Paces confirms it has signed Ann Taylor Loft to a 6,000-sf lease but declines to disclose transaction terms. However, area brokers intimate with the suburban retail markets tell GlobeSt.com average asking rent at high-end retail properties such as Vinings Jubilee are in the $30 per-sf to $50 per-sf range. Area brokers estimate the tenant's lease at 10 years. That would give the contract an estimated aggregate value of $1.8 million, if calculated at the $30-per-sf level.

The final phase is expected to be finished in June. Occupancy in the existing center is 98%. Among the tenants are retailers Talbots, Banana Republic, Chico's, CVS Pharmacy and restaurants SoHo, La Paz and Mellow Mushroom.

A Paces representative tells GlobeSt.com an estimated development cost for the entire project was not available. But area construction industry estimators, intimate with comparable class A ventures, tell GlobeSt.com the average hard cost is probably about $200 per sf or a total $24 million for the 120,000 sf.

"We're very pleased with the success we've experienced and continue to experience at Vinings Jubilee, but we have run out of land so this will be the final addition to my father's labor of love," says David Cochran, a Paces principal. The first phase, 18 years ago, totaled only 58,000 sf. Additions were made in 1995 and 1999.

Paces founder Felix Cochran bought the 10-acre site for an undisclosed price in the early 1970s from the great-great-granddaughter of Hardy Pace, who founded Vinings, GA.