City Capital Corp., a Franklin, Tenn., investment company, said it had purchased Granite Real Estate Investment Co. L.L.C. of Chadds Ford for $150,000 and assumed $690,000 in debt, $350,000 in accounts payable, and $185,000 in equipment leases.

Granite's operations - a real estate acquisition company, a home builder and a residential real estate company - booked $39.8 million in revenue last year, City Capital said.