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                                                             Exhibit 10.114

                                           Revised -- January 21, 2004
Rob Collett and Bill Mitchener (Sellers)
Collett & Associates
1228 East Morehead Street, Suite 200
Charlotte, North Carolina 28204
(704) 378-8523

     RE:  PARADISE VALLEY MARKETPLACE
          PHOENIX, AZ

Dear Mr. Collett and Mitchener:

     This letter represents this corporation's offer to purchase the Paradise
Valley Marketplace Shopping Center with approximately 82,258 net rentable square
feet, situated on approximately 10 acres of land, located at the northwest
corner of Tatum Road and Shea Avenue, Phoenix, AZ, as more particularly
described upon EXHIBIT A, attached hereto and made a part hereof (the
"Property").

     The Property shall include all the land and buildings and common
facilities, as well as all of Seller's interest in 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 of Seller's interest
in all intangible rights relating to the Property (including Seller's rights, if
any, in and to the name of the Property, "Paradise Valley Marketplace").

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

     1.   The total purchase price shall be $28,510,000.00 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 10).

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

     2.   There are no real estate brokerage commissions involved in this
          transaction, except as otherwise paid or to be paid by Seller pursuant
          to a separate written agreement (Seller hereby agreeing to indemnify,
          defend and hold harmless Buyer from and against any claim related to a
          broker commission due and owing to any party through Seller).

     3.   Seller represents and warrants (to the best of the Seller's
          knowledge), the 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 monetary 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.

     4.   Seller warrants and represents (to the best of the Seller's actual
          knowledge), that the Property is now and as of closing shall be in
          full compliance with Federal, State, City and County ordinances and
          environmental laws, 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 (except as provided in the lease),
          nor is there any contemplated nor current condemnation of any part of
          the Property, nor are there any current or contemplated assessments.
          For the purposes hereof, Seller's actual knowledge shall be deemed to
          be limited to the actual knowledge of Bob Stearns and Robert Collett,
          Managers of Seller.

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JANUARY 21, 2004
PAGE 2

     5.   Seller warrants and represents (to the best of the Seller's
          knowledge), that during the term of the leases (other than any
          outparcel tenants) 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, if any, utilities (except as separately metered),
          insurance, and all common area maintenance.

          Prior to closing, Seller shall not enter into or extend any agreements
          without Purchaser's approval and any contract presently in existence
          not accepted by Purchaser shall be terminated by Seller. Any work
          presently in progress on the Property shall be completed by Seller
          prior to closing or as soon as reasonably possible following Closing,
          but in no event later than August 31, 2004. Seller agrees to complete
          the construction of the Property Improvements (as defined upon Exhibit
          B) in accordance with the Seller's Development Covenants attached
          hereto as Exhibit B, and made a part hereof.

     6.   Five (5) days prior to closing Seller shall furnish Purchaser with
          estoppel letters on the forms required by such tenants' leases or
          otherwise reasonably acceptable to Purchaser from Whole Foods, Soma
          Restaurant, Washington Mutual, Men's Wearhouse, and Beauty Brands
          (collectively, the "Required Estoppels"), together with no less than
          85% of all (after delivery of the Required Estoppels) Property tenants
          and guarantors under leases (measured by square footage of respective
          demised premises)(with a Seller estoppel being then delivered for the
          difference between actual tenant estoppels and 100% estoppel
          delivery), and all parties to reciprocal and/or operating easement
          agreements, if applicable, affecting the Property.

     7.   Seller is responsible for payment of any LEASING BROKERAGE FEES or
          commissions which are currently due any leasing brokers for the
          existing lessee stated above, as such sums are described upon the Rent
          Roll attached hereto as Exhibit A, and made a part hereof. Seller
          hereby represents and warrants to Purchaser that there are no leasing
          commissions due and payable by reason of a renewal of any Property
          lease.

     8.   Seller will use its commercially reasonable efforts to supply to
          Purchaser prior to closing a certificate of insurance from the tenants
          and guarantors in the form and coverage pursuant to the Property
          leases.

     9.   Seller shall supply to Purchaser 10 days prior to closing, and
          Purchaser shall pay for at closing, a recertification of Seller's
          Phase I environmental audit which must be addressed to Purchaser and
          Purchaser's lender, if any (the "Phase I"). The Phase I must be
          acceptable to Purchaser and shall verify that there are no asbestos,
          PCBs, or hazardous substance in the buildings and/or on or under the
          Property.

     10.  The above sale of the Property shall be consummated by conveyance of a
          special or limited warranty deed from Seller to Purchaser's designee,
          with the Seller paying one-half (1/2) and Purchaser paying one-half
          (1/2) of 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
          Property shall be free and clear of all liens and encroachments, 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 for a period of six (6) months only, and each party shall be
          paid in cash their respective credits, including, but not limited to,
          security deposits, rent and expenses, and to the extent such taxes are
          not paid the tenants at year-end, a proration of real estate taxes
          based on the most recent bill or latest assessment, or the estimated
          assessments for 2003 and 2004 using the Assessor's formula for these
          sales transactions, with a later reproration of taxes when the actual
          bills are received. At closing, no credit will be given to Sellers for
          any past due, unpaid or delinquent rents.

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JANUARY 21, 2004
PAGE 3

     12.  In the event that space designated as other than credit tenants on the
          Rent Roll is less than 95% occupied and 95% gross rent collected, the
          Seller shall escrow an amount equal to the rent and all reimbursable
          expenses for any such non-credit vacancy and any non-credit tenant not
          paying full rent current based on the attached rent roll up to 95% of
          the income to be generated by all tenant spaces except the credit
          tenants (each of which credit tenants shall then be paying rent and
          recoverable expenses on a current basis) identified on the attached
          Rent Roll (Exhibit A). The amount of the escrow shall be equal to one
          year of these payments. As an example, if 1,000 square feet (below the
          95% occupancy requirement described above) were vacant or not paying
          rent at closing and the rent for the space was $10.00 per square foot
          and the CAM, tax and insurance were an additional $2.00 per square
          foot, then the escrow would be equivalent to $12.00 x 1,000 square
          feet, or $12,000. Seller shall be responsible for leasing 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 into said space. Once a
          tenant is 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 Seller delivering to Purchaser, 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, all at Purchaser's cost.

     14.  Neither Seller (Landlord) or any tenant and guarantor is now, nor at
          the time of closing shall be, in default on any lease or agreement
          (beyond any applicable cure period), nor is there any threatened (to
          the best of Seller's actual knowledge) 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. Prior to
          closing, Seller, at its sole cost and expense, shall cause all roofing
          material and service warranty providers to acknowledge the assignment
          of the respective warranties to Purchaser's nominee.

     17.  If Purchaser elects to obtain an updated survey, ten (10) days prior
          to closing, Purchaser will obtain a current Urban ALTA/ACSM spotted
          survey of the Property in accordance with the Development Covenants
          and 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 that prior to closing it shall put all vacant spaces
          into so-called "vanilla box" rentable condition and ready for a new
          tenant to occupy immediately in accordance with all applicable laws,
          codes, etc., including all requirements for a certificate of occupancy
          for said space. Alternatively, Seller may elect to escrow at closing,
          pursuant to a mutually acceptable escrow agreement, an amount equal to
          the cost necessary to bring such vacant space into a "vanilla box"
          condition, such amounts to be available for future leasing
          requirements and ultimately, returnable to Seller if such vacant space
          does not require future improvements.

     19.  Seller agrees to immediately make available and disclose all
          information that Purchaser needs to evaluate the 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.

     20.  Purchaser has deposited the sum of One Hundred Thousand and no/100
          Dollars ($100,000.00) with Chicago Title as an earnest money deposit
          to ensure Purchaser's obligations hereunder. In the event of a default
          in Purchaser's obligations under this agreement, Seller shall be
          entitled to receive the earnest money deposit as liquidated

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JANUARY 21, 2004
PAGE 4

          damages in satisfaction of all of Seller's claims, the parties
          acknowledging and agreeing that actual damages are and will be
          difficult to ascertain.

     This offer is, of course, predicated upon the Purchaser's review and
written approval prior to closing 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 the Property is
required that qualify, comply with and can be used in a public offering.

     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 January 29, 2004.

                                          Sincerely,

ACCEPTED                                  INLAND REAL ESTATE ACQUISITIONS, INC.
                                          or nominee

By:   /s/ Robert L. Collett, Manager      /s/ Steven D. Sanders
      --------------------------------

Date: 1/29/04                             Steven D. Sanders
      --------------------------------    Sr. Vice President

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                                  Exhibit B

                        Seller's Development Covenants

Pursuant to the terms of Agreement Section 5, the following described provisions
shall apply to, and shall set forth the development covenants, and development
requirements and obligations of Seller, among other matters, all as described
herein.

     A.   "Completion of the Improvements" shall include satisfaction of the
          following described requirements: (1) Seller shall have delivered to
          Purchaser a final certificate of occupancy for each tenant space
          included within the Property, and (2) certificates of substantial
          completion (subject only to an attached punch list) as to Seller's
          work for construction of the Improvements (as hereinafter defined) and
          under any tenant lease shall have been issued and signed by the
          project architect stating that: (A) Seller's work has been
          substantially completed (subject only to an attached punch list) in
          accordance with the plans and specifications reasonably approved by
          Purchaser and required to bring the vacant space to a vanilla box
          condition (the "Plans and Specifications") for the construction of the
          improvements therein described (the "Improvements"), and (B) Seller's
          work has been completed in accordance with the terms, conditions and
          provisions of the terms of this Agreement, and (C) all applicable
          governmental rules, regulations and requirements have been satisfied,
          and (3) subject to completion of "punch list" items, each tenant under
          Leases shall have accepted, in writing, the respective demised
          premises "as is," and shall have opened for business to the public
          and taken total possession and commenced rental payments per the
          leases, including applicable reimbursements for maintenance,
          insurance and real estate taxes in accordance with the terms of the
          respective Leases, and (4) no tenant under Leases shall have filed for
          bankruptcy, insolvency, or reorganization protection pursuant to any
          statute either of the United States or any state, and (5)
          intentionally deleted, and (6) Seller shall have delivered to the
          Title Company lien waivers, and the Title Company shall have issued
          its Title Policy in favor of Purchaser with all matters related to new
          construction waived and/or insured over.

     B.   In addition to the foregoing, the following provisions shall apply to
          the performance of Seller's work, and Completion of the Improvements,
          and satisfaction of the Post-Closing Matters (as hereinafter defined):

          a.   To the fullest extent permitted by law, Seller hereby agrees to
               indemnify, defend and hold Purchaser and its agents and
               employees, harmless from and against any and all causes of
               action, damages, losses, demands, judgments, liens, claims,
               costs, and expenses (including reasonable attorney's fees and
               court costs) which arise or occur in connection with: (1) any
               matter related to bodily injury,

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               death or property damage arising in the performance of Seller's
               work, and (2) any mechanics lien claim arising in the performance
               of Seller's work, and (3) any matter related to the payment of
               money owed for the obligations of Seller as described by the
               Post-Closing Matters.

          b.   Seller, or Seller's contractor, shall purchase and maintain, in a
               company or companies lawfully authorized to do business in the
               State of Arizona, comprehensive general liability insurance and
               insurance for protection from claims under worker's or workman's
               compensation acts and other employee benefit acts which are
               applicable, claims for damages because of bodily injury,
               including death, and from claims for damages, other than for the
               Seller's work itself, to property which may arise out of or
               result from the performance of Seller's work, whether actually
               performed by Seller or a contractor/subcontractor or anyone
               directly or indirectly employed by any of them. This insurance
               shall be written for not less than $2,000,000.00 and shall
               include contractual liability insurance applicable to Seller's
               obligations.

     C.   The following described developmental covenants and warranties shall
          apply to Seller, the Property, the performance by Seller of Seller's
          work, and Completion of the Improvements:

          a.   Seller shall provide and pay for labor, materials, equipment,
               tools, construction equipment and machinery, water, heat,
               utilities, transportation and other facilities and services
               necessary for the proper execution and delivery of Seller's work,
               whether temporary or permanent.

          b.   Seller covenants and agrees that Seller shall be solely liable
               and responsible for completion of Seller's work and any and all
               "punch list" items listed in the architects'/engineers'
               certificates of substantial completion and Seller shall assign to
               Purchaser all warranties in respect of Seller's work (including
               the warranty of Seller's general contractor for Seller's work),
               and Seller shall also be liable for correction of Seller's work
               not found to be in accordance with the Plans and Specifications
               and construction "call-backs" for one (1) year from and after the
               date of Completion of the Improvements (the "Post Closing
               Matters").