Minnesota-based Nolan Properties Group has acquired a 15,800-square-foot retail building at 957 Commonwealth Ave. in Boston for $7.1 million, in the first change of ownership since 1983 for the property on the edge of the Boston University campus.

Newmark Knight Frank’s Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly represented seller J & M Realty Inc. of Cambridge.

“As a campus-oriented retail asset positioned in the heart of Boston’s most densely-populated communities for students and young professionals, 957 Commonwealth Ave. represented a generational opportunity,” Smith said in a statement. “Furthermore, the asset’s long-term viability is solidified by the combination of perpetual demand drivers in the area, highlighted by Boston University, the MBTA Green Line and strong local demographics.”