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                                                                   Exhibit 10.58

                            ASSIGNMENT AND ASSUMPTION
                         OF PURCHASE AND SALE AGREEMENT

     This ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENT (this
"Assignment") is made and entered into this 15 day of January, 2004 by Inland
Real Estate Acquisitions, Inc., an Illinois Corporation, ("Assignor"), and
Inland Western Thousand Oaks, L.L.C., a Delaware Limited Liability Company,
("Assignee").

                                    RECITALS

     A. C.H. Realty II/North Ranch, L.P., a Delaware Limited Partnership
("Seller") and Assignor have previously entered into that certain Purchase and
Sale Agreement dated as of December 17, 2003 (the "Purchase Agreement"),
relating to the sale of a certain shopping center commonly known as North Ranch
Pavilion located in the City of Thousand Oaks, California.

     B. Assignor desires to assign its interest in and to the Purchase Agreement
to Assignee upon the terms and conditions contained herein, without releasing
itself of liability for the performance of the purchaser's obligations
thereunder.

     NOW, THEREFORE, in consideration of the receipt of Ten Dollars ($10.00) and
other good and valuable consideration in hand paid by Assignee to Assignor, the
receipt and sufficiency of which are hereby acknowledged by Assignor, the
parties hereby agree as follows:

     1.   RECITALS. The foregoing recitals are, by this reference, incorporated
          into the body of this Assignment as if the same had been set forth in
          the body hereof in their entirety.

     2.   ASSIGNMENT AND ASSUMPTION. Assignor hereby assigns, conveys,
          transfers, and sets over to Assignee all of Assignor's right, title,
          and interest in and to the Purchase Agreement. Assignee hereby accepts
          the foregoing Assignment and assumes, and agrees to perform, all
          duties, obligations, liabilities, indemnities, covenants, and
          agreements of Assignor set forth in the Purchase Agreement.

     3.   COUNTERPARTS. This document may be executed in any number of
          counterparts, each of which may be executed by any one or more of the
          parties hereto, but all of which must constitute one instrument and
          shall be binding and effective when all parties hereto have executed
          at least one counterpart.

     4.   SUCCESSORS. This Assignment shall be binding upon and for the benefit
          of the parties hereto and their respective Successors and Assigns.

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     IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be
executed as of the day and year first written above.

ASSIGNOR:

INLAND REAL ESTATE ACQUISITIONS, INC.,
An Illinois Corporation

By: /s/ G. Joseph Cosenza
    ------------------------
Name:  G. Joseph Cosenza
      ----------------------
Title:  President
      ----------------------

ASSIGNEE:

INLAND WESTERN THOUSAND OAKS, L.L.C.,
A Delaware Limited Liability Company

By: Inland Western Retail Real Estate Trust, Inc.,
    A Maryland Corporation its sole member

    By: /s/ G. Joseph Cosenza
        ---------------------------------
    Name:  G. Joseph Cosenza
          -------------------------------
    Title: Its authorized Representative
           ------------------------------

                                       -2-<Page>

                                                                     [ILLEGIBLE]

                                                                   Exhibit 10.59

[INLAND(R) LOGO]
          INLAND REAL ESTATE ACQUISITIONS, INC.
          290| Butterfield Road
          Oak Brook, IL 60523
          Phone: (630) 218-4948 Fax: 4935
          www.inlandgroup.com

                               November 20, 2003

MacArthur Crossing Shopping Centers Partner L.P. (Seller)
Fehmi Karahan
President, CEO
7200 Bishop Road, Suite 250
Plano, TX 75024

       RE:   MACARTHUR CROSSING SHOPPING CENTER
             IRVING, TX

Dear Mr. Karahan:

     This letter represents this corporation's offer to purchase the MacArthur
Crossing Shopping Center with 110,975 net rentable square feet, situated on
approximately 16.49 acres of land, located at Los Colinas and North MacArthur
Boulevards, Irving, TX.

     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 $23,102,049.00 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 after to closing, but same shall not be binding on
          Seller.

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

     3.   Seller represents and warrants, that the above referenced property is
          leased to the tenants described on Exhibit A on triple net leases
          covering portions of the building and the land, parking areas,
          reciprocal easements and REA/OEA agreements (if any), for the entire
          terms and if properly exercised, 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 of any and
          all of those concessions.

     4.   Seller warrants and represents (TO THE BEST OF THE SELLER'S
          KNOWLEDGE), that seller has received no written notice that the
          property is no free of material violations, and the interior and
          exterior structures are in a good state of repair (ordinary wear,
          tear, and maintenance issues excepted, given the age, location and
          construction methods applicable to this Property) free of leaks,
          material structural problems, and hazardous toxic mold, or that the
          property is not in full compliance with Federal, State, City and
          County ordinances, environmental laws and concerns, and anyone 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 new 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. as set forth in
          the leases

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MACARTHUR CROSSING SHOPPING CENTER - IRVING, TX                           PAGE 2
NOVEMBER 20, 2003

          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 at closing
          (with termination date no later than the 1st day of the month which is
          at least 30 day. Any work presently in progress on the property shall
          be completed by Seller prior to closing. Same will be deemed approved
          if Purchaser fails to terminate 10 days prior to closing.

     6.   Fifteen (15) days prior to closing Seller shall furnish Purchaser with
          estoppel letters acceptable to Purchaser from all tenants use good
          faith efforts to, 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 but not for the renewal of same.

     8.   It is understood that Seller has in its possession Level 1
          Environmental Reports (Level 2 if required) which Seller will supply
          to Purchaser 10 days after contract. Purchaser shall have said
          reports, which must be acceptable to Purchaser, updated and
          re-certified to Purchaser at closing, all at Purchaser's cost; all
          reports deemed approved if Purchaser fail to terminate 10 Days prior
          to closing.

     9.   The above sale of the real estate shall be consummated by conveyance
          of a full special 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.

     10.  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 owner's title policy with, 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 180 days 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 based on the the most
          recent 2003 Tax bill or more than 30 days old. At closing, no credit
          will be given to Sellers for any past due, unpaid or delinquent rents.

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

          N/A

     12.  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.

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MACARTHUR CROSSING SHOPPING CENTER - IRVING, TX                           PAGE 3
NOVEMBER 20, 2003

     13.  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, including CAM, tax and insurance current, as
          shown on Exhibit A attached.

     14.  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.

     15.  Seller agrees that prior to closing it shall put all vacant spaces
          into 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.

     16.  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.

    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. SAID AUDIT will Beat
Purchasers sole cost & expenses.

    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 November 25, 2003.

                                           Sincerely,

Mac Arthur Crossing Shopping Center        INLAND REAL ESTATE ACQUISITIONS, INC.
Partner L.P.                               or nominee

ACCEPTED:  MC LP Inc. gn. partner.

By:  Fehmi Karahan, President
    -------------------------------
                                            /s/ Lou Quilici
Date: /s/ Fehmi Karahan                         Lou Quilici
      -----------------------------             Senior Vice President
        Nov 21, 03

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

     Nov 25, 2003

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