A North Carolina retail developer has expanded its Somerville holdings with the nearly $40 million purchase of a group of commercial properties in Davis Square.

Asana Partners acquired six properties spanning nearly 36,000 square feet from Urban Equity Development of Andover. The parcels include 256-264, 268-272 and 274-282 Elm St., 58 Day St. and 7-9 and 11-13 Herbert St. They contain office and retail buildings totaling over 64,000 square feet along with a small parking lot. Notable tenants include Elm Street Tap Room, Starbucks, Oath Pizza and a U.S. Post Office branch.

Charlotte-based Asana bought the former Social Security building at 240 Elm St., which is now occupied by Bfresh grocery store and Spaces co-working, last September for $39 million.

Asana Partners did not immediately return messages seeking comment. The company has spent over $485 million on acquisitions in Back Bay, Harvard Square and Davis Square since 2017.

Asana in April raised $800 million in equity for its second fund, which is targeting retail properties in “high-growth urban and infill neighborhood locations.”

It acquired 1-8 and 17-41 Brattle St. in Harvard Square for $108 million in December 2017, and followed that up in December 2018 with the $298 million acquisition of Jamestown’s 28-building Newbury Collection.

Asana was founded in 2015 by a group of former executives from South Carolina retail developer Edens, which is redeveloping Boston’s South Bay Center and the Woburn Mall as mixed-use projects. According to its web site, Asana targets markets with high levels of income, population density and educational attainment.

Asana is the second national developer to make a major real estate deal in Davis Square in the past month, following co-living specialist Scape’s lease of three properties the opposite side of Elm Street including the home of The Burren pub and McKinnon’s Market.

Retail Developer Expands Davis Square Portfolio With $40M Acquisition

by Steve Adams time to read: 1 min
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