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CORNELIUS, N.C. — 8325 Copely Drive LLC of Santa Monica, Calif., has renovated the 42,000-square-foot Palace theater into a multiple-tenant, mixed-use facility. The space can house retail, restaurant, office and performing arts tenants. The property, which was built in 2000, is located near the interchange of NC Highway 73 and West Catawba Avenue in Cornelius.