The transformation of a formerly industrial corridor stretching from Atlanta into DeKalb County has taken another step.

A small strip shopping center on Decatur Street in Atlanta's Old Fourth Ward neighborhood has sold for $3.3 million.

The new owners plan to redevelop the property in about two years, once existing leases run out, said Chris Carter of Vantage Realty Partners, which represented the seller.

The buyers are a group of investors that include John Colclough, an executive with Cooke Enterprises, Carter said.

The 20,000 square foot building, at 486 Decatur St., sits on 1.4 acres at the northeastern corner of Decatur and Boulevard. Tenants include a hot dog shop, an improv comedy troupe and Lenny's music club and is about 80 percent leased, Carter said.

The Decatur Street/DeKalb Avenue corridor is a formerly industrial area that is in the throes of change. The road is now lined with trendy condos and townhomes despite being adjacent to a MARTA elevated rail line and a busy freight yard.