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                                                                  Exhibit 10.410

[INLAND LOGO]

          INLAND REAL ESTATE ACQUISITIONS, INC.
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          <S>                         <C>                         <C>                        <C>
          2901 Butterfield Road                                   200 Waymont Court          1955 Lake Park Drive
          Oak Brook, IL 60523         501 Manatee Ave, West       Suite 126, Unit 10         Suite 300
          630-218-4948 Fax: 4935      Holmes Beach, FL 34217      Lake Mary, FL 32746        Smyrna, GA 30080
          www.inlandgroup.com         941-779-1000 Fax: 2000      407-688-6540 Fax: 6543     678-996-2131 Fax: 2140
                                                                       July 21, 2004
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Seller or Beneficiary of the Titleholding Trust (Seller)
or Holder of the Power of Direction
c/o Ryan Companies USA, Inc.
Attn: Dan Levitt
50 South Tenth Street, Suite 300
Minneapolis, MN 55403-2012


          RE:   OSWEGO COMMONS SHOPPING CENTER
                OSWEGO, ILLINOIS


Dear Mr. Levitt:


     This letter represents this corporation's offer to purchase the Oswego
Commons Shopping Center with 188,150 net rentable square feet, situated on
approximately 29.53 acres of land, located at Route 34, Oswego, Illinois.

     The above property shall include all the land and buildings and common
facilities, as well as all personalty within the buildings and common areas,
supplies, landscaping equipment, and any other items presently used on the site
and belonging to owner, and all intangible rights relating to the property.

     This corporation or its nominee will consummate this transaction on the
following basis:

     1.   The total purchase price shall be $35,022,042.00 all cash, plus or
          minus prorations, WITH NO MORTGAGE CONTINGENCIES, to be paid at
          CLOSING 30 BUSINESS DAYS following the acceptance of this agreement
          (see Paragraph 11).

          Purchaser shall allocate the land, building and depreciable
          improvements prior to closing.

     2.   There are no real estate brokerage commissions involved in this
          transaction.

     3.   Seller represents and warrants (TO THE BEST OF THE SELLER'S
          KNOWLEDGE), that the above referenced property is leased to the
          tenants described on Exhibit A on triple net leases covering the
          building and all of the land, parking areas, reciprocal easements and
          REA/OEA agreements (if any), for the entire terms and option periods.
          Any concessions given to any tenants that extend beyond the closing
          day shall be settled at closing by Seller giving a full cash credit to
          Purchaser for any and all of those concessions.

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OSWEGO COMMONS SHOPPING CENTER -- OSWEGO, IL                              PAGE 2
JUNE 7, 2004

     4.   Seller warrants and represents (TO THE BEST OF THE SELLER'S
          KNOWLEDGE), that the property is free of violations, and the interior
          and exterior structures are in a good state of repair, free of leaks,
          structural problems, and mold, and the property is in full compliance
          with Federal, State, City and County ordinances, environmental laws
          and concerns, and no one has a lease that exceeds the lease term
          stated in said leases, nor does anyone have an option or right of
          first refusal to purchase or extend, nor is there any contemplated
          condemnation of any part of the property, nor are there any current or
          contemplated assessments.

     5.   Seller warrants and represents (TO THE BEST OF THE SELLER'S
          KNOWLEDGE), that during the term of the leases the tenants and
          guarantors are responsible for and pay all operating expenses relating
          to the property on a prorata basis, including but not limited to, real
          estate taxes, REA/OEA agreements, utilities, insurance, all common
          area maintenance, parking lot and the building, etc.

          Prior to closing, Seller shall not enter into or extend any
          agreements without Purchaser's approval and any contract presently in
          existence shall be assumed by Purchaser. Any work presently in
          progress on the property shall be completed by Seller prior to
          closing.

     6.   Ten (10) days prior to closing Seller shall furnish Purchaser with
          estoppel letters acceptable to Purchaser from all tenants, guarantors,
          and parties to reciprocal and/or operating easement agreements, if
          applicable.

     7.   Seller is responsible for payment of any LEASING BROKERAGE FEES or
          commissions which are due any leasing brokers for the existing leases
          stated above or for the renewal of same.

     8.   This offer is subject to Seller supplying to Purchaser prior to
          closing a certificate of insurance from the tenants and guarantors in
          the form and coverage acceptable to Purchaser for the closing.

     9.   This offer is subject to Purchaser days obtaining, prior to closing at
          its expense, a certificate which must be acceptable to Purchaser from
          a certified hygienist for environmental concerns that there is no
          asbestos, PCBs, or hazardous substance in the buildings and on the
          property; in other words, a Level 1 environmental audit (and Level 2
          audit, if required).

     10.  The above sale of the real estate shall be consummated by conveyance
          of a full warranty deed from Seller to Purchaser's designee, with the
          Seller paying any city, state, or county transfer taxes for the
          closing, and Seller agrees to cooperate with Purchaser's lender, if
          any, and the money lender's escrow.

     11.  The closing shall occur through Chicago Title & Trust Company, in
          Chicago, Illinois with Nancy Castro as Escrowee, 30 business days
          following acceptance of this agreement, at which time title to the
          above property shall be marketable; i.e., free and clear of all liens,
          encroachments and encumbrances, and an ALTA form B owner's title
          policy with complete extended coverage and required endorsements,
          waiving off all new construction, including 3.1 zoning including
          parking and loading docks, and insuring all improvements as legally
          conforming uses and not as non-conforming or conditional uses, paid by
          Seller, shall be issued, with all warranties and representations being
          true now and at closing and surviving the closing, and each party
          shall be paid in cash their respective credits, including, but not
          limited to, security deposits, rent and expenses, with a proration of
          real estate taxes payable in 2004 as estimated to tenants amounting to
          7 months of tax escrow payments for those tenants which pay taxes on a
          monthly basis to the landlord under their leases (excluding those
          tenants which pay upon presentation of the tax bill or pay directly to
          the taxing authority). At closing, no credit will be given to Sellers
          for any past due, unpaid or delinquent rents.

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OSWEGO COMMONS SHOPPING CENTER -- OSWEGO, IL                             PAGE 3
JUNE 7, 2004

     12.  This offer is subject to the property being 100% occupied at the time
          of closing, with all tenants occupying their space, open for business
          and paying full rent, CAM, real estate taxes and insurance current. In
          the event that it is less than 100% occupied and 100% gross rent
          collected, the Seller shall escrow an amount equal to the rent and all
          reimbursable expenses for any vacancy and any tenant not paying full
          rent current based on the attached rent roll. The amount of the escrow
          shall be equal to two years of these payments. As an example, if 1,200
          square feet were vacant or not paying rent at closing and the rent for
          the space was $21.00 per square foot and the CAM, tax and insurance
          were an additional $4.00 per square foot, then the escrow would be
          equivalent to $25.00 x 1,200 square feet x 2 years, or $60,000. Seller
          shall have the right to lease all space involved with the above escrow
          and shall be responsible for all leasing commissions, tenant
          improvements and all other costs associated with placing a third party
          tenant obtained by Seller into said space. Once a tenant acceptable to
          Purchaser is placed into said space and is paying full rent current,
          then the Seller shall be paid from the escrow any amount of funds
          unused for that space.

     13.  This offer is subject to Purchaser obtaining at its expense, prior to
          closing, an appraisal of the property prepared by an MAI or other
          qualified appraiser, acceptable to Purchaser or Purchaser's lender, if
          any.

     14.  Neither Seller (Landlord) or any tenant and guarantor shall be in
          default on any lease or agreement at closing, nor is there any
          threatened or pending litigation.

     15.  Seller warrants and represents that he has paid all unemployment taxes
          to date.

     16.  Prior to closing, Seller shall furnish to Purchaser copies of all
          guarantees, and warranties which Seller received from any and all
          contractors and sub-contractors pertaining to the property. This offer
          is subject to Purchaser's satisfaction that all guarantees and
          warranties survive the closing and are assignable and transferable to
          any titleholder now and in the future.

     17.  Fifteen (15) days prior to closing, Seller must provide the title as
          stated above and a current Urban ALTA/ACSM spotted survey in
          accordance with the minimum standard detail requirements for ALTA/ACSM
          Land Title surveys jointly established and adopted by ALTA and ACSM in
          1999 and includes all Table A optional survey responsibilities and
          acceptable to Purchaser and the title company.

     18.  Seller agrees to immediately make available and disclose all
          information that Purchaser needs to evaluate the above property,
          including all inducements, abatements, concessions or cash payments
          given to tenants, and for CAM, copies of the bills. Seller agrees to
          cooperate fully with Purchaser and Purchaser's representatives to
          facilitate Purchaser's evaluations and reports, including at least a
          one-year audit of the books and records of the property.

     19.  All sales tax rebates payable by the Village of Oswego shall remain
          the property of Seller after the Closing, and Purchaser will
          reasonably cooperate with Seller in obtaining sales tax returns from
          tenants, but Purchaser shall not be required to assert a default
          against such tenants or threaten to terminate their leases.

     This offer is, of course, predicated upon the Purchaser's review and
written approval of the existing leases, new leases, lease modifications (if
any), all tenant correspondence, REA/OEA agreements, tenants' and guarantors'
financial statements, sales figures, representations of income and expenses made
by Seller, site inspection, environmental, appraisal, etc., and at least one
year of audited operating statements on said property is required that qualify,
comply with and can be used in a public offering.

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OSWEGO COMMONS SHOPPING CENTER -- OSWEGO, IL                            PAGE 4
JUNE 7, 2004

     If this offer is acceptable, please sign the original of this letter and
initial each page, keeping copies for your files and returning the original to
me by a date which is 5 days subsequent to the date hereof.

                                           Sincerely,

ACCEPTED:

RYAN OSWEGO, L.L.C                         INLAND REAL ESTATE ACQUISITIONS, INC.
                                           or nominee
By:       /s/ [ILLEGIBLE]
       -------------------------------
Date:     7/23/04
       -------------------------------     /s/ Lou Quilci
                                           -------------------------
                                           Lou Quilci
                                           Senior Vice President


                                           /s/ G. Joseph Cosenza
                                           -------------------------
                                           G. Joseph Cosenza
                                           Vice Chairman

LQ:smm

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                                                     OSWEGO COMMONS
                                                       OSWEGO, IL

                                                         Updated:      19-Jul-04

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<Caption>
                                                               TERM
TENANTS                        SIZE (SF)       RENT /SF        (YRS)   COMMENCEMENT    EXPIRATION       AMOUNT
<S>                              <C>         <C>                <C>      <C>            <C>          <C>
LOT 11
 American Mattress                 4,133     $    22.00          5       03/28/04       03/31/09     $     90,926
 Ladies Workout Express            1,213     $    25.00          5                                   $     30,325
 Newsome Physical Therapy          1,830     $    25.00          5                                   $     45,750
*VACANT                            1,200     $    25.00                                              $     30,000
 Oreck Home Care                   1,511     $    23.00          5       03/25/04       03/31/09     $     34,753
 Zales                             3,323     $    24.00         10       06/04/04       06/30/14     $     79,752
                              ----------
                                  13,210

LOT 10
 Cold Stone Creamery               1,400     $    24.00         10       10/15/03       10/31/13     $     33,600
 Lee Nails                           919     $    24.96          5       10/04/02       10/31/07     $     22,938
 3 Day Blinds                      1,802     $    24.47          5       09/01/02       08/31/07     $     44,100
 Panera Bread                      4,200     $    23.00         10       10/10/02       10/31/12     $     96,600
                              ----------
                                   8,321

LOT 12
 Electronics Boutique              2,015     $    23.50          5       01/10/03       01/31/08     $     47,353
 Tmobile                           1,920     $    30.00         10       11/14/02       01/31/13     $     57,600
 Quiznos                           1,612     $    22.87          5       10/01/02       09/30/07     $     36,870
 All Cleaners                      1,100     $    26.00          5       01/01/03       12/31/07     $     28,922
 Great Clips                       1,163     $    26.00         10       08/09/02       08/31/12     $     30,238
                              ----------
                                   7,810
LOT 2
 TJ Maxx                          28,144     $    10.20         10       10/13/02       10/31/12     $    287,000
 Party City                       12,012     $    14.70         10       04/16/03       01/31/14     $    176,576
 Famous Footwear                   9,773     $    13.75         10       04/03/03       04/30/13     $    134,379
 Petco                            13,788     $    13.15         10       11/07/03       11/30/13     $    181,312
 OfficeMax                        20,015     $    14.00         15       09/12/03       01/31/19     $    280,210
 Lemstone                          2,334     $    19.00          5       11/28/03       11/30/08     $     44,346
                              ----------
                                  86,066
LOT 5
 Hallmark                          4,413     $    16.37          7       02/25/03       02/28/10     $     72,241
 Payless Shoesource                2,496     $    21.00         10       03/01/03       02/28/13     $     52,416
                              ----------
                                   6,909
LOT 4
 Dominick's Finer Foods           65,844     $    12.21         20       03/07/02       03/31/22     $    804,000

Tenants in Place                 186,960                                                             $  2,712,207
To Be Leased                       1,200                                                             $     30,000
                              ----------                                                             ------------
TOTAL                            188,160                                                             $  2,742,207

Gross Rent Multiplier
(based on $34,800,000
and previous sum of base rents)                                                                            7.8235%

                                                                                                     ------------
Sale Price                                                                                           $ 35,022,042
                                                                                                     ============
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* Lot out for review on this space