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                                                                  Exhibit 10.150

                                LOAN TERMS TABLE

<Table>
<S>                         <C>                           <C>
Note Date:                  June 3, 2004
Borrower:                   INLAND WESTERN PHOENIX,
                            L.L.C., a Delaware limited
                            liability company             Loan No.:       58108
Original Principal Amount:  $15,680,500.00                Servicing No.:  3180932
Note Rate:                  4.552%                        Borrower's TIN: 20-0940580
Monthly Payment Amount:     As defined in Article 1(a)    Maturity Date:  July 1, 2009
Lockout Period:             From the date hereof through
                            and including June 30, 2006
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                                 PROMISSORY NOTE

     FOR VALUE RECEIVED Borrower, having its principal place of business at 2901
Butterfield Road, Oak Brook, IL 60523, hereby unconditionally promises to pay to
the order of BANK OF AMERICA, N.A., a national banking association, having an
address at Hearst Tower, 214 North Tryon Street, Charlotte, North Carolina
NC1-027-20-03 ("LENDER"), the Original Principal Amount, in lawful money of the
United States of America with interest thereon to be computed from the date of
this Note at the Note Rate, and to be paid in accordance with the terms set
forth below. The Loan Terms Table set forth above is a part of this Note and all
terms used in this Note which are defined in the Loan Terms Table shall have the
meaning set forth therein. All capitalized terms not defined herein shall have
the respective meanings set forth in that certain Loan Agreement dated the date
hereof between Lender and Borrower (the "LOAN AGREEMENT").

                                    ARTICLE 1
                        PAYMENT TERMS; MANNER OF PAYMENT

     (a)  Borrower hereby agrees to pay sums due under this Note as follows: an
initial payment is due on the Closing Date for interest from the Closing Date
through and including the last day of the calendar month in which the Closing
Date occurs; and thereafter, consecutive monthly installments of interest only
in an amount calculated in accordance with Article 2 below (such amount, the
"MONTHLY PAYMENT AMOUNT") shall be payable pursuant to the terms hereof on the
first (1st) day of each month beginning on August 1, 2004 (each such date
through and including the Maturity Date, a "SCHEDULED PAYMENT DATE") through and
including the Scheduled Payment Date occurring immediately prior to the Maturity
Date, except that any remaining indebtedness, if not sooner paid, shall be due
and payable on the Maturity Date.

     (b)  Each payment by Borrower hereunder shall be made to P.O. Box 515228,
Los Angeles, CA 90051-6528, or at such other place as Lender may designate from
time to time in writing. Whenever any payment hereunder shall be stated to be
due on a day which is not a Business Day, such payment shall be made on the
first Business Day preceding such scheduled due date. All payments made by
Borrower hereunder or under the other Loan Documents shall be made irrespective
of, and without any deduction for, any setoff, defense or counterclaims.

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     (c)  Prior to the occurrence of an Event of Default, all monthly payments
made as scheduled on this Note shall be applied to the payment of interest
computed at the Note Rate. All voluntary and involuntary prepayments on this
Note shall be applied, to the extent thereof, to accrued but unpaid interest on
the amount prepaid, to the remaining Principal Amount, and any other sums due
and unpaid to the Lender in connection with the Loan, in such manner and order
as Lender may elect in its sole and absolute discretion, including, but not
limited to, application to principal installments in inverse order of maturity.
Following the occurrence of an Event of Default, any payment made on this Note
shall be applied to accrued but unpaid interest, late charges, accrued fees,
the unpaid principal amount of this Note, and any other sums due and unpaid to
Lender in connection with the Loan, in such manner and order as Lender may elect
in its sole and absolute discretion.

     (d)  Remittances in payment of any part of the indebtedness other than in
the required amount in immediately available U.S. funds shall not, regardless of
any receipt or credit issued therefor, constitute payment until the required
amount is actually received by the holder hereof in immediately available U.S.
funds and shall be made and accepted subject to the condition that any check or
draft may be handled for collection in accordance with the practices of the
collecting bank or banks.

                                    ARTICLE 2
                                    INTEREST

     The Loan shall bear interest at a fixed rate per annum equal to the Note
Rate. Interest shall be computed on the basis of a three hundred sixty (360) day
year consisting of twelve (12) months of thirty (30) days each. Except as
otherwise set forth herein or in the other Loan Documents, interest shall be
paid in arrears.

                                    ARTICLE 3
                            DEFAULT AND ACCELERATION

     The Debt shall without notice become immediately due and payable at the
option of Lender if any payment required in this Note is not paid prior to the
tenth day following the date when due or if not paid on the Maturity Date or on
the happening of any other Event of Default.

                                    ARTICLE 4
                             PAYMENTS AFTER DEFAULT

     Upon the occurrence and during the continuance of an Event of Default,
interest on the outstanding principal balance of the Loan and, to the extent
permitted by law, overdue interest and other amounts due in respect of the Loan
shall accrue at a rate per annum equal to the lesser of (a) the maximum rate
permitted by applicable law, or (b) four percent (4%) above the Note Rate (such
rate, the "DEFAULT RATE"). Interest at the Default Rate shall be computed from
the occurrence of the Event of Default until the earlier of (i) the actual
receipt and collection of the Debt (or that portion thereof that is then due)
and (ii) the cure of such Event of Default. To the extent permitted by
applicable law, interest at the Default Rate shall be added to the Debt, shall
itself accrue interest at the same rate as the Loan and shall be secured by the
Mortgage. This Article shall not be construed as an agreement or privilege to
extend the date of the payment of

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the Debt, nor as a waiver of any other right or remedy accruing to Lender by
reason of the occurrence of any Event of Default; the acceptance of any payment
from Borrower shall not be deemed to cure or constitute a waiver of any Event of
Default; and Lender retains its rights under this Note, the Loan Agreement and
the other Loan Documents to accelerate and to continue to demand payment of the
Debt upon the happening of and during the continuance any Event of Default,
despite any payment by Borrower to Lender.

                                    ARTICLE 5
                                   PREPAYMENT

     Except as otherwise expressly permitted by this Article 5, no voluntary
prepayments, whether in whole or in part, of the Loan or any other amount at any
time due and owing under this Note can be made by Borrower or any other Person
without the express written consent of Lender.

     (a)  LOCKOUT PERIOD. Borrower shall have no right to make, and Lender shall
have no obligation to accept, any voluntary prepayment, whether in whole or in
part, of the Loan, or any other amount under this Note or the other Loan
Documents, at any time during the Lockout Period. At any time following the
expiration of the Lockout Period, the principal balance of this Note may be
voluntarily prepaid in whole, but not in part, upon the satisfaction of the
following conditions:

          (i)    no Default shall exist under any of the Loan Documents;

          (ii)   not less than sixty (60) (but not more than ninety (90)) days
     prior written notice shall be given to Lender specifying a date on which
     the prepayment shall occur such date being a Scheduled Payment Date (the
     "Prepayment Date");

          (iii)  Borrower has paid to Lender all accrued and unpaid interest on
     the Loan through and including the Prepayment Date together with all other
     sums due under this Note and the other Loan Documents; and

          (iv)   Borrower has paid to Lender a prepayment premium in an amount
     equal to Yield Maintenance (as defined and calculated in accordance with
     Section 5(b) below).

     (b)  INVOLUNTARY PREPAYMENT. In the event of any involuntary prepayment of
the Loan or any other amount under this Note, whether in whole or in part, in
connection with or following Lender's acceleration of this Note or otherwise,
and whether the Mortgage is satisfied or released by foreclosure (whether by
power of sale or judicial proceeding), deed in lieu of foreclosure or by any
other means, including, without limitation, repayment of the Loan by Borrower or
any other Person pursuant to any statutory or common law right of redemption,
Borrower shall, in addition to any portion of the principal balance of the Loan
prepaid (together with all interest accrued and unpaid thereon and in the event
the prepayment is made on a date other than a Scheduled Payment Date, a sum
equal to the amount of interest which would have accrued under this Note on the
amount of such prepayment if such prepayment had occurred on the next Scheduled
Payment Date), pay to Lender a prepayment premium in an amount equal to Yield
Maintenance together with, if such involuntary prepayment occurs during the
Lockout Period, an amount equal to one percent (1%) of the portion of the Loan
being prepaid.

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As used herein, "YIELD MAINTENANCE" means a prepayment premium in an amount
equal to the greater of:

          (i)    1% of the portion of the Loan being prepaid; or

          (ii)   the product obtained by multiplying:

                 (A)    the portion of the Loan being prepaid, times;

                 (B)    the difference obtained by subtracting (I) the Yield
          Rate from (II) the Note Rate, times;

                 (C)    the present value factor calculated using the following
          formula:

                        1-(1+r)(TO THE POWER OF -n)
                        ---------------------------
                                     r

                        r =  Yield Rate

                        n =  the number of years and any fraction thereof,
                             remaining between the date the prepayment is made
                             and the Maturity Date of this Note.

     As used herein, "YIELD RATE" means the yield rate for the 2.625% U.S.
Treasury Security due March, 2009, as reported in THE WALL STREET JOURNAL on the
fifth Business Day preceding the Prepayment Calculation Date. If the Yield Rate
is not published for such U.S. Treasury Security, then the "Yield Rate" shall
mean the yield rate for the nearest equivalent U.S. Treasury Security (as
selected at Lender's sole and absolute discretion) as reported in THE WALL
STREET JOURNAL on the fifth Business Day preceding the Prepayment Calculation
Date. If the publication of such Yield Rate in The Wall Street Journal is
discontinued, Lender shall determine such Yield Rate from another source
selected by Lender in Lender's sole and absolute discretion. The "PREPAYMENT
CALCULATION DATE" shall mean, as applicable, the date on which (i) Lender
applies any prepayment to the reduction of the outstanding principal amount this
Note, (ii) Lender accelerates the Loan, in the case of a prepayment resulting
from acceleration, (iii) Lender applies funds held under any Reserve Account, in
the case of a prepayment resulting from such an application (other than in
connection with acceleration of the Loan), or (iv) with respect to a voluntary
prepayment pursuant under Section 5(a) two (2) Business Days prior to the
Prepayment Date.

     (c)  INSURANCE PROCEEDS AND AWARDS; EXCESS INTEREST. Notwithstanding any
other provision herein to the contrary, and provided no Default exists, Borrower
shall not be required to pay any prepayment premium in connection with any
prepayment occurring solely as a result of (i) the application of Insurance
Proceeds or Awards pursuant to the terms of the Loan Documents, or (ii) the
application of any interest in excess of the maximum rate permitted by
applicable law to the reduction of the Loan.

     (d)  OPEN PREPAYMENT PERIOD. During the two (2) months prior to the
Maturity Date, upon giving Lender at least sixty (60) days (but not more than
ninety (90) days) prior written notice, Borrower may voluntarily prepay (without
premium) this Note in whole (but not in part)

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on a Scheduled Payment Date. Lender shall accept a prepayment pursuant to this
Section 5(d) on a day other than a Scheduled Payment Date provided that, in
addition to payment of the full outstanding principal balance of this Note,
Borrower pays to Lender a sum equal to the amount of interest which would have
accrued on this Note if such prepayment occurred on the next Scheduled Payment
Date.

     (e)  LIMITATION ON PARTIAL PREPAYMENTS. In no event shall Lender have any
obligation to accept a partial prepayment.

                                    ARTICLE 6
                                    SECURITY

     This Note is secured by the Mortgage and the other Loan Documents. All of
the terms, covenants and conditions contained in the Loan Agreement, the
Mortgage and the other Loan Documents are hereby made part of this Note to the
same extent and with the same force as if they were fully set forth herein.

                                    ARTICLE 7
                                  USURY SAVINGS

     Borrower agrees to a "contracted for" rate of interest that is the rate
stated in this Note, plus any additional rate of interest resulting from any
other sums, amounts, and charges in the nature of interest paid or to be paid by
or on behalf of Borrower, or any benefit or value received or to be received by
the holder of this Note, in connection with this Note or the other Loan
Documents.

     This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance of
the Loan at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum nonusurious interest
rate, if any, that at any time or from time to time may be contracted for,
taken, reserved, charged or received on the indebtedness evidenced by this Note
and as provided for herein or in the other Loan Documents, under the laws of
such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan (such rate, the "MAXIMUM
LEGAL RATE"). If, by the terms of this Note or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal
balance due hereunder at a rate in excess of the Maximum Legal Rate, the Note
Rate or the Default Rate, as the case may be, shall be deemed to be immediately
reduced to the Maximum Legal Rate and all previous payments in excess of the
Maximum Legal Rate shall be deemed to have been payments in reduction of
principal and not on account of the interest due hereunder. All sums paid or
agreed to be paid to Lender for the use, forbearance, or detention of the sums
due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account
of the Loan does not exceed the Maximum Legal Rate of interest from time to time
in effect and applicable to the Loan for so long as the Loan is outstanding.

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                                    ARTICLE 8
                               LATE PAYMENT CHARGE

     If any principal or interest payment is not paid by Borrower before the
tenth (10th) day after the date the same is due (or such greater period, if any,
required by applicable law), Borrower shall pay to Lender upon demand an amount
equal to the lesser of four percent (4%) of such unpaid sum or the maximum
amount permitted by applicable law in order to defray the expense incurred by
Lender in handling and processing such delinquent payment and to compensate
Lender for the loss of the use of such delinquent payment, provided however,
Borrower shall not be required to pay Lender a late charge in connection with
the final payment under the loan. Any such amount shall be secured by the
Mortgage and the other Loan Documents to the extent permitted by applicable law.

                                    ARTICLE 9
                                 NO ORAL CHANGE

     This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

                                   ARTICLE 10
                                     WAIVERS

     Borrower and all others who may become liable for the payment of all or any
part of the Debt do hereby severally waive presentment and demand for payment,
notice of dishonor, notice of intention to accelerate, notice of acceleration,
protest and notice of protest and non-payment and all other notices of any kind
except as provided in the Loan Agreement. No release of any security for the
Debt or extension of time for payment of this Note or any installment hereof,
and no alteration, amendment or waiver of any provision of this Note, the Loan
Agreement or the other Loan Documents made by agreement between Lender or any
other Person shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Borrower, and any other Person who may
become liable for the payment of all or any part of the Debt, under this Note,
the Loan Agreement or the other Loan Documents. No notice to or demand on
Borrower shall be deemed to be a waiver of the obligation of Borrower or of the
right of Lender to take further action without further notice or demand as
provided for in this Note, the Loan Agreement or the other Loan Documents. If
Borrower is a limited liability company, the agreements herein contained shall
remain in force and be applicable, notwithstanding any changes in the
individuals comprising the limited liability company, and the term "Borrower,"
as used herein, shall include any alternate or successor limited liability
company, but any predecessor limited liability company and its members shall not
thereby be released from any liability. If Borrower is a partnership, the
agreements herein contained shall remain in force and be applicable,
notwithstanding any changes in the individuals comprising the partnership, and
the term "Borrower," as used herein, shall include any alternate or successor
partnership, but any predecessor partnership and their partners shall not
thereby be released from any liability. If Borrower is a corporation, the
agreements contained herein shall remain in full force and be applicable
notwithstanding any changes in the shareholders comprising, or the officers and

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directors relating to, the corporation, and the term "Borrower" as used herein,
shall include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder. (Nothing in the
foregoing sentence shall be construed as a consent to, or a waiver of, any
prohibition or restriction on transfers of interests in such borrowing entity
which may be set forth in the Loan Agreement, the Mortgage or any other Loan
Documents.) If Borrower consists of more than one person or party, the
obligations and liabilities of each person or party shall be joint and several.

                                   ARTICLE 11
                                  TRIAL BY JURY

     BORROWER AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO
THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS
NOTE, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH OF LENDER AND BORROWER IS HEREBY AUTHORIZED TO FILE A
COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER
BY BORROWER AND LENDER.

                                   ARTICLE 12
                                    TRANSFER

     Upon the transfer of this Note, Borrower hereby waiving notice of any such
transfer, Lender may deliver all the collateral mortgaged, granted, pledged or
assigned pursuant to the Loan Documents, or any part thereof, to the transferee
who shall thereupon become vested with all the rights herein or under applicable
law given to Lender with respect thereto, and Lender shall thereafter forever be
relieved and fully discharged from any liability or responsibility in the matter
arising from events thereafter occurring; but Lender shall retain all rights
hereby given to it with respect to any liabilities and the collateral not so
transferred.

                                   ARTICLE 13
                                   EXCULPATION

     The provisions of Article 15 of the Loan Agreement are hereby incorporated
by reference into this Note to the same extent and with the same force as if
fully set forth herein.

                                   ARTICLE 14
                                  GOVERNING LAW

     This Note shall be governed, construed, applied and enforced in accordance
with the laws of the state in which the Property is located and applicable
federal laws of the United States of America.

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                                   ARTICLE 15
                                     NOTICES

     All notices or other written communications hereunder shall be delivered in
accordance with Article 16 of the Loan Agreement.

                                   ARTICLE 16
                         TAXPAYER IDENTIFICATION NUMBER

     This Note provides for the Borrower's federal taxpayer identification
number to be inserted in the Loan Terms Table on the first page of this Note. If
such number is not available at the time of execution of this Note or is not
inserted by the Borrower, the Borrower hereby authorizes and directs the Lender
to fill in such number on the first page of this Note when the Borrower provides
to Lender, advises the Lender of, or the Lender otherwise obtains, such number.

                                   ARTICLE 17
                                 ATTORNEYS' FEES

     Any provisions in this Note or elsewhere in the Loan Documents providing
for the payment of "attorneys' fees," "reasonable attorneys' fees" or words of
similar import, shall mean actual attorneys' fees and paralegal fees incurred
based upon the usual and customary fees or hourly rates of the attorneys and
paralegals involved without giving effect to any statutory presumption that may
then be in effect.

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     IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and
year first above written.

                                        INLAND WESTERN PHOENIX, L.L.C.,
                                        a Delaware limited liability company

                                        By: INLAND WESTERN RETAIL REAL
                                            ESTATE TRUST, INC., a Maryland
                                            corporation, its Sole Member


                                            By: /s/ Valerie Medina
                                               -----------------------------
                                            Name:    Valerie Medina
                                                 ---------------------------
                                            Title: Asst. Secretary
                                                  --------------------------