concept by Regus. 

Situated at the intersection of Elm and Chester streets, 240 Elm St. benefits from high visibility and proximity to the MBTA Red Line’s Davis station, which serves approximately 12,900 commuters each weekday. 

Newmark Knight Frank’s capital markets team based in Boston oversaw the transaction. Asana Partners made another key acquisition on the Red Line corridor last December, when it bought an office and retail building at 1-8 and 17-41 Brattle St. in Harvard Square for $108 million. 

They Said It: 

“240 Elm St. benefits from approximately $7 million in recent capital improvements that have transformed the former Social Security building into a premier mixed-use asset. The property also enjoys a dominant position in the heart of Davis Square, a vibrant commercial center in Somerville.”  

— Paul Penman, director, NKF