Document:

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                                                                   Exhibit 10.10

                         AGREEMENT FOR PURCHASE AND SALE

        THIS AGREEMENT FOR PURCHASE AND SALE is made and entered into as of the
11th day of November, 2003, by and between DUKE CONSTRUCTION LIMITED
PARTNERSHIP, an Indiana limited partnership ("SELLER"), and INLAND REAL ESTATE
ACQUISITIONS, INC., an Illinois corporation ("BUYER").

                         W I T N E S S E T H  T H A T :

        WHEREAS, Buyer wishes to purchase, and Seller wishes to sell, the
Project (as hereinafter defined), but only upon the terms and conditions
hereinafter set forth;

        NOW, THEREFORE, in consideration of Ten Dollars ($10.00), the Earnest
Money, the mutual covenants and agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, do hereby agree
as follows:

        SECTION 1.  DEFINITIONS AND EXHIBITS.

        1.1     DEFINITIONS. For purposes of this Agreement, each of the
following terms, when used herein with an initial capital letter, shall have the
meaning ascribed to it as follows:

                ADDITIONAL RENT EXPENDITURES. As defined in SECTION 4.2.7.

                AGREEMENT. This Agreement for Purchase and Sale.

                ASSIGNMENT. An Assignment and Assumption Agreement substantially
        in the form attached hereto as EXHIBIT I.

                BILL OF SALE. The Bill of Sale to be executed by Seller
        substantially in the form attached as EXHIBIT C.

                BROKER. The broker described in SECTION 15 hereof.

                BUILDING. Collectively, the buildings containing approximately
        153,803 rentable square feet and located on the Land.

                CLOSING. The closing and consummation of the purchase and sale
        of the Property pursuant hereto.

                CLOSING DATE. The later of (a) December 3, 2003, (b) thirteen
        (13) days after the Title and Survey Delivery Date and (c) ten (10) days
        after Buyer's delivery to Seller of the Minimum Tenant Estoppels;
        provided, however, the Closing shall occur, if at all, no later than
        December 15, 2003.

                CLOSING STATEMENT. As defined in SECTION 10.2.6.

                COMMISSION AGREEMENT. Each agreement for leasing commissions for
        the Leases (i) as set forth on EXHIBIT J as commission agreements, or
        (ii) executed or amended by Seller after the Contract Date in compliance
        with the provisions of SECTION 8 of this Agreement.

                CONFIDENTIALITY AGREEMENT. That certain Confidentiality
        Agreement dated September 17, 2003 executed by Buyer in favor of Seller
        concerning the Property.

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                CONTRACT DATE. The date upon which this Agreement shall be
        deemed effective, which shall be the date first above written.

                DEED. The Limited Warranty Deed to be executed by Seller
        substantially in the form attached hereto as EXHIBIT F.

                DELINQUENT RENTS. As defined in SECTION 4.2.1 (iii).

                EARNEST MONEY. TWO HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS
        ($250,000.00) together with any interest earned thereon.

                EARNEST MONEY ESCROW AGENT. Chicago Title Insurance Company is
        acting as Earnest Money Escrow Agent pursuant to the terms and
        conditions of the Escrow Agreement and SECTION 3 hereof.

                ESCROW AGREEMENT. That certain Earnest Money Escrow Agreement of
        even date herewith among Seller, Buyer and Escrow Agent referred to in
        SECTION 3 hereof substantially in the form attached hereto as EXHIBIT B
        and by this reference made a part hereof.

                GUARANTOR OR GUARANTORS. Each guarantor of any of a Tenant's
        duties and obligations under such Tenant's Lease (collectively, the
        "Guarantors").

                GUARANTY OR GUARANTIES. Each guaranty presently in effect of all
        or any of a Tenant's duties and obligations under a Lease (collectively,
        the "Guaranties").

                IMPROVEMENTS. The Building and any other buildings, structures
        and improvements located upon the Land, including Seller's interest in
        all systems, facilities, fixtures, machinery, equipment and conduits to
        provide fire protection, security, heat, exhaust, ventilation, air
        conditioning, electrical power, light, plumbing, refrigeration, gas,
        sewer and water thereto (including all replacements or additions thereto
        between the date hereof and the Closing Date).

                INSPECTION DATE. November 26, 2003.

                LAND. All that tract or parcel of land containing approximately
        26 acres described in EXHIBIT A attached hereto and by this reference
        made a part hereof and all privileges, rights, easements, hereditaments
        and appurtenances thereto belonging, and all right, title and interest
        of Seller in and to any streets, alleys, passages and other rights of
        way included therein or adjacent thereto (before or after the vacation
        thereof).

                LEASE; LEASES. Each lease of space within the Improvements and
        any amendments thereto (a) in force and effect as of Contract Date,
        and/or (b) executed by Seller after the Contract Date in compliance with
        the provisions of SECTION 8 of this Agreement.

                LETTER OF INTENT. That certain letter from Seller to Buyer dated
        October 23, 2003.

                MINIMUM TENANT ESTOPPELS. As defined in Section 9.1(c).

                PERMITTED TITLE EXCEPTIONS. (i) The lien of unpaid taxes not yet
        due and payable; (ii) those matters disclosed on the Title Commitment or
        Survey to which Buyer does not object, or to which objection Buyer
        waives, pursuant to SECTION 5 of this Agreement; and (iv) the rights of
        Tenants, as tenants only.

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                PERSONAL PROPERTY. Seller's interest in tangible personal
        property located on the Property and used in connection with operation
        and maintenance of the Improvements including, but not limited to the
        following: None

                PROJECT. The Property and the Vacant Site.

                PROPERTY. All of Seller's right, title and interest in, to and
        under the following property: (i) the Land; (ii) the Improvements; and
        (iii) all rights of way or use, trade names and marks (including the
        name Stony Creek Marketplace, and excluding any right to the name "Duke"
        or "Weeks"), tenements, hereditaments, appurtenances and easements now
        or hereafter belonging or pertaining to any of the foregoing, except
        those, if any, hereinafter reserved to Seller; and (iv) the Leases.

                PURCHASE PRICE. The Purchase Price for the Property shall be
        TWENTY FIVE MILLION SEVEN HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS
        ($25,750,000.00).

                RENT ROLL. The rent roll attached hereto as EXHIBIT D or any
        updated version thereof.

                RENT. The total amount of base or fixed rent, overage rent
        (including, without limitation, percentage rents, consumer price index
        escalation payments and other similar rental payments in excess of
        fixed, minimum and base rents under the Leases, whether finally
        determined before or after the expiration of the fiscal years under
        various Leases), estimated payments of taxes and operating expenses and
        other amounts under the Leases.

                SECURITY DEPOSITS. Any and all security deposits pursuant to the
        Leases and as shown on the Rent Roll.

                SELLER DELIVERIES. Seller's existing plans and specifications
        for the Building, if any, any environmental reports prepared by third
        parties and in Seller's possession and Seller's existing survey of the
        Property.

                SERVICE CONTRACTS. All of the service or management contracts,
        equipment, labor or material contracts, maintenance or repair contracts
        or other agreements that are in force and effect and affect the Project
        or the operation, repair or maintenance thereof that are (i) listed as
        service contracts on EXHIBIT J, or (ii) executed or amended by Seller
        after the Contract Date in compliance with the provisions of SECTION 8
        of this Agreement.

                SURVEY. An ALTA/ACSM survey of the Project prepared by Woolpert,
        LLC, with the certification in the form attached hereto as EXHIBIT P.

                TAX REFUND. As defined in SECTION 4.2.2 (iii).

                TENANT OR TENANTS. Each Tenant that has executed a Lease.

                TENANT CONDITIONS. As defined in Section 9.1(h).

                TENANT ESTOPPEL CERTIFICATE. An estoppel certificate executed by
        a Tenant substantially in the form attached hereto as EXHIBIT M or the
        form required by the particular Tenant's Lease.

                TITLE AND SURVEY DELIVERY DATE. As defined in SECTION 5.

                TITLE COMMITMENT. Commitment(s) issued by Title Insurer for an
        owner's policy of a title insurance (in the form most recently adopted
        by ALTA) in the amount of the Purchase Price, covering

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        title to the Property and in an amount to be determined once the Vacant
        Site Purchase Price can be calculated covering title to the Vacant Site,
        and including copies of all documents and plats of record.

                TITLE INSURER. First American Title Insurance Company.

                VACANT SITE. All of Seller's right, title and interest in, to
        and under the following property: (i) the land containing approximately
        6 acres and contiguous to the northern boundary of the Land and labeled
        "Vacant Site" as shown on Exhibit A; (ii) all improvements to be
        constructed on the Vacant Site; and (iii) all rights of way or use,
        trade names and marks (excluding any right to the name "Duke" or
        "Weeks"), tenements, hereditaments, appurtenances and easements now or
        hereafter belonging or pertaining to any of the foregoing, except those,
        if any, hereinafter reserved to Seller.

                VENDOR OR VENDORS. Each vendor or broker with whom Seller has
        executed a Service Contract or Commission Agreement.

                1.2     EXHIBITS. Attached hereto and forming an integral part
        of this Agreement are the following exhibits, all of which are
        incorporated into this Agreement as fully as if the contents thereof
        were set out in full herein at each point of reference thereto:

                        Exhibit A -    Description of Land and Vacant Site
                        Exhibit B -    Escrow Agreement
                        Exhibit C -    Bill of Sale
                        Exhibit D -    Rent Roll
                        Exhibit E -    Disclosure Schedule
                        Exhibit F -    Form of Limited Warranty Deed
                        Exhibit G -    Non-Foreign Certificate
                        Exhibit H -    Notice to Tenants
                        Exhibit I -    Assignment and Assumption Agreement
                        Exhibit J -    List of Service Contracts and Commission
                                       Agreements
                        Exhibit K -    Officer's Certificate
                        Exhibit L -    Notice to Vendors
                        Exhibit M -    Form of Tenant Estoppel Certificate
                        Exhibit N -    Reserved
                        Exhibit O -    Intentionally Omitted.
                        Exhibit P -    Form of Survey Certification

        SECTION 2.  PURCHASE AND SALE.

                Subject to and in accordance with the terms and provisions of
this Agreement, Seller agrees to sell and Buyer agrees to purchase the Project.
In connection therewith and subject to and in accordance with the terms and
provisions of this Agreement, Seller shall also (a) convey to Buyer the Personal
Property pursuant to the terms of the Bill of Sale, and (b) assign to Buyer, and
Buyer shall assume, the Leases, Guaranties, Service Contracts, Commission
Agreements (as well as the other property described in the Assignment), pursuant
to the terms of the Assignment. Buyer and Seller acknowledge that the sale of
the Property shall occur first, and, thereafter, and if and only if the sale of
the Property closes, then the sale of the Vacant Site shall occur assuming the
conditions of Closing of the Vacant Site, described below, are met. If Buyer
fails to purchase the Property for whatever reason, then Buyer shall have no
rights to purchase the Vacant Site.

        SECTION 3.  EARNEST MONEY.

        3.1     EARNEST MONEY. Within three (3) business days of execution of
this Agreement by Buyer, Buyer

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shall deposit with Earnest Money Escrow Agent the Earnest Money which, together
with any interest or other income earned thereon, shall be held, invested and
disbursed pursuant to the respective terms and provisions hereof and of the
Earnest Money Escrow Agreement.

        3.2     DISBURSEMENT. The Earnest Money shall be disbursed by Earnest
Money Escrow Agent upon Closing of the Property either: (i) to Seller as a
portion of the Purchase Price for the Property unless otherwise disbursed
pursuant to this Agreement, or (ii) to Buyer in the event Buyer (Or Buyer's
nominee) funds the entire Purchase Price (as determined in accordance with the
terms hereof) at Closing unless otherwise disbursed pursuant to this Agreement.
Whenever the Earnest Money is by the terms hereof to be disbursed by Earnest
Money Escrow Agent, Seller and Buyer agree promptly to execute and deliver such
notice or notices as shall be necessary or, in the opinion of Earnest Money
Escrow Agent, appropriate to authorize Earnest Money Escrow Agent to make such
disbursement.

        SECTION 4.  PURCHASE PRICE.

        4.1     PURCHASE PRICE. The Purchase Price for the Property, as adjusted
by the prorations provided in SECTION 4.2 hereof and by the Earnest Money
(subject to the terms of Section 3.2, above), shall be paid by Buyer to Seller
at the Closing in United States dollars, by Federal Reserve System wire transfer
or other immediately available funds acceptable to Seller.

        4.2     PRORATIONS. Buyer and Seller will prorate all income and
expenses relating to the Property based upon Buyer's and Seller's respective
periods of ownership for the calendar year in which the Closing occurs with
Buyer treated as the owner of the Property on the Closing Date, including,
without limitation:

                4.2.1.  RENTS.

                        (i)     CLOSING. Except as provided in subparagraph
        (ii) below, Seller shall pay or credit to Buyer at the Closing (A) all
        Rent due and payable by Tenants under the Leases for the calendar month
        in which the Closing occurs, prorated for the number of days during such
        calendar month from, including and after the Closing, and (B) all
        prepaid and overpaid Rents of all Tenants under the Leases, and (C) all
        rent and reimbursable expenses (on a pro forma basis) which would be
        payable under the Giovanni's Jewelry, Papa John's Pizza, and Scrapbook
        Corner leases from and after the date of Closing through the respective
        dates such Tenants are (or will be) scheduled to commence the payment of
        full rent and reimbursable expenses pursuant to the terms of their
        respective Leases). Buyer will indemnify and hold harmless Seller, its
        successors and assigns, from and against any liability (including,
        without limitation, reasonable attorneys' fees and costs) arising from
        Buyer's failure to account properly to Tenants for prepaid and overpaid
        Rents to the extent credited to Buyer by Seller at Closing.

                        (ii)    POST-CLOSING. After the Closing, Buyer shall
        make good faith efforts to collect all unpaid Rents for any period prior
        to the Closing, provided that Buyer shall have no obligation to
        institute litigation or terminate any Leases in connection with any such
        collections. Any Rents due and owing Seller before the Closing by
        Tenants under the Leases that are unpaid at the Closing, are herein
        called "DELINQUENT RENTS". There shall be no cash credit to Seller at
        Closing on account of any Delinquent Rents, but following Closing,
        rental and other payments received by Buyer or Seller from Tenants shall
        be first applied toward the actual out-of-pocket costs of collection
        paid to parties other than the managing agent of the Property, then such
        Rents shall be applied first toward the payment of rent and other
        charges then currently owed to Buyer and second toward the payment of
        Delinquent Rents. Seller shall have and reserves the right to pursue any
        remedy against any Tenant owing Delinquent Rents, provided that Seller
        shall in no event institute any proceeding to evict or dispossess a
        Tenant from the Property, nor (b) seek to terminate any Lease. Buyer
        may, by written notice to Seller, restrict Seller from collecting such
        Delinquent Rents, but only if Buyer first pays Seller

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        such Delinquent Rents in exchange for Seller's assignment to Buyer of
        all of Seller's rights and causes of action with respect thereto.

                4.2.2   REAL ESTATE TAXES. Taxes will be prorated between Buyer
        and Seller on a cash basis, (i.e., those taxes that are due and payable
        in the year in which the Closing occurs only will be prorated between
        Buyer and Seller regardless of which year such taxes accrued). If the
        actual amount of taxes due and payable in the year of Closing is not
        ascertainable as of the Closing Date, proration of taxes shall be based
        upon the greater of (a) 110% of the most recent bill or assessment or
        (b) the estimated assessments for 2002 and 2003 using the assessor's
        formula for the sale contemplated hereby. Notwithstanding the foregoing,
        there will be no proration for taxes to the extent the Leases require
        Tenants to pay taxes (either directly or by reimbursement to Seller)
        rather than paying estimated amounts therefor to Seller as additional
        rent. Buyer shall pay all real estate taxes due and payable after
        Closing and reconciliations with Tenants shall be responsibility of
        Buyer post-Closing. At Closing, all prorations of real estate taxes
        shall constitute full settlement between Buyer and Seller.

                        (i)     DELINQUENT  TAXES.  Seller shall pay to the
        applicable tax authorities at or prior to the Closing all Taxes and
        assessments with respect to the Property which are delinquent as of the
        Closing.

                        (ii)    PREPAID TAXES. If any portion of any other
        assessments paid by Seller with respect to the Property at or prior to
        the Closing, determined on a cash (rather than accrual) basis, relate to
        any time including or after the Closing, Buyer shall pay to Seller at
        the Closing the amount of such other assessments paid prorated for the
        number of days, from, including and after the Closing.

                        (iii)   TAX REFUNDS. All refunds of Taxes received by
        Seller or Buyer after the Closing with respect to the Property ("TAX
        REFUND") shall be applied (A) first, to Seller or Buyer, as the case may
        be, to the extent of third party expenses incurred by either party in
        protesting and obtaining such Tax Refund, (B) second, to Buyer to the
        extent that such Tax Refund is required to be paid to (or credited
        against other amounts payable by) the Tenants under the Leases, and (C)
        third, (x) to Seller if such Tax Refund is for any tax period which ends
        before the Closing, (y) to Buyer if such Tax Refund is for any tax
        period which commences after the Closing, and (z) with respect to any
        Tax Refund for any tax period in which the Closing occurs, to Seller and
        Buyer, prorated on a per diem basis. If Seller or Buyer receives any Tax
        Refund, then each shall retain or pay such amounts (or portions thereof)
        in order that such payments are applied in the manner set forth in this
        Subsection.

                        (iv)    Intentionally Omitted.

                4.2.3   UTILITIES. Prior to the Closing, Buyer shall notify each
        of the utility companies which provide services to the Property of the
        scheduled transfer of the Property on the Closing, and shall make
        appropriate arrangements with the utility companies to bill Seller for
        services provided before the Closing, and to Buyer for services provided
        from and after the Closing. If such arrangements cannot, or are not,
        made as of the Closing, then Buyer shall make the appropriate
        arrangements promptly after the Closing, and promptly after such
        arrangements are made, Buyer shall pay to Seller an amount equal to the
        cost of the services that were billed to Seller for the period from and
        after Closing, and Seller shall pay the same to the appropriate utility
        company.

                4.2.4   SERVICE CONTRACTS. With respect to the Service
        Contracts, at the Closing (i) Seller shall pay or grant to Buyer as a
        credit against the Purchase Price the amount of accrued and unpaid
        charges for services rendered before the Closing prorated on a per diem
        basis, and (ii) Buyer shall pay to Seller the amount of prepaid charges
        for services rendered from and after the Closing prorated on a per diem
        basis.

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                4.2.5   TENANT SECURITY DEPOSITS. Buyer shall receive a credit
        (or Seller shall pay to Buyer) at Closing in an amount equal to the
        total amount of cash Security Deposits shown on the Rent Roll.

                4.2.6   OWNERS ASSOCIATION ASSESSMENTS. If the Property is
        located in a business park which is governed by an owners association,
        and the association charges assessments with respect to the Property,
        then at the Closing (a) if such charges are payable after the Closing
        for a period before the Closing, Seller shall pay to Buyer an amount
        equal to the amount of such charges allocated to the period before the
        Closing prorated on a per diem basis, and (b) if such charges were paid
        before the Closing for a period from and after the Closing, Buyer shall
        pay to Seller an amount equal to the amount of such charges reasonably
        allocated to the period from, including and after the Closing prorated
        on a per diem basis.

                4.2.7   The amount of payments by Seller or Buyer under this
        SECTION 4.2 may have been based on estimates of applicable amounts.
        Except as otherwise expressly provided herein, if any payments by Seller
        or Buyer at the Closing under this SECTION 4.2 are based on estimates,
        then, when the actual amounts are finally determined, Seller and Buyer
        shall recalculate the amounts that would have been paid at the Closing
        based on such actual amounts, and Seller or Buyer, as the case may be,
        shall make an appropriate payment to the other based on such
        recalculation. Notwithstanding the foregoing, the total amount of
        operating expenses for the calendar year of the Closing will be
        reconciled no later than 180 days after the end of the calendar year in
        which the Closing occurs. For purposes of such recalculation, at the
        conclusion of the calendar year in which the Closing occurs, Seller's
        allocable share of the actual additional rent for reimbursement of
        operating expenses, real estate taxes and insurance under the Lease
        shall be determined by multiplying the total additional rent due from
        Tenant for such calendar year (i.e., being the sum of estimated payments
        made on account of such additional rent, plus or minus year-end
        reconciliations as provided in the Lease) by a fraction, the numerator
        of which is Seller's actual costs expended prior to Closing in providing
        the maintenance services, insurance, real estate taxes and other amounts
        which are the subject of such additional rent charges for such calendar
        year (herein, the "ADDITIONAL RENT EXPENDITURES"), and the denominator
        of which is the total Additional Rent Expenditures made by Seller and
        Buyer for the entire calendar year in which Closing occurs. If, on the
        basis of the Additional Rent Expenditures actually made and the
        estimated Additional Rent payments actually received by Seller prior to
        Closing, Seller has retained additional rent amounts in excess of its
        allocable share, it shall remit to Buyer, within ten (10) business days
        after notice thereof from Buyer, the total amount of such excess. If, on
        the basis of the Additional Rent Expenditures actually made and the
        estimated additional rent payments actually received by Seller prior to
        Closing, Seller has retained Additional Rent amounts that are less than
        its allocable share, Buyer shall remit to Seller within ten (10)
        business days after notice thereof to Buyer, the total amount of such
        difference. In the event of any subsequent adjustments in the final
        determination of such additional rent owed by Tenant under the Lease for
        such calendar year based upon the resolution by Seller, Buyer and Tenant
        of any dispute or contest of such amounts brought by Tenant pursuant to
        the terms of the Lease, Seller and Buyer shall promptly readjust between
        themselves the actual amounts owed for such calendar year, based upon
        such adjusted determination of additional rent owed by Tenant.

                4.2.8   CLOSING DATE. If the Purchase Price is not delivered to
        Seller before 1:00 p.m. E.S.T. on the Closing Date, then the payments
        required to be made by Seller or Buyer under this Agreement shall be
        determined assuming that the Closing Date occurred on the day after the
        actual Closing.

                4.2.9   LEASING COSTS.

                (a)     At or prior to Closing, Seller shall (i) pay and or
                        "cash out" any leasing commissions due and payable for
                        the current term of Leases in existence as of the date
                        of Closing, including without limitation Giovanni's
                        Jewelry, Papa John's Pizza, and Scrapbook Corner, (ii)
                        give a credit to Buyer on the Closing Statement

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                        for any free rent concessions for the current term of
                        any Leases in existence as of the date of Closing,
                        including without limitation Giovanni's Jewelry, Papa
                        John's Pizza, and Scrapbook Corner and (iii) pay all
                        tenant improvement allowances to Tenants (including
                        Giovanni's Jewelry, Papa John's Pizza, and Scrapbook
                        Corner) related to the current term of each Lease as
                        required by the Leases, or if such allowances are not
                        then due and payable, Seller shall credit said unpaid
                        amount to Buyer at Closing, and Buyer shall assume said
                        payment obligation. Seller is not aware of any leasing
                        commissions applicable to any renewals or extensions of
                        term for the Leases executed as of the Contract Date.

                4.2.10  CLOSING COSTS. Buyer shall pay the cost of any
        endorsements to the title insurance policy, excluding for extended
        coverage, the cost of any lender's policy of title insurance, one-half
        (1/2) of all escrow or closing agent charges, all costs associated with
        any encumbrance Buyer places on the Property at Closing, all costs of
        Buyer's due diligence, and any other costs not expressly required to be
        paid by Seller pursuant to this Agreement. Seller shall pay for state
        and county transfer taxes and documentary stamps, costs for recording
        the Deed, one-half (1/2) of all escrow or closing agent charges, the
        cost of the Survey, and the cost of an owner's policy of title insurance
        for the Property in the form most recently adopted by ALTA in the amount
        of the Purchase Price (excluding any endorsements thereto other than for
        extended coverage). Each party shall pay its own attorneys. Brokerage
        commissions shall be paid as set forth in SECTION 15. The obligations of
        the parties to pay applicable escrow or closing charges shall survive
        the termination of this Agreement.

        SECTION 5.  TITLE AND SURVEY. Buyer will have until 5:00 p.m. E.S.T. on
the seventh (7th) day after Seller causes the last to be delivered of the Title
Commitment and the Survey to be delivered to Buyer by or on behalf of Seller
(such delivery date being defined as the "Title and Survey Delivery Date") to
examine title to the Project and the Survey, determine whether Buyer will be
able to obtain any endorsements it desires, and give written notice to Seller of
any objections to the title or the Survey which Buyer may have. If Buyer fails
to give any notice to Seller by such date, Buyer shall be deemed to have waived
such right to object to any title exceptions or defects. If Buyer does give
Seller timely notice of objection to any title exceptions or defects and such
objection is not reasonably cured or satisfied or undertaken to be reasonably
cured or satisfied by Seller within five (5) business days of receiving Buyer's
objection, then Buyer may elect, by written notice to Seller within five (5)
business days after Seller so responds to such objections, either to (a)
terminate this Agreement, in which case the Earnest Money shall be returned to
Buyer by Escrow Agent, and the parties shall have no further rights or
obligations hereunder, except for those which expressly survive any such
termination, or (b) waive its objections hereunder and proceed with the
transaction pursuant to the remaining terms and conditions of this Agreement. If
Buyer fails to so give Seller notice of its election, it shall be deemed to have
elected the option contained in subpart (b) above. If Seller does so reasonably
cure or satisfy, or undertake to reasonably cure or satisfy, such objection to
the satisfaction of Buyer, then this Agreement shall continue in full force and
effect. Buyer shall have the right at any time to waive any objections that it
may have made and, thereby, to preserve this Agreement in full force and effect.
Seller agrees to pay and release, bond, or otherwise remove from title ("Remove
from Title") the liens of any mortgages filed against the Property, along with
any other monetary liens which do not exceed, in the aggregate, twenty thousand
and No/100 dollars ($20,000.00); the obligation of Seller to Remove from Title
may be satisfied by providing affirmative title insurance coverage under the
Title Commitment which is reasonably satisfactory to Buyer.

        SECTION 6.  BUYER'S INSPECTION.

        6.1     DOCUMENT INSPECTION. Buyer and Seller acknowledge that Buyer
shall inspect the Project and shall examine, review and inspect the Seller
Deliveries.

        6.2     PHYSICAL INSPECTION. Subject to any restrictions under any
restrictions of record and applicable

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laws, Buyer and its agents shall have the right, from time to time prior to the
Closing during normal business hours, to enter upon the Project to examine the
same and the condition thereof, and to conduct such surveys and to make such
engineering and other inspections, tests and studies as Buyer shall determine to
be reasonably necessary, all at Buyer's sole cost and expense (except as
otherwise described herein). Seller agrees to deliver to Buyer a copy of its
currently existing, Phase I environmental report to Buyer. Notwithstanding the
foregoing, Buyer shall not conduct or allow any physically intrusive testing of,
on or under the Project. Buyer agrees to give Seller reasonable advance notice
of such examinations or surveys and to conduct such examinations or surveys
during normal business hours to the extent practicable. Buyer agrees to conduct
all examinations and surveys of the Project in a manner that will not interfere
with the operations of Seller or Tenants thereon and will not harm or damage the
Project or cause any claim adverse to Seller, and agrees to restore the Project
to its condition prior to any such examinations or surveys immediately after
conducting the same. Buyer hereby indemnifies and holds Seller harmless from and
against any claims for injury or death to persons, damage to property or other
losses, damages or claims, including, without limitation, claims of any
tenant(s) then in possession, and including, without limitation,, in each
instance, attorneys' fees and litigation costs, arising out of any action of any
person or firm entering the Project on Buyer's behalf as aforesaid or any breach
by Buyer of its obligations under this Section, which indemnity shall survive
the Closing and any termination of this Agreement.

        6.3     FORMAL INSPECTION PERIOD. Buyer's obligation to close under this
Agreement is subject to and conditioned upon Buyer's investigation and study of
and satisfaction with the Project as determined in its sole discretion. Buyer
shall have until 5:00 p.m. E.S.T. on the Inspection Date in which to make such
investigations and studies with respect to the Project as Buyer deems
appropriate and to terminate this Agreement if Buyer is not, for any reason, or
for no reason, satisfied with the Project in which case the Earnest Money shall
immediately be returned to Buyer and neither party shall have any further
obligations hereunder except for those obligations of Buyer set forth in
SECTIONS 6.2 and 6.4. If Buyer fails to give written notice to Seller waiving
such right to terminate, to be received by Seller on or before 5:00 p.m. E.S.T.
on the Inspection Date, then Buyer's termination rights under this SECTION 6
shall be deemed to have been waived by Buyer, and the parties shall proceed with
the transaction pursuant to the remaining terms and conditions of this
Agreement.

        6.4     CONFIDENTIALITY. Buyer and its representatives shall hold in
confidence all data and information relating to Seller or its business, whether
obtained before or after the execution and delivery of this Agreement pursuant
to the Confidentiality Agreement which is incorporated herein and which Buyer
hereby reaffirms. In the event of a breach or threatened breach by Buyer or its
representatives of this SECTION 6.4, Seller shall be entitled to all remedies
set forth in the Confidentiality Agreement. Nothing in this Agreement shall be
construed as prohibiting Seller from pursuing any other available remedy at law
or in equity for such breach or threatened breach of the Confidentiality
Agreement. The provisions of this SECTION 6.4 shall survive the Closing and any
termination of this Agreement.

        SECTION 7.  REPRESENTATIONS AND WARRANTIES.

        7.1     REPRESENTATIONS. As of the Contract Date, Seller hereby
represents and warrants to Buyer that the following statements are true except
as may otherwise be disclosed on EXHIBIT E:

                7.1.1   RENT ROLL. The Rent Roll attached hereto as EXHIBIT D is
        accurate in all material respects and Seller shall provide an updated
        version of the Rent Roll to Buyer as an exhibit to the Assignment.
        Seller has not entered into any Lease concerning the Project except with
        the Tenants disclosed on the Rent Roll.

                7.1.2   AGREEMENTS. Seller has not entered into any management
        agreement, or agreement for provision of services or supplies concerning
        the Project except for the Service Contracts. Seller has not entered
        into any leasing commission agreements that have outstanding obligations
        for payment of commissions by the landlord except for the Commission
        Agreements.

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                7.1.3   NO LITIGATION. Seller has no knowledge of receipt of
        written notice of any actual or pending litigation or proceeding by any
        organization, person, individual or governmental agency against Seller
        with respect to the Project or against the Project.

                7.1.3   AUTHORITY. Seller is a duly organized and validly formed
        limited partnership under the laws of the State of Indiana, is qualified
        to do business in state in which the Project is located and is not
        subject to any involuntary proceeding for dissolution or liquidation
        thereof.

                7.1.4   NON-FOREIGN STATUS. Seller is not a "foreign person" as
        that term is defined in the Internal Revenue Code of 1986, as amended
        and the Regulations promulgated pursuant thereto.

                7.1.5   AUTHORITY OF SIGNATORIES; NO BREACH OF OTHER AGREEMENTS,
        ETC. The execution, delivery of and performance under this Agreement are
        pursuant to authority validly and duly conferred upon Seller and the
        signatories hereto. To Seller's knowledge, the consummation of the
        transaction herein contemplated and the compliance by Seller with the
        terms of this Agreement do not and will not conflict with or result in a
        breach of any of the terms or provisions of, or constitute a default
        under, any agreement, arrangements, understanding, accord, document or
        instrument by which Seller is bound.

                7.1.6   IMPROVEMENTS. To Seller's knowledge, the roof, HVAC, and
        structure of the Improvements at the Property to the extent constructed
        as of the Contract Date are in a good state of repair.

                7.1.7   DEVELOPMENT AGREEMENTS. Other than that certain
        Development Agreement dated June 14, 2001 between Seller and Meijer
        Stores Limited Partnership, there are no unrecorded development
        agreements between Seller and any governmental agencies with regard to
        the development, use or operation of the Project.

        7.2     MISCELLANEOUS. As used herein, the phrase "Seller's knowledge"
or any derivation thereof shall mean the actual knowledge of Nick Anthony, Vice
President of Dispositions. It shall be a condition precedent to Buyer obligation
to close that the representations and warranties contained in this SECTION 7 are
true and correct in all material respects at Closing. In the event that Seller
or Buyer learns that any of said representations or warranties becomes
inaccurate between the Contract Date and the Closing, Seller or Buyer, as
applicable, shall immediately notify the other party in writing of such change.
Any intentional misrepresentation made on the part of Seller shall be treated as
a default pursuant to the terms hereof and the terms of Section 11 shall apply.
The Closing shall be automatically extended up to thirty (30) days in order to
allow Seller to cure such non-intentional misrepresentation. In the event Seller
so cures such non-intentional misrepresentation, this Agreement shall remain in
full force and effect. If Seller does not cure such non-intentional
misrepresentation, (after undertaking good faith efforts to do so), Buyer may
either (a) terminate this Agreement by written notice to Seller, in which case
the Earnest Money, together with interest earned thereon, shall immediately be
returned to Buyer and the parties shall have no further rights or obligations
hereunder, except for those which expressly survive such termination, or (b)
waive such right to terminate by proceeding with the transaction pursuant to the
remaining terms and conditions of this Agreement. In the event Buyer elects
option (b) in the preceding sentence the representations and warranties shall be
deemed to be automatically amended to reflect said change. In the event Buyer
first learns after Closing that any representations or warranties made by Seller
(as may be amended as provided above) were non-intentionally and materially
inaccurate as of the Closing Date, then Seller shall reimburse Buyer for all
out-of-pocket expenses incurred by Buyer as a result of such inaccuracy provided
that (i) Buyer notifies Seller in writing within twelve (12) months from the
Closing Date of such expenses and inaccuracy, and (ii) Seller shall in no event
be responsible for any consequential or punitive damages resulting from such
inaccuracy. Notwithstanding anything to the contrary contained in this
Agreement, Buyer shall have no right to recover from, or proceed against, Seller
in any manner whether based upon breach of contract, tort or otherwise upon the
expiration of such twelve month period except to the

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extent Buyer has so notified Seller in accordance with the terms of this
Agreement within such twelve month period.

        7.3     REAFFIRMATION. Subject to the provisions of SECTION 7.2, at
Closing Seller shall be deemed to have reaffirmed that the representations and
warranties of Seller in this SECTION 7 and the updated Rent Roll attached to the
Assignment is true and correct in all material respects as of the Closing Date.

        SECTION 8.  OPERATIONS PENDING CLOSING. Seller, at its expense, shall
use reasonable efforts to maintain the Project until the Closing or until the
termination of this Agreement, whichever is earlier, substantially in its
present condition, damage by fire or other casualty and condemnation excepted.
Seller shall deliver to Buyer a copy of any written notice of default delivered
by Seller to any Tenant from and after the Inspection Date. After the Inspection
Date, without Buyer's consent not unreasonably withheld (provided, however,
Buyer's consent shall be deemed granted in the event Buyer does not object in
writing thereto within five (5) days after Seller requests such consent from
Buyer), Seller will not enter into any (a) contract for service to the Project
unless it is terminable without penalty on no more than thirty (30) days written
notice (except that Seller may enter into any such contract in response to any
condition or event which would endanger the safety or integrity of the
Improvements, provided that Buyer shall have no obligation to assume any such
contract unless Buyer approves of such contract in writing), or (b) as to the
Property only, any new lease or any modification, amendment, restatement,
termination, or renewal of any Lease except for letters of understanding,
certificates, punch lists and other documents contemplated by the applicable
Lease. Seller shall promptly deliver a copy of any item in (a) or (b) of the
preceding sentence entered into by Seller prior to the Inspection Date.

        SECTION 9.  CONDITIONS TO CLOSING.

        9.1     BUYER'S CONDITIONS PRECEDENT. Buyer's obligation to proceed to
Closing of the Property and the Vacant Site respectively, under this Agreement
is subject to the following conditions precedent as it relates to each Closing:

        (a)     Seller shall have performed and satisfied each and all of
                Seller's obligations under this Agreement; and each Lease; and

        (b)     Each and all of Seller's representations and warranties set
                forth in this Agreement shall be true and correct at the
                Contract Date and at the Closing Date.

        (c)     For the Property, Seller shall have delivered to Buyer Tenant
                Estoppel Certificates from (i) Tenants leasing 8,000 rentable
                square feet or more ("Major Tenants"), and (ii) Tenants
                representing at least seventy-five percent (75%) of the
                remaining leased rentable square feet of the Property
                (collectively, the "Minimum Tenant Estoppels"). If Seller is
                unable to obtain Tenant Estoppel Certificates from any Tenant,
                Seller shall execute and deliver Seller estoppel certificates
                containing the information set forth in the undelivered Tenant
                Estoppel Certificates (i.e. to achieve delivery of Tenant
                Estoppel Certificates from one hundred percent (100%) of the
                Tenants). Seller's representations and warranties in any Seller
                estoppel certificates will survive the Closing, subject to the
                limitations contained in Section 7.2 hereof. In the event that
                Buyer receives an estoppel certificate from a Tenant complying
                with the requirements of this Section 9.1(c), and for which
                Seller previously delivered its estoppel certificate, Seller
                shall be automatically released from any liability or obligation
                under its estoppel certificate. Any qualification of any
                assertion in the Tenant Estoppel Certificate regarding the
                status of the performance of any of landlord's obligations under
                the lease that such assertion is made "to Tenant's knowledge" or
                similar qualification made by a Tenant shall be acceptable.

        (d)     No Major Tenant shall be in default of their rent payment
                obligations under their Lease, and no

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                Tenant shall have filed for bankruptcy protection.

        (e)     Seller shall have obtained an estoppel certificate from the
                responsible party under the reciprocal easement
                agreement/protective covenants for the development of which the
                Project is a part, based on the form attached hereto as
                EXHIBIT O.

        (f)     Seller shall have substantially completed construction of the
                Improvements as certified by Seller's architect on an AIA
                Certificate of Substantial Completion (Form G704). Seller shall
                have completed all tenant improvements required to be
                constructed by Seller, as landlord, under the Leases, except for
                tenant improvements related to Leases with Giovanni's Jewelry,
                Papa John's and Scrapbook Corner, which are addressed in Section
                19 below.

        (g)     Seller shall have obtained final unconditional occupancy permits
                for the shell of the Buildings to the extent issued by the
                applicable governmental authority; provided, however, this
                condition shall not apply to any permits related to any tenant
                improvements being completed by Tenants and the tenant
                improvements being completed by Seller for Giovanni's Jewelry,
                Papa John's and Scrapbook Corner, and further, this condition
                shall be waived as to any Tenant space for which a final
                unconditional occupancy permit cannot be issued due to
                uncompleted improvements being made by the Tenant.

        (h)     Except for Leases at the Property to Giovanni's Jewelry, Papa
                John's and Scrapbook Corner, (i) 100% of the leasable Tenant
                space shall be fully occupied, and (ii) all Tenants shall be
                occupying their space, open for business and paying full rent,
                including CAM, taxes and insurance, as shown on the Rent Roll
                and (iii) all free rent periods under any Lease shall have
                tolled or been credited to Buyer at Closing, and (iv) all
                leasing commissions applicable to any Lease signed as of the
                date of Closing shall have been paid or credited to Buyer at
                Closing, and (v) all Tenant improvement allowances shall have
                been paid to the applicable tenant or credited to Buyer at
                Closing (collectively, the "Tenant Conditions").

        (i)     Seller shall have delivered to Buyer a certificate of insurance
        from the Tenants and guarantors in the form and coverage as provided
        under the Leases.

                In the event any of the foregoing conditions are not satisfied
        prior to or at the Closing, subject to SECTION 7.2 hereof, Buyer may
        terminate this Agreement by written notice to Seller and thereafter
        shall have no obligation to proceed with the Closing, the Earnest Money
        shall immediately be returned and paid to Buyer, and neither party shall
        have any further obligation hereunder except those which expressly
        survive the termination of this Agreement. Notwithstanding the
        foregoing, (i) nothing contained herein shall waive or diminish any
        right or remedy Buyer may have for Seller's default or breach of this
        Agreement and (ii) once the Property closes, no conditions pertaining to
        the Property shall be conditions pertaining to the Closing of the Vacant
        Site.

        9.2     SELLER'S CONDITIONS PRECEDENT. Seller's obligation to proceed to
Closing under this Agreement is subject to the following conditions precedent:

        (a)     Intentionally Omitted.

        (b)     Buyer shall have performed and satisfied each and all of Buyer's
                obligations under this Agreement as set forth in Sections 2, 3,
                4 and 10. In the event this condition is not satisfied on or
                prior to the Closing Date, Seller shall have no obligation to
                proceed to Closing and, if Seller delivers written notice to
                Buyer that the foregoing condition has not been satisfied, this
                Agreement shall cease and terminate, the Earnest Money shall be
                returned and paid to Buyer, and neither party shall have any
                further obligation hereunder except those which expressly

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                survive the termination of this Agreement.

                Notwithstanding the foregoing, nothing contained herein shall
        waive or diminish any right or remedy Seller may have for Buyer's
        default or breach of this Agreement.

        SECTION 10. CLOSING.

        10.1    TIME AND PLACE. Provided that all of the conditions set forth in
this Agreement are theretofore fully satisfied or performed, the Closing shall
be held in escrow through Escrow Agent, on the Closing Date or such other date
that is mutually agreeable to Buyer and Seller unless the Closing Date is
postponed pursuant to the express terms of this Agreement.

        10.2    SELLER DELIVERIES. Seller shall obtain and deliver to Buyer at
the Closings for the Property and the Vacant Site respectively, the following
documents (all of which shall be duly executed, and witnessed and/or notarized
as necessary):

                10.2.1  The Deed, subject to the Permitted Title Exceptions.

                10.2.2  A Non-Foreign Certificate, substantially in the form
                        attached as EXHIBIT G hereto.

                10.2.3  The Officer's Certificate substantially in the form
                        attached hereto as EXHIBIT K.

                10.2.4  The Assignment.

                10.2.5  The Bill of Sale.

                10.2.6  A Closing Statement in form and substance mutually
        satisfactory to Buyer and Seller (the "CLOSING STATEMENT").

                10.2.7  An affidavit of title or other affidavit customarily
        required of sellers by the Title Insurer to remove the standard
        exceptions from an owner's title insurance policy which are capable of
        being removed by such an affidavit.

                10.2.8  Such transfer tax, certificate of value or other similar
        documents customarily required of Sellers in the county in which the
        Project is located.

                10.2.9  Such further instructions, documents and information,
        including, but not limited to a Form 1099-S, as Buyer or Title Insurer
        may reasonably request as necessary to consummate the purchase and sale
        contemplated by this Agreement.

                11.2.10 Notice to send to all Tenants substantially in the form
        attached hereto as EXHIBIT H.

                10.2.11 Notice to send to all Vendors substantially in the form
        attached hereto as EXHIBIT L.

                10.2.12 The Tenant Estoppel Certificates received from Tenants
        and Guarantors.

                10.2.13 Intentionally Omitted.

                10.2.14 To the extent Seller is a declarant under any reciprocal
        easement agreement/protective covenants for the development of which
        the Project is a part, Seller shall execute in favor of Buyer an
        Assignment and Assumption of Declarant's Rights related thereto it
        being the intent of the parties that Buyer shall succeed to Seller's
        interests thereunder.

<Page>

                10.2.15 An assignment (acknowledged by the applicable material
        and/or service providers) to Buyer (or its nominee) of all Project
        warranties and guaranties, all at the sole cost and expense of Seller.

        10.3    BUYER DELIVERIES. Buyer shall deliver to Seller at closing the
following:

                10.3.1  The Purchase Price in immediately available funds,
        subject to the prorations provided for in this Agreement

                10.3.2  Counterpart originals duly executed (and witnessed
        and/or notarized as necessary) by Buyer of the Assignment, the
        Assignment and Assumption of Declarant's Rights, and the Closing
        Statement.

                10.3.3. Such other documents or instruments that are reasonably
        necessary to consummate the Closing.

        SECTION 11. DEFAULT AND REMEDIES REGARDING THE SALE OF THE PROPERTY.

        11.1    BUYER'S DEFAULT. In the event of a default by Buyer under the
terms of this Agreement, Seller may elect to terminate this Agreement. If Seller
terminates this Agreement as provided in the previous sentence, the Earnest
Money Escrow Agent shall disburse the Earnest Money to Seller, and Seller shall
be entitled to retain the Earnest Money for such default of Buyer, whereupon
this Agreement shall automatically terminate and the parties shall have no
further rights or obligations hereunder, except for those which expressly
survive any such termination. Notwithstanding the foregoing, nothing contained
herein shall waive or diminish any right or remedy Seller may have at law or in
equity for Buyer's default or breach of SECTION 6.2 or SECTION 6.4 of this
Agreement. It is hereby agreed that Seller's damages in the event of a default
by Buyer hereunder are uncertain and difficult to ascertain, and that the
Earnest Money constitutes a reasonable liquidation of such damages and is
intended not as a penalty, but as liquidated damages. This provision shall
expressly survive the termination of this Agreement.

        11.2    SELLER'S DEFAULT. Subject to SECTION 7.2, in the event of a
default by Seller under the terms of this Agreement which is not cured by Seller
as provided hereunder, Buyer's sole and exclusive remedies hereunder shall be to
either terminate this Agreement whereupon Buyer will receive a refund of the
Earnest Money from Escrow Agent, or to seek specific performance of Seller's
obligations under this Agreement.

        SECTION 12. CONDEMNATION OR DESTRUCTION.

        12.1    CONDEMNATION. If, prior to the Closing, all or any material part
(materiality shall include, by way of illustration and not limitation: a taking
which (i) affects any point of ingress or egress to or from the Project, or (ii)
affects any Project parking, or (iii) allows any Tenant to terminate its Lease)
of the Project is subject to a bona fide threat of condemnation by a body having
the power of eminent domain, or is taken by eminent domain or condemnation, or
sale in lieu thereof, then Buyer, by written notice to Seller, to be received
within thirty (30) calendar days of Buyer's receiving Seller's written notice of
such threat, condemnation or taking, or by the Closing Date, whichever is
earlier, may elect to terminate this Agreement.

        12.2    DAMAGE OR DESTRUCTION. If, prior to the Closing, all or any
material part (materiality shall include, by way of illustration and not
limitation: a taking which (i) affects any point of ingress or egress to or from
the Project, or (ii) affects any Project parking, or (iii) allows any Tenant to
terminate its Lease) of the Project is damaged or destroyed by any cause, Seller
agrees to give Buyer written notice of such occurrence and the nature and extent
of such damage and destruction, and Buyer, by written notice to Seller, to be
received within thirty (30) calendar days of Buyer's receipt of Seller's written
notice of such damage or destruction, or by

<Page>

the Closing Date, whichever is earlier, may elect to terminate this Agreement.

        12.3    TERMINATION. If this Agreement is terminated as a result of the
provisions of either SECTION 12.1 or SECTION 12.2 hereof, Buyer shall be
entitled to receive a refund of the Earnest Money Escrow Agent, whereupon the
parties shall have no further rights or obligations hereunder, except for those
which expressly survive any such termination.

        12.4    AWARDS AND PROCEEDS. If Buyer does not elect to terminate this
Agreement following any notice of a threat of taking or taking by condemnation
or notice of damage or destruction to the Project, as provided above, this
Agreement shall remain in full force and effect and the conveyance of the
Property contemplated herein, less any interest taken by eminent domain or
condemnation, or sale in lieu thereof, shall be effected with no further
adjustments. At the Closing, Seller shall assign, transfer and set over to Buyer
all of Seller's right, title and interest in and to any awards, payments or
insurance proceeds available to Seller for the actual value of the property lost
or destroyed that have been or may thereafter be made for any such taking, sale
in lieu thereof or damage or destruction, to the extent such awards, payments or
proceeds shall not have theretofore been used for restoration of the Project,
together with a credit to Buyer in the amount of Seller's deductible under its
applicable insurance policy

        SECTION 13. ASSIGNMENT BY BUYER. Buyer may not assign its rights under
this Agreement. Notwithstanding anything to the contrary contained herein, upon
five days prior written notice to Seller, Buyer may assign all of, but not a
portion of, its rights under this Agreement to an entity which is controlled by
or controls Buyer; provided that Buyer and such assignee shall execute an
assignment and assumption agreement in which assignee shall assume all
obligations of Buyer under this Agreement and further provided that no such
assignment shall relieve Buyer of its obligations hereunder. Such assignee shall
have no right to further assign this Agreement.

        SECTION 14. BUYER'S REPRESENTATION AND WARRANTY. Buyer does hereby
represent and warrant to Seller as of the Contract Date and the Closing that it
is a validly formed corporation under the laws of the State of =ILLINOIS; that
it is in good standing in the state of its organization; that it is not subject
to any involuntary proceeding for the dissolution or liquidation thereof; that
it has all requisite authorizations to enter into this Agreement; and that the
parties executing this Agreement on behalf of Buyer are duly authorized to so
do.

        SECTION 15. BROKERS AND BROKERS' COMMISSIONS. Buyer and Seller each
warrant and represent to the other that, other than CB Richard Ellis ("BROKER"),
neither party has employed a real estate broker or agent in connection with the
transaction contemplated hereby. In the event the Closing is consummated, Seller
shall pay a commission to Broker pursuant to a separate agreement. Should the
Closing not occur for any reason whatsoever, Seller shall not be obligated to
pay a real estate commission to Broker. Each party agrees to indemnify and hold
the other harmless from any loss or cost suffered or incurred by it as a result
of the other's representation herein being untrue. This SECTION 15 shall
expressly survive the Closing hereunder.

        SECTION 16. NOTICES.

        Wherever any notice or other communication is required or permitted
hereunder, such notice or other communication shall be in writing and shall be
delivered by hand, by nationally-recognized overnight express delivery service,
by U.S. registered or certified mail, return receipt requested, postage prepaid,
or by facsimile with confirmation to the addresses set out below or at such
other addresses as are specified by written notice delivered in accordance
herewith:

                SELLER:         Duke Realty Limited Partnership
                                Attn: Nick Anthony
                                600 E 96th Street, Suite 100

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                                Indianapolis, IN 46240
                                Fax: (317) 808-6794

                with copy to:   Duke Realty Limited Partnership
                                Attn:  Angela Hsu
                                3950 Shackleford Road, Suite 300
                                Duluth, GA 30096
                                Fax: (770) 717-2479

                with copy to:   Alston & Bird LLP
                                Attn:  James G. Farris, Jr.
                                1201 West Peachtree Street
                                Atlanta, GA 30309
                                Fax: (404) 881-7777

                BUYER:          Inland Real Estate Acquisitions, Inc.
                                Attn: G. Joseph Consenza
                                2901 Butterfield Road
                                Oak Brook, Illinois 60523
                                Fax: (630) 218-4935

                with copy to:   The Inland Real Estate Group, Inc.
                                Attn:  Robert Baum, General Counsel
                                2901 Butterfield Road
                                Oak Brook, Illinois 60523
                              Fax: (630) 218-4900 and (630) 571-2360

Such notices shall be deemed received (a) on the date of delivery, if delivered
by hand or overnight express delivery service; (b) on the date indicated on the
return receipt if mailed; or (c) on the date of facsimile, if sent by facsimile
and confirmed. Notices from the attorney representing a party shall be deemed to
be a notice from said party.

        SECTION 17. DISCLAIMER OF CONDITION.

        17.1    DISCLAIMER. Subject to the express representations of Seller in
this Agreement, it is understood and agreed that Seller is not making and has
not at any time made any warranties or representations of any kind or character,
expressed or implied, with respect to the Project, including, but not limited
to, any warranties or representations as to habitability, merchantability,
fitness for a particular purpose, title (other than Seller's limited warranty of
title to be set forth in the Deed), zoning, tax consequences, latent or patent
physical or environmental condition, utilities, operating history or
projections, valuation, governmental approvals, the compliance of the Project
with governmental laws, the truth, accuracy or completeness of the Project
documents or any other information provided by or on behalf of Seller to Buyer,
or any other matter or thing regarding the Project. Subject to the express
representations of Seller in, this Agreement, Buyer acknowledges and agrees that
upon Closing Seller shall sell and convey to Buyer and Buyer shall accept the
Project "AS IS, WHERE IS, WITH ALL FAULTS," except to the extent otherwise
expressly provided in this Agreement. , Subject to the express representations
of Seller in this Agreement, Buyer has not relied and will not rely on, and
Seller is not liable for or bound by, any expressed or implied warranties,
guaranties, statements, representations or information pertaining to the Project
or relating thereto (including specifically, without limitation, Project
information packages distributed with respect to the Project) made or furnished
by Seller, the manager of the Project, or any real estate broker or agent

<Page>

representing or purporting to represent Seller, to whomever made or given,
directly or indirectly, orally or in writing. Buyer represents to Seller that
Buyer has conducted, or will conduct prior to Closing, such investigations of
the Project, including but not limited to, the physical and environmental
conditions thereof, as Buyer deems necessary to satisfy itself as to the
condition of the Project and the existence or nonexistence or curative action to
be taken with respect to any hazardous or toxic substances on or discharged from
the Project, and will rely solely upon same and not upon any information
provided by or on behalf of Seller or its agents or employees with respect
thereto, other than such representations, warranties and covenants of Seller as
are expressly set forth in this Agreement. Subject to the express
representations of Seller in, this Agreement, upon Closing, Buyer shall assume
the risk that adverse matters, including but not limited to, construction
defects and adverse physical and environmental conditions, may not have been
revealed by Buyer's investigations, and Buyer, upon Closing, shall be deemed to
have waived, relinquished and released Seller (and Seller's officers, directors,
shareholders, employees and agents) from and against any and all claims,
demands, causes of action (including, without limitation, causes of action in
tort), losses, damages, liabilities, costs and expenses (including, without
limitation, attorneys' fees and court costs) of any and every kind or character,
known or unknown, which Buyer might have asserted or alleged against Seller (and
Seller's officers, directors, shareholders, employees and agents) at any time by
reason of or arising out of any latent or patent construction defects, physical
conditions (including, without limitation, environmental conditions), violations
of any applicable laws (including, without limitation, any environmental laws)
or any and all other acts, omissions, events, circumstances or matters regarding
the Project.

        17.2    EFFECT AND SURVIVAL OF DISCLAIMER. Seller and Buyer acknowledge
that the compensation to be paid to Seller for the Project reflects that the
Project is being sold subject to the provisions of this SECTION 17, and Seller
and Buyer agree that the provisions of this SECTION 17 shall survive Closing
indefinitely.

        SECTION 18. MISCELLANEOUS.

        18.1    GOVERNING LAW; HEADINGS; RULES OF CONSTRUCTION. This Agreement
shall be governed by and construed in accordance with the internal laws of the
State in which the Land is located, without reference to the conflicts of laws
or choice of law provisions thereof. The titles of sections and subsections
herein have been inserted as a matter of convenience of reference only and shall
not control or affect the meaning or construction of any of the terms or
provisions herein. All references herein to the singular shall include the
plural, and vice versa. The parties agree that this Agreement is the result of
negotiation by the parties, each of whom was represented by counsel, and thus,
this Agreement shall not be construed against the maker thereof.

        18.2    NO WAIVER. Neither the failure of either party to exercise any
power given such party hereunder or to insist upon strict compliance by the
other party with its obligations hereunder, nor any custom or practice of the
parties at variance with the terms hereof shall constitute a waiver of either
party's right to demand exact compliance with the terms hereof.

        18.3    ENTIRE AGREEMENT. Except for the Confidentiality Agreement; this
Agreement contains the entire agreement of the parties hereto with respect to
the Project and any other prior understandings or agreements are merged herein
and no representations, inducements, promises or agreements, oral or otherwise,
between the parties not embodied herein or incorporated herein by reference
shall be of any force or effect.

        18.4    BINDING EFFECT. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, legal representatives, successors and assigns
(subject to SECTION 13 above).

        18.5    AMENDMENTS. No amendment to this Agreement shall be binding on
any of the parties hereto unless such amendment is in writing and is executed by
the party against whom enforcement of such amendment is sought.

<Page>

        18.6    DATE FOR PERFORMANCE. If the time period by which any right,
option or election provided under this Agreement must be exercised, or by which
any act required hereunder must be performed, or by which the Closing must be
held, expires on a Saturday, Sunday or legal or bank holiday, then such time
period shall be automatically extended through the close of business on the next
regularly scheduled business day.

        18.7    RECORDING. Seller and Buyer agree that they will not record this
Agreement and that they will not record a short form of this Agreement.

        18.8    COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which,
when taken together, shall constitute but one and the same instrument.

        18.9    TIME OF THE ESSENCE. Time shall be of the essence of this
Agreement and each and every term and condition hereof.

        18.10   SEVERABILITY. This Agreement is intended to be performed in
accordance with, and only to the extent permitted by, all applicable laws,
ordinances, rules and regulations. If any term or provision of this Agreement or
the application thereof to any person or circumstance shall for any reason and
to any extent be held to be invalid or unenforceable, then such term or
provision shall be ignored, and to the maximum extent possible, this Agreement
shall continue in full force and effect, but without giving effect to such term
or provision.

        18.11   ATTORNEYS' FEES. In the event that either party shall bring an
action or legal proceeding for an alleged breach of any provision of this
Agreement or any representation, warranty, covenant or agreement herein set
forth, or to enforce, protect, determine or establish any term, covenant or
provision of this Agreement or the rights hereunder of either party, the
prevailing party shall be entitled to recover from the non-prevailing party, as
a part of such action or proceedings, or in a separate action brought for that
purpose, reasonable attorneys' fees and costs, expert witness fees and court
costs as may be fixed by the court or jury.

        18.12   LIKE-KIND EXCHANGE. Each of the parties hereto agrees to
cooperate with the other in effecting an I.R.C. Section 1031 exchange, including
executing and delivering any and all documents required by the exchange trustee
or intermediary; provided, however, that the cooperating party shall have no
obligation to execute any document, enter any transaction or arrangement or take
or omit any other action, if such party determines in its sole discretion that
the same would result in any liability, cost, expense, increased risk, delay or
other detriment to the cooperating party.

        18.13   PUBLICITY. Between the Contract Date and the Closing, Seller and
Buyer shall discuss and coordinate with respect to any public filing or
announcement concerning the purchase and sale as contemplated hereunder.

        18.14   WAIVER OF TRIAL BY JURY. Seller and Buyer hereby irrevocably and
unconditionally waive any and all right to trial by jury in any action, suit or
counterclaim arising in connection with, out of or otherwise relating to, this
Agreement. The provisions of this SECTION 18.14 shall survive the Closing or
termination hereof.

        SECTION 19. COMPLETION OF TENANT IMPROVEMENTS - GIOVANNI'S JEWELRY, PAPA
JOHN'S AND SCRAPBOOK CORNER. Buyer acknowledges that the tenant improvements for
Giovanni's Jewelry, Papa John's and Scrapbook Corner shall not be completed by
Seller at Closing. Seller shall pay for and complete said tenant improvements on
or before March 1, 2004, subject to delay caused by (a) said Tenants, (b) Buyer
or (c) force majeure. This provision shall expressly survive Closing.

        SECTION 20. EASEMENTS. It shall be a condition of Closing of the
Property that on or prior to the Inspection Date, that Buyer and Seller shall
agree on any easements across the Property and across the Vacant Site that must
be put into place at the Closing of the Property in order to allow for the
operation of the

<Page>

Property and the development and operation of the Vacant Site, including, but
not limited to, easements for ingress/egress, storm sewer, construction staging,
traffic, sanitary sewer, electrical, water, cable, phone, parking, signage and
party wall (to allow Seller to construct the southern wall of the building to be
located on the Vacant Site in a location contiguous to the northern wall of the
Building on the Property). The parties shall use their good faith efforts to
agree upon the nature and location of said easements, and the terms and
conditions thereof.

        SECTION 21. PURCHASE AND SALE OF VACANT SITE. This Section 21 shall
govern the terms and conditions of the purchase and sale of the Vacant Site. The
closing of the Vacant Site shall be on the same terms and conditions as the
closing of the Property, except to the extent as set forth below to the
contrary.

        21.1    DEFINED TERMS. Any capitalized term used in this Section 21
which is not specifically defined shall have the meaning as defined elsewhere in
this Agreement, and as applicable, any such capitalized term used in this
Section 21 shall be interpreted in the context of the development of
improvements on and sale of the Vacant Site. The terms below shall have the
following meanings:

                EARNOUT TERM. The forty eight (48) month period from and after
the Closing Date on the Property.

                STABILIZED BASE RENT. The annual base rent payable under any
Lease of the Vacant Site after satisfaction of the Tenant Conditions has
occurred (collectively, "Rent Concessions").

                SUBSTANTIAL COMPLETION. Substantial Completion of the Vacant
Site means (i) completion of construction of all base building Improvements
substantially in accordance with the plans and specifications therefor, and in
compliance in all material respects with all applicable laws, (ii) Seller's
delivery to Buyer of final unconditional occupancy permits for the Buildings to
the extent issued by the applicable governmental authority; provided, however,
this condition shall not apply to any permits related to any tenant improvements
being completed by Tenants, and further, this condition shall be waived as to
any Tenant space for which a final unconditional occupancy permit cannot be
issued due to uncompleted improvements being made by the Tenant, and (iii)
removal of all of Seller's construction equipment, materials and debris from the
Vacant Site, and (iv) Seller having delivered to Buyer for its review and
approval (in accordance with the applicable terms of Section 5 of this
Agreement) an updated title commitment and Survey of the improved Vacant Site.
Substantial Completion shall be certified by Seller's architect on an AIA
Certificate of Substantial Completion (Form G704). ]

                "TRIPLE-NET" RENTAL INCOME. The "Triple Net" Rental Income shall
be calculated by first (a) adding the Stabilized Base Rent (as defined above)
for each Lease of the Vacant Site for the first twelve (12) month period of each
Lease that Stabilized Rent is required to be paid and (b) subtracting therefrom
the amount, if any, by which the pass-through amount for CAM, taxes and
insurance (but excluding management fees) to be paid by a Tenant is less than
100% of such Tenant's proportionate share.

        21.2    LEASING AND CONSTRUCTION. The parties acknowledge that no
Building has been constructed on the Vacant Site as of the Contract Date. During
the Earnout Term, Seller shall continue to pursue leases with tenant prospects
for the Vacant Site.

        21.3    PURCHASE PRICE. The calculation of the Purchase Price for the
Vacant Site shall be as follows:

                (a)     If the Closing occurs by September 30, 2004, the
        Purchase Price shall be the "Triple Net" Rental Income DIVIDED by
        8.2679%.

                (b)     If the Closing occurs after September 30, 2004, the
        Purchase Price shall be the "Triple Net" Rental Income divided by an
        amount (the "Base Rent Divider") equal to the sum of: (i)

<Page>

        8.2679% PLUS (ii) the 10 year Treasury rate, on a percentage basis (as
        quoted in the WALL STREET JOURNAL with a maturity date as near to the
        10th year after the Closing Date as possible) minus 4.39% (the 10 year
        Treasury rate as of August 15, 2013). For example, (x) if the 10 year
        Treasury rate as of Closing is 4.49%, then the rate used to calculate
        the Purchase Price will be 8.3679% (8.2679% + (4.49% - 4.39%) = 8.3679%)
        or (y) if the 10 year Treasury rate as of Closing is 4.25%, then the
        rate used to calculate the Purchase Price will be 8.1279% (8.2679% +
        (4.25% - 4.39%) = 8.1279%). Notwithstanding anything to the contrary
        contained herein, (i) if the Base Rent Divider is greater than 8.7679%,
        then Seller may elect to terminate this Agreement by written notice to
        Buyer on or before the scheduled Closing Date and (ii) if the Base Rent
        Divider is less than 7.7679%, then Buyer may elect to terminate this
        Agreement by written notice to Seller on or before the scheduled Closing
        Date.

The Purchase Price for the Vacant Site, as adjusted by the prorations provided
in SECTION 4.2 above, shall be paid by Buyer to Seller at the Closing in United
States dollars, by Federal Reserve System wire transfer or other immediately
available funds acceptable to Seller.

        21.4    CLOSING DATE. The Closing of the Vacant Site shall occur ten
(10) days after the later of the date that (a) Seller delivers to Buyer Tenant
Estoppel Certificates from all Tenants of the Vacant Site, (b) the Tenant
Conditions are satisfied with regard to each Tenant at the Vacant Site and (c)
Substantial Completion has occurred; provided, however, the Closing shall occur,
if at all, no later than the end of the Earnout Term. If the Purchase Price is
not delivered to Seller before 1:00 p.m. E.S.T. on the Closing Date, then the
payments required to be made by Seller or Buyer under this Agreement shall be
determined assuming that the Closing Date occurred on the day after the actual
Closing.

        21.5    ADDITIONAL CONDITIONS. In addition to the other applicable
conditions to Closing for the Vacant Site set forth in this Agreement (other
than those conditions to Closing which are specific or unique to the Property),
it shall be an additional condition to Buyer's obligation to close that the
Tenants of the Vacant Space shall be nationally or regionally recognized retail
tenants, including, without limitation, JoAnn Fabrics, Dress Barn, Michael's,
CompUSA, Gander Mountain, Sofa Express, Fresh Market, Wild Oats, PetsMart,
Circuit City, Best Buy and Dick's Sporting Goods, and such Leases do not violate
exclusive uses granted to then existing Tenants of the Project.

        21.5    DEFAULT AND REMEDIES REGARDING THE SALE OF THE VACANT SITE.
Notwithstanding anything to the contrary contained in Section 11 above:

                (a)     BUYER'S DEFAULT. If Buyer defaults in its obligation to
purchase the Vacant Site, Seller may elect to terminate this Agreement and
pursue all remedies against Buyer at law or equity, whereupon this Agreement
shall terminate and the parties shall have no further rights or obligations
hereunder, except for those which expressly survive any such termination.
Notwithstanding the foregoing, nothing contained herein shall waive or diminish
any right or remedy Seller may have at law or in equity for Buyer's default or
breach of SECTION 6.2 or SECTION 6.4 of this Agreement. This provision shall
expressly survive the termination of this Agreement.

                (b)     SELLER'S DEFAULT. Subject to SECTION 7.2, in the event
of a default by Seller under the terms of this Agreement regarding the sale of
the Vacant Site to Buyer, which is not cured by Seller as provided hereunder,
Buyer's sole and exclusive remedies hereunder shall be to either terminate this
Agreement, or to seek specific performance of Seller's obligations under this
Agreement (which shall include the right to seek reimbursement for recovery
costs, attorneys fees and costs associated with filing suit), .

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<Page>

        IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement
to be executed by its duly authorized signatory, effective as of the day and
year first above written.

                                DUKE CONSTRUCTION LIMITED PARTNERSHIP,
                                an Indiana limited partnership

                                By:   Duke Business Centers Corporation,
                                      its sole general partner

                                      By:
                                         ---------------------------
                                      Name:
                                           -------------------------
                                      Title:
                                            ------------------------

                     Signatures continued on the next page.

<Page>

                    Signatures continued from the last page.

                                INLAND REAL ESTATE ACQUISITIONS, INC.,
                                an Illinois corporation

                                By:
                                   ---------------------------------
                                   G. Joseph Cosenza, President

<Page>

                                    EXHIBIT A

                               DESCRIPTION OF LAND

Lots numbered 2, 3, 5 and 7 and Blocks A, B and C as shown on the plat of Stony
Creek Marketplace Lots 2, 3, 4, 5, 7 & Blocks A, B & C Secondary Plat recorded
October 22, 2002 in Plat Cabinet 3, Slide 74 as Instrument No. 2002-79217 in the
Office of the Recorder of Hamilton County, Indiana.

Less and except the Vacant Site. The Survey will contain a new metes and bounds
description for Land only without the Vacant Site.

                     ATTACH LEGAL FROM SELLER'S TITLE POLICY

<Page>

                                    EXHIBIT B

                                ESCROW AGREEMENT

        THIS AGREEMENT is made and entered into this ____ day of November, 2003,
by and among DUKE CONSTRUCTION LIMITED PARTNERSHIP, an Indiana limited
partnership ("SELLER"), INLAND REAL ESTATE ACQUISITIONS, INC., an Illinois
corporation ("BUYER"), and CHICAGO TITLE INSURANCE COMPANY, a New York
corporation ("ESCROW AGENT").

        WHEREAS, Seller and Buyer have entered into that certain Agreement for
Purchase and Sale (the "PURCHASE AGREEMENT") dated as of the date hereof, a copy
of which Escrow Agent acknowledges receiving, for the sale and purchase of that
certain real property described therein. The Purchase Agreement is , by this
reference, made a part hereof, and all terms used but not defined herein shall
have the meanings given to such terms in the Purchase Agreement; and

        WHEREAS, Buyer and Seller desire to have Escrow Agent hold the Earnest
Money in escrow, as required by the Purchase Agreement and pursuant to the terms
hereof.

        NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good
and valuable consideration, the receipt and sufficiency whereof are hereby
acknowledged, the parties hereto hereby covenant and agree as follows:

        1.      Simultaneous with the execution of this Escrow Agreement, Buyer
will deliver and deposit with Escrow Agent the amount of TWO HUNDRED FIFTY
THOUSAND and No/100 DOLLARS ($250,000.00) as required by Section 3 of the
Purchase Agreement (the "EARNEST MONEY"). The Escrow Agent agrees to immediately
deposit the Earnest Money in an interest-bearing account in a national banking
association and to hold and disburse the same, together with any interest earned
thereon, as required by the Purchase Agreement.

        2.      Upon the Closing Date, Escrow Agent shall apply the Earnest
Money, together with any accrued interest thereon, to the Purchase Price as
required by the Purchase Agreement.

        3.      Within fifteen (15) days after written notification from both
Buyer and Seller that the sale contemplated by the Purchase Agreement shall not
take place, Escrow Agent shall deliver the Earnest Money as required by the
Purchase Agreement.

        4.      Buyer and Seller hereby covenant and agree that Escrow Agent
shall not be liable for any loss, cost or damage which it may incur as a result
of serving as Escrow Agent hereunder, except for any loss, cost or damage
arising out of Escrow Agent's gross negligence or willful misconduct.
Accordingly, Escrow Agent shall not incur any liability with respect to (a) any
action taken or omitted to be taken in good faith upon advice of its counsel,
given with respect to any questions relating to its duties and responsibilities
hereunder, or (b) any action taken or omitted to be taken in reliance upon any
document, including any written notice of instruction provided for herein or in
the Purchase Agreement, not only as to the due execution and the validity and
effectiveness thereof, but also as to the truth and accuracy of any information
contained therein, which Escrow Agent shall in good faith believe to be genuine
and to have been signed or presented by proper person or persons in conformity
with the provisions of this Agreement. Buyer and Seller hereby agree to
indemnify and hold harmless Escrow Agent against any and all losses, claims,
damages, liabilities and expenses, including reasonable costs of investigation
and reasonable attorneys' fees and disbursements actually incurred, which may be
imposed upon and incurred by Escrow Agent in connection with its serving as
Escrow Agent hereunder. In the event of a dispute between Buyer and Seller,
Escrow Agent shall be entitled to tender unto the registry or custody of any
court of competent jurisdiction in the county in which Escrow Agent's address
for notice is located all money or property in Escrow Agent's hands held under
the terms of this Agreement and the Purchase Agreement, together

<Page>

with such legal pleadings as it deems appropriate, and thereupon shall be
discharged of its obligations hereunder and under the Purchase Agreement.

        6.      Any notice required hereunder shall be delivered to the parties
and in the manner as required by the Purchase Agreement. Escrow Agent's address
for notice purposes is as follows:

                        CHICAGO TITLE INSURANCE COMPANY
                        Attn: Nancy Castro, Assistant Vice President and
                        Sr. Escrow Officer
                        171 N. Clark Street
                        Division II
                        Chicago, Illinois 60601
                        Fax: (312) 223-2108

        7.      This Agreement shall be governed by and construed in accordance
with the internal laws of the state in which the Land is located , without
reference to the conflicts of laws or choice of law provisions thereof.

        8.      This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, executors,
administrators, legal representatives, successors and assigns.

        IN WITNESS WHEREOF, the undersigned have caused this Escrow Agreement to
be duly executed as of the date first written above.

SELLER:                               DUKE CONSTRUCTION LIMITED PARTNERSHIP,
                                      an Indiana limited partnership

                                      By:  Duke Business Centers Corporation,
                                           its sole general partner

                                           By:
                                              ---------------------------
                                           Name:
                                                -------------------------
                                           Title:
                                                 ------------------------

BUYER:                                INLAND REAL ESTATE ACQUISITIONS, INC.,
                                      an Illinois corporation

                                      By:
                                         --------------------------------
                                      Name:
                                           ------------------------------
                                      Title:
                                            -----------------------------

ESCROW AGENT:                         CHICAGO TITLE INSURANCE COMPANY

                                      By:
                                         --------------------------------
                                      Name:
                                           ------------------------------
                                      Title:
                                            -----------------------------

<Page>

                                    EXHIBIT C

                                  BILL OF SALE

        THIS BILL OF SALE is executed and delivered as of the ___ day of
___________, 200_, by DUKE CONSTRUCTION LIMITED PARTNERSHIP, , an Indiana
limited partnership ("SELLER"), for the benefit of ____________________
("BUYER").

                              W I T N E S S E T H:

        WHEREAS, Seller has sold and conveyed to Buyer the real property (the
"PROPERTY") described in that certain Deed executed by Seller in favor of Buyer
dated as of the date hereof; and

        WHEREAS, in connection with such conveyance of the Property, Seller has
agreed to sell to Buyer and Buyer has agreed to purchase from Seller all right,
title and interest of Seller in and to the tangible personal property located on
the Property and used in connection with operation and maintenance of the
Improvements including, but not limited to the following: None (the "PERSONAL
PROPERTY");

        NOW, THEREFORE, for and in consideration of the sum of Ten and No/100
Dollars ($10.00) in hand paid at or before the execution, sealing and delivery
hereof, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by Seller, Seller hereby agrees as follows:

        1.      SALE AND CONVEYANCE. Seller hereby sells, transfers and conveys
unto Buyer, its successors and assigns, all right, title and interest of Seller
in and to the Personal Property.

        2.      GOVERNING LAW. This Bill of Sale shall be governed by and
construed in accordance with the internal laws of the state in which the
Property is located, without reference to the conflicts of laws or choice of law
provisions thereof.

        3.      BINDING EFFECT. This Bill of Sale shall be binding upon and
shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, legal representatives, successors and assigns.

        IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed
by its duly authorized signatory as of the day and year first above written.

                                      DUKE CONSTRUCTION LIMITED PARTNERSHIP,
                                      an Indiana limited partnership

                                      By:  Duke Business Centers Corporation,
                                           its sole general partner

                                           By:
                                              ---------------------------
                                           Name:
                                                -------------------------
                                           Title:
                                                 ------------------------

<Page>

                                    EXHIBIT D

                                    RENT ROLL

                                    Attached.

<Page>

                                    EXHIBIT E

                               DISCLOSURE SCHEDULE

                                      None.

<Page>

                                    EXHIBIT F

                                  FORM OF DEED

                              LIMITED WARRANTY DEED

        THIS INDENTURE WITNESSETH, that DUKE CONSTRUCTION LIMITED PARTNERSHIP,
an Indiana limited partnership ("Grantor"), CONVEYS AND SPECIALLY WARRANTS to
____________________________ a(n) ___________________ corporation for the sum of
Ten Dollars ($10.00) and other good and valuable consideration, the receipt of
which is hereby acknowledged, certain real estate and all improvements located
thereon located in ______________________, __________, as more specifically
described in the attached EXHIBIT A (the "Property"), subject to the items set
forth on the attached Exhibit B.

        The warranty of title by Grantor is limited to a warranty against the
acts of Grantor and those claiming by, through or under Grantor, and not
otherwise.

        IN WITNESS WHEREOF, Grantor has caused this Limited Warranty Deed to be
executed this ___ day of ________________, ________________.

                                      DUKE CONSTRUCTION LIMITED PARTNERSHIP,
                                      an Indiana limited partnership

                                      By:  Duke Business Centers Corporation,
                                           its sole general partner

                                           By:
                                              ---------------------------
                                           Name:
                                                -------------------------
                                           Title:
                                                 ------------------------

<Page>

STATE OF _______________)
                        ) SS:
COUNTY OF_______________)

        Before me, a Notary Public in and for said County and State, personally
appeared ___________________, by me known and by me known to be the
_______________ of Duke Business Centers Corporation, an Indiana corporation,
the sole general partner of Duke Construction Limited Partnership, an Indiana
limited partnership, who acknowledged the execution of the foregoing on behalf
of said partnership.

        WITNESS my hand and Notarial Seal this ___ day of ______________.

                                           ------------------------------
                                           Notary Public

                                           ------------------------------
                                           (Printed Signature)

My Commission Expires:  ______________

My County of Residence: ______________

This instrument was prepared by: __________________________.

After recording return to:            ____________________________

                                      ____________________________

                                      ____________________________

Send tax bills to:                    ____________________________

                                      ____________________________

                                      ____________________________

<Page>

                                    EXHIBIT G

                             NON-FOREIGN CERTIFICATE

To inform _____________________("TRANSFEREE"), that withholding of tax under
Section 1445 of the Internal Revenue Code of 1986, as amended (the "CODE"), will
not be required upon the transfer of certain real property to Transferee by DUKE
CONSTRUCTION LIMITED PARTNERSHIP, an Indiana limited partnership ("TRANSFEROR"),
the undersigned hereby certifies the following on behalf of Transferor:

                1.      Transferor is not a foreign corporation, foreign
        partnership, foreign trust or foreign estate (as those terms are defined
        in the Code and the Income Tax Regulations promulgated thereunder);

                2.      Transferor's U.S. employer identification number is
        _______________; and

                3.      Transferor's address is _______________________________.

Transferor understands that this Certification may be disclosed to the Internal
Revenue Service by Transferee and that any false statement contained herein
could be punished by fine, imprisonment, or both.

Under penalty of perjury I declare that I have examined this Certification and
to the best of my knowledge and belief it is true, correct and complete, and I
further declare that I have authority to sign this document on behalf of
Transferor.

Dated as of:
            ------------

                                      DUKE CONSTRUCTION LIMITED PARTNERSHIP,
                                      an Indiana limited partnership

                                      By:  Duke Business Centers Corporation,
                                           its sole general partner

                                           By:
                                              ---------------------------
                                           Name:
                                                -------------------------
                                           Title:
                                                 ------------------------

<Page>

                                    EXHIBIT H

                                NOTICE TO TENANTS

(Date)

Tenants of [Property Name]

Dear Tenants:

        We are pleased to inform you that ____________________________ in
______________, _____________ County, ______________, has been acquired by
_______________________________ ("Buyer"). All future communications and notices
should now be directed, as applicable, to:

                          ____________________________
                          ____________________________
                          ____________________________
                          ____________________________

        with a copy to:

        All future rent and other payments should now be directed and paid, as
applicable, to:

                          ____________________________
                          ____________________________
                          ____________________________
                          ____________________________

        Lastly, please notify your insurance carrier and have it change the name
of the additional insured under any policies of insurance (required in your
lease) to _____________ _____________________________________, and their
successors and assigns. Once this is done, please deliver an updated certificate
of insurance to Buyer.

        Thank you for your cooperation, and feel free to call if you have any
questions.

                                      Very truly yours,

                                      --------------------------------------

                                      By:
                                           ------------------------------

                                           By:
                                              ---------------------------
                                             Name:
                                                  -----------------------
                                             Title:
                                                   ----------------------

<Page>

                                    EXHIBIT I

                       ASSIGNMENT AND ASSUMPTION AGREEMENT

        THIS ASSIGNMENT AND ASSUMPTION AGREEMENT ("ASSIGNMENT") is entered into
as of the ____ day of _____________, 200_, by and DUKE CONSTRUCTION LIMITED
PARTNERSHIP , an Indiana limited partnership ("ASSIGNOR"), and
______________________ ("ASSIGNEE").

                                    RECITALS:

        A.      Assignor has sold and conveyed to Assignee all that tract or
parcel of land more particularly described in that certain deed executed by
Assignor in favor of Assignee dated as of the date hereof, together with all
improvements thereon and all rights, easements and appurtenances thereto
(hereinafter collectively referred to as the "PROPERTY") pursuant to that
certain Agreement for Purchase and Sale between Assignor and Assignee dated as
of ________________ (the "PURCHASE AGREEMENT"). All capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the
Purchase Agreement.

        B.      In connection with such conveyance of the Property, Assignor and
Assignee wish to enter into this Assignment to evidence the terms of the
transfer by Assignor to Assignee of all right, title and interest of Assignor
(i) as landlord in and to all leases, subleases and other occupancy agreements
(collectively, the "LEASES") in force and effect at the date hereof, whether or
not of record, for the use or occupancy of any portion of the Property including
the leases referred to in that certain Rent Roll attached as EXHIBIT A hereto;
(ii) all guaranties (collectively, the "GUARANTIES") of the obligations of the
tenants under the Leases, if any; (iii) all security deposits (hereinafter
collectively referred to as the "SECURITY DEPOSITS") as described in such Rent
Roll, the receipt of which is hereby acknowledged by Assignee; (iv) the
Commission Agreements and Service Contracts, (v) all site plans, construction
and development drawings, plans and specifications (collectively, the "PLANS")
for the Property; (vi) all sewer and water permits and licenses, building
permits, certificates of occupancy, demolition and excavation permits, curb cut
and right-of-way permits, drainage rights, permits, licenses and similar or
equivalent private and governmental documents of every kind and character
whatsoever pertaining or applicable to or in any way connected with the
development, construction, ownership, or operation of the Property
(collectively, the "PERMITS"), and (vii) all warranties and guaranties
pertaining or applicable to or in any way connected with the development,
construction, ownership or operation of the Property (collectively, the
"WARRANTIES") and (viii) all of Seller's right, title and interest in and to the
name "Stony Creek Marketplace." (the "Intangible Rights").

        NOW, THEREFORE, for and in consideration of the foregoing recitals,
which are incorporated herein, the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by each party hereto, Assignor and Assignee hereby agree as
follows:

        1.      TRANSFER AND ASSIGNMENT. Assignor hereby sells, transfers,
assigns, delivers and conveys to Assignee all right, title and interest of
Assignor in, to and under the Leases (as landlord), the Guaranties, the Security
Deposits, Commission Agreements, the Intangible Rights, and Service Contracts.
To the extent assignable, Assignor hereby sells, transfers, assigns, delivers
and conveys to Assignee all right, title and interest of Assignor in, to and
under the Plans, Permits and Warranties. To the extent any Plans, Permits and/or
Warranties are not assignable, Assignor shall cooperate fully with Assignee, but
without cost or expense to Assignor, to enforce such Plans, Permits and/or
Warranties for the benefit of Assignee.

        2.      ASSUMPTION OF OBLIGATIONS. Assignee hereby assumes and agrees to
observe and perform all of the obligations and duties of Assignor under each of
the Leases, Commission Agreements, Service Contracts, Plans, Permits and
Warranties to be observed, performed or discharged on, or relating to, or
accruing with respect to the period after the date of this Assignment,
including, without limitation, all covenants and

<Page>

obligations of Assignor with respect to the Security Deposits.

        3.      GOVERNING LAW. This instrument shall be governed by and
construed in accordance with the internal laws of the state in which the
Property is located, without reference to the conflicts of laws or choice of law
provisions thereof.

        4.      BINDING EFFECT. This instrument shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, legal representatives, successors and assigns.

        5.      COUNTERPARTS. This Assignment may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which,
when taken together, shall constitute but one and the same instrument.

        IN WITNESS WHEREOF, Assignor and Assignee have each caused this
Assignment to be executed by its duly authorized signatory as of the day and
year first above written.

                                      ASSIGNOR:

                                      DUKE CONSTRUCTION LIMITED PARTNERSHIP,
                                      an Indiana limited partnership

                                      By:  Duke Business Centers Corporation,
                                           its sole general partner

                                           By:
                                              ---------------------------
                                           Name:
                                                -------------------------
                                           Title:
                                                 ------------------------

                                      ASSIGNEE:
                                      INLAND REAL ESTATE ACQUISITIONS, INC., AN
                                      ILLINOIS CORPORATION

                                      By:
                                         --------------------------------
                                      Name:
                                           ------------------------------
                                      Title:
                                            -----------------------------

                              EXHIBIT A - RENT ROLL

<Page>

                                    EXHIBIT J

                            LIST OF SERVICE CONTRACTS

   1.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Engledow Group dated 11/19/02 for Landscape Maintenance
        Services of Inline Building at 17070-17200 Mercantile Blvd. for the 2003
        Season.

   2.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Engledow Group dated 11/19/02 for Landscape Maintenance
        Services of Outlot Building 5 located at 17143-17177 Mercantile Blvd.
        for the 2003 Season.

   3.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Engledow Group dated 11/19/02 for Landscape Maintenance
        Services of Outlot Building 2 located at 17015-17055 Mercantile Blvd.
        for the 2003 Season.

   4.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Engledow Group dated 11/19/02 for Landscape Maintenance
        Services of Detention and Common Monument Sign Areas for the 2003
        Season.

   5.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Hittle Landscape/Snow Company, Inc. dated 09/15/03 for
        Snow Removal Services of Outlot Building 2 located at 17015-17055
        Mercantile Blvd. for the 2003-2004 Winter Season.

   6.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Hittle Landscape/Snow Company, Inc. dated 09/15/03 for
        Snow Removal Services of 17070-17160 Mercantile Blvd. for the 2003-2004
        Winter Season.

   7.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Hittle Landscape/Snow Company, Inc. dated 09/15/03 for
        Snow Removal Services of Outlot Building 5 located at 17143-17177
        Mercantile Blvd. for the 2003-2004 Season.

   8.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Ameri-Clean dated 07/25/03 for Parking Lot Sweeping,
        Sidewalk Sweep - Three times per week: Saturday, Tuesday and Thursday,
        and Empty of Trash Cans four times per week: Saturday, Tuesday, Thursday
        and Sunday for South Outlot Building located at 17015-17055 Mercantile
        Blvd. on a month-to-month contract.

   9.   Contract for Goods and Services between Duke Construction Limited
        Partnership and Ameri-Clean dated 07/25/03 for Parking Lot Sweeping,
        Sidewalk Sweep - Three times per week: Saturday, Tuesday and Thursday,
        and Empty of Trash Cans four times per week: Saturday, Tuesday, Thursday
        and Sunday for North Outlot Building located at 17143-17177 Mercantile
        Blvd. on a month-to-month contract.

   10.  Contract for Goods and Services between Duke Construction Limited
        Partnership and Ameri-Clean dated 07/25/03 for Parking Lot Sweeping,
        Sidewalk Sweep - Three times per week: Saturday, Tuesday and Thursday,
        and Empty of Trash Cans four times per week: Saturday, Tuesday, Thursday
        and Sunday for Anchor Building located at 17070-17200 Mercantile Blvd.

<Page>

        on a month-to-month contract.

   11.  Contract for Goods and Services between Duke Construction Limited
        Partnership and Koorsen Protection Services dated 05/07/03 for Fire
        Monitoring, Annual Sprinkler Inspection and Domestic Backflow Testing
        for Stony Creek Marketplace, 17200 Mercantile Boulevard, Noblesville, IN
        on an annual basis per Exhibit A of the Contract.

   12.  Service Agreement submitted to Duke Realty Corporation from Koorsen
        Protection Services dated 04/21/03 for Sprinkler (Fire System) Service
        at 17200 Mercantile Blvd., Noblesville, IN 46060 (includes annual
        inspection of one wet sprinkler system, and one domestic back flow
        inspected twice a year and one main backflow inspected once a year).

   13.  Contract for Goods and Services between Duke Construction Limited
        Partnership and Koorsen Protection Services dated 05/07/03 for Fire
        Monitoring Equipment for Stony Creek Marketplace, 17200 Mercantile
        Boulevard, Noblesville, IN.

LIST OF COMMISSION AGREEMENTS

   1.   D.W. HARDEN COMPANY IN REFERENCE TO 1,615 SF LEASE WITH PAPA JOHN'S USA,
        INC. DELINEATED IN LOI DATED SEPTEMBER 4, 2003.

   2.   EDWARD A. ARCHER IN REFERENCE TO 1,615 SF LEASE WITH DANBAR JEWELERS,
        INC., DBA GIOVANNI JEWELERS DELINEATED IN LOI DATED AUGUST 11, 2003.

   3.   CB RICHARD ELLIS IN REFERENCE TO 22,000 SF LEASE WITH BARNES & NOBLE
        BOOKSELLERS, INC., A DELAWARE CORPORATION DELINEATED IN LOI DATED MAY
        29, 2002.

   4.   BENNETT WILLIAMS REALTY, INC. IN REFERENCE TO 9,381 SF LEASE WITH PIER 1
        IMPORTS (U.S.), INC. DELINEATED IN LOI DATED JANUARY 2, 2002.

   5.   KATZ & ASSOCIATES IN REFERENCE TO 35,000 SF LEASE WITH LINENS `N THINGS
        OF NOBLESVILLE, IN. DELINEATED IN LOI DATED NOVEMBER 29, 2000.

   6.   THE LINDER COMPANY IN REFERENCE TO 4,892 SF LEASE WITH BLOCKBUSTER,
        INC., A DELAWARE CORPORATION DELINEATED IN LOI DATED JULY 10, 2002.

   7.   GERSHMAN BROWN & ASSOCIATES IN REFERENCE TO 4,200 SF LEASE WITH KNEAD
        BREAD LLC DBA PANERA BREAD DELINEATED IN LOI DATED JANUARY 25, 2002.

   8.   PREMIERE PROPERTIES USA, INC. IN REFERENCE TO 1.75 ACRES LEASE WITH
        LOGAN'S ROADHOUSE, INC. DELINEATED IN LOI DATED MARCH 18, 2002.

   9.   THE LINDER COMPANY IN REFERENCE TO 1,600 SF LEASE WITH BAY TREATS, INC.
        DBA MAGGIE MOO'S DELINEATED IN LOI DATED AUGUST 6, 2002.

   10.  THE LINDER COMPANY IN REFERENCE TO 3,060 SF LEASE WITH OSSIP OPTOMETRY &
        OPHTHALMOLOGY DELINEATED IN LOI DATED MAY 28, 2002.

   11.  THE LINDER COMPANY IN REFERENCE TO 2,000 SF LEASE WITH AZTEC PARTNERS,
        LLC, DBA QDOBA

<Page>

        DELINEATED IN LOI DATED AUGUST 15, 2002.

<Page>

                                    EXHIBIT K

                              OFFICER'S CERTIFICATE

        The undersigned, _________________, hereby certifies that:

(1)     he is the __________________________________of Duke Realty Corporation,
        an Indiana corporation (the "Corporation"), the general partner of
        __________________________, an ____________________ (the "Partnership"),
        and as such, he has access to the books and records of both the
        Corporation and the Partnership and is making this certification for and
        on behalf of the Corporation;

(2)     he is also a member of the Investment Committee of the Corporation,
        which has the authority to determine whether the Corporation, as general
        partner of the Partnership, should sell any building owned by the
        Partnership and to authorize individuals at the Corporation to enter
        into agreements to effectuate such disposition;

(3)     at a meeting of the Investment Committee held on November 10, 2003 at
        which a quorum of the members were present, it was unanimously resolved
        that the Partnership is authorized to sell the real estate and
        improvements thereto located at __________________________, and more
        particularly described on EXHIBIT A attached hereto, for a sales price
        of ___________________ and No/100 Dollars ($_______________________) and
        upon such other terms and conditions as may be deemed appropriate or
        necessary by Thomas L. Hefner, Dennis D. Oklak, Darell E. Zink, Jr.,
        Howard L. Feinsand [ADD REGIONAL EXECUTIVE VICE PRESIDENT];

(4)     Thomas L. Hefner, Dennis D. Oklak, Darell E. Zink, Jr., Howard L.
        Feinsand, [ADD REGIONAL EXECUTIVE VICE PRESIDENT], Robert M. Chapman,
        and John R. Gaskin, as officers of the Corporation, or any of them, are
        authorized from time to time to execute such documents as may be deemed
        appropriate or necessary in their determination to consummate said sale.

        Executed the ___ day of _____________________, 200_.

                                      -----------------------------------

<Page>

                                    EXHIBIT L
                                NOTICE TO VENDORS

(Date)

Vendors of [Property Name]

Dear Vendors:

        We are pleased to inform you that ____________________________ in
______________, _____________ County, ______________, has been acquired by
_______________________________. All future communications and notices should
now be directed, as applicable, to:

                          ____________________________
                          ____________________________
                          ____________________________
                          ____________________________

         Thank you for your cooperation, and feel free to call if you have any
questions.

                                      Very truly yours,

                                      --------------------------------------

                                      By:
                                           ------------------------------

                                           By:
                                              ---------------------------
                                             Name:
                                                  -----------------------
                                             Title:
                                                   ----------------------

<Page>

                                    EXHIBIT M

                       FORM OF TENANT ESTOPPEL CERTIFICATE

     To:

     Inland Real Estate Acquisitions, Inc., and
     Inland Southeast _______, L.L.C. (insert Inland nominee entity),
     and its lenders, successors and assigns ("Purchaser")
     2901 Butterfield Road
     Oak Brook, Illinois 60523
     Attention: Robert Brinkman

Re:  Lease Agreement _____________ dated and amended _____________("Lease"),
     between _________________ as "Landlord", and ________, as "Tenant",
     guaranteed by _______________________ ("Guarantor") for leased premises
     known as ______________________ (the "Premises") of the property commonly
     known as _____________ (the "Property").

1.   Tenant hereby certifies that the following represents with respect to the
     Lease are accurate and complete as of the date hereof.

     a.   Dates of all amendments, letter
          agreements, modifications and waivers
          related to the Lease

     b.   Commencement Date

     c.   Expiration Date

     d.   Current Annual Base Rent
                                           ADJUSTMENT DATE  RENTAL AMOUNT

     e.   Fixed or CPI Rent Increases  ______________     _____________

     f.   Square Footage of Premises

     g.   Security Deposit Paid to Landlord

     h.   Renewal Options ____________ Additional Terms for
                                           ________ years at $________ per year

     i.   Termination Options  Termination Date ______________
                                                  Fees Payable _________________

2.   Tenant further certifies to Purchaser that:

     a.   the Lease is presently in full force and effect and represents the
          entire agreement between Tenant and

<Page>

          Landlord with respect to the Premises;
     b.   the Lease has not been assigned and the Premises have not been sublet
          by Tenant;
     c.   Tenant has accepted and is occupying the Premises, all construction
          required by the Lease has been completed and any payments, credits or
          abatements required to be given by Landlord to Tenant have been given;
     d.   Tenant is open for business or is operating its business at the
          Premises;
     e.   no installment of rent or other charges under the Lease other than
          current monthly rent has been paid more than 30 days in advance and
          Tenant is not in arrears on any rental payment or other charges;
     f.   Landlord has no obligation to segregate the security deposit or to pay
          interest thereon;
     g.   Landlord is not in default under the Lease and no event has occurred
          which, with the giving of notice or passage of time, or both, could
          result in a default by Landlord;
     h.   Tenant has no existing defenses, offsets, liens, claims or credits
          against the payment obligations under the Lease;
     i.   Tenant has not been granted any options or rights to terminate the
          Lease earlier than the Expiration Date (except as stated in paragraph
          1(i));
     j.   Tenant has not been granted any options or rights of first refusal to
          purchase the Premises or the Property;
     k.   Tenant has not received notice of violation of any federal, state,
          county or municipal laws, regulations, ordinances, orders or
          directives relating to the use or condition of the Premises or the
          Property;
     l.   Tenant has not received any notice of a prior sale, transfer,
          assignment, pledge or other hypothecation of the Premises or the Lease
          or of the rents provided for therein;
     m.   Tenant has not filed, and is not currently the subject of any filing,
          voluntary or involuntary, for bankruptcy or reorganization under any
          applicable bankruptcy or creditors rights laws;
     n.   the Lease does not give the Tenant any operating exclusives for the
          Property; and
     o.   Rent has been paid through ______ __, 2003.

3.   This certification is made with the knowledge that Purchaser is about to
     acquire title to the Property and obtain financing which shall be secured
     by a deed of trust (or mortgage), security agreement and assignment of
     rents, leases and contracts upon the property. Tenant acknowledges that
     Purchaser's interest in the Lease (as landlord) will be assigned to a
     lender as security for the loan. All rent payments under the Lease shall
     continue to be paid to landlord in accordance with the terms of the Lease
     until Tenant is notified otherwise in writing by Buyer's lender or its
     successors and assigns. In the event that a lender succeeds to landlord's
     interest under the Lease, Tenant agrees to attorn to the lender at lender's
     request, so long as the lender agrees that unless Tenant is in default
     under the Lease, the Lease will remain in full force and effect. Tenant
     further acknowledges and agrees that Purchaser (including its lender),
     their respective successors and assigns shall have the right to rely on the
     information contained in this Certificate. The undersigned is authorized to
     execute this Tenant Estoppel Certificate on behalf of Tenant.

                                           [TENANT]
                                           By:
                                           Its:
                                               --------------------------
                                           Date:                         , 2003
                                                -------------------------

<Page>

                                    EXHIBIT N

                                    RESERVED

<Page>

                                    EXHIBIT O

                             REA ESTOPPEL STATEMENT

                             Intentionally Omitted.

     3.

<Page>

                                    EXHIBIT P

                          FORM OF SURVEY CERTIFICATION

                            SURVEYOR'S CERTIFICATION

     I/We hereby certify to INLAND _______________________________(Inland
nominee), _________________ (Lender) and ___________________________________
(Name of Title Insurance Company) that (a) this survey was prepared by me or
under my supervision, (b) the legal description of the property as set forth
herein, and the location of all improvements, encroachments, fences, easements,
roadways, rights of way and setback lines which are either visible or of record
in _______________ County, __________________ (according to Commitment for Title
Insurance Number __________, dated ___________, 2001(2), issued
________________________________), are accurately reflected hereon, (c) this
survey accurately depicts the state of facts as they appear on the ground, (d)
except as shown hereon, there are no improvements, encroachments, fences or
roadways on any portion of the property reflected hereon, (e) the property shown
hereon has access to a publicly dedicated roadway, (f) the property described
hereon {does} {does not} lie in a 100 year flood plain identified by the
Secretary of Housing and Urban Development or any other governmental authority
under the National Flood Insurance Act of 1968 (24 CFRSection 1909.1), as
amended (such determination having been made from a personal review of flood map
number _______, which is the latest available flood map for the property), (g)
the title lines and lines of actual possession are the same, (h) all utility
services required for the operation of the property either enter the property
through adjoining public streets, or this survey shows the point of entry and
location of any utilities which pass through or are located on adjoining private
land, (i) this survey shows the location and direction of all storm drainage
systems for the collection and disposal of all surface drainage, (j) the
property surveyed contains _______ acres and ___________ parking spaces, (k) any
discharge into streams, rivers, or other conveyance systems is shown on the
survey. This survey has been made in accordance with "MINIMUM STANDARD DETAIL
REQUIREMENTS FOR ALTA/ACSM LAND TITLE SURVEYS" jointly established and adopted
by American Land Title Association ("ALTA") and American Congress on Surveying
and Mapping ("ACSM") in 1999 and meets the accuracy requirements of an Urban
Survey, as defined therein and includes items 1, 3, 4, 6, 7(a, b, and c), 8-11
and 13 of Table A thereof.

Dated:             , 2003   (NAME OF SURVEYOR AND QUALIFICATION)
      -------------

                               ----------------------------------
                               Registration No. _________________

Note: Buyer also requires a finished floor elevation certificate for all
      finished structures     located in a flood zone<Page>

                                                                   Exhibit 10.11

           REAL PROPERTY PURCHASE AGREEMENT

           MALL 205
           PLAZA 205
           PORTLAND, OREGON

           SELLER:

           PORTLAND PLAZA 205, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY
           PLAZA PARCEL, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY
           MALL 205, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY
           S.E. 96TH AVE., L.L.C., A DELAWARE LIMITED LIABILITY COMPANY
           S.E. WASHINGTON ST., L.L.C., A DELAWARE LIMITED LIABILITY COMPANY
           PM 205 PARCEL, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY

           BUYER:

           INLAND REAL ESTATE ACQUISITIONS, INC.,

           AN ILLINOIS CORPORATION

           DECEMBER 3, 2003

<Page>

                        REAL PROPERTY PURCHASE AGREEMENT
                                    MALL 205
                                    PLAZA 205
                                PORTLAND, OREGON

     THIS REAL PROPERTY PURCHASE AGREEMENT (this "AGREEMENT") is made as of
December 3, 2003 (the "EFFECTIVE DATE"), by and between PORTLAND PLAZA 205,
L.L.C., a Delaware limited liability company ("PLAZA 205"), PLAZA PARCEL,
L.L.C., a Delaware limited liability company ("PLAZA PARCEL"), MALL 205, L.L.C.,
a Delaware limited liability company ("MALL 205"), S.E. 96th AVE., L.L.C., a
Delaware limited liability company ("96TH"), S.E. WASHINGTON ST., L.L.C., a
Delaware limited liability company ("WASHINGTON"), and PM 205 PARCEL, L.L.C., a
Delaware limited liability company ("PM 205"), and INLAND REAL ESTATE
ACQUISITIONS, INC., an Illinois corporation ("BUYER").

                                 R E C I T A L S

     The property which is the subject of this Agreement consists of an
approximately 307,218 square foot shopping center located at 9900 S.E.
Washington Street, Portland, Oregon, owned by Mall 205, 96th, Washington and PM
205 and commonly known as "Mall 205," and an approximately 173,530 square foot
shopping center located at 10302-10542 S.E. Washington Street, Portland, Oregon,
owned by Plaza 205 and Plaza Parcel and commonly known as "Plaza 205."

     Plaza 205, Plaza Parcel, Mall 205, 96th, Washington and PM 205
(collectively referred to as "SELLER") are willing to sell, and Buyer is willing
to purchase, all of Seller's right, title and interest in and to the Property
(as defined below), on the terms and conditions documented in this Agreement.

     NOW, THEREFORE, in consideration of the respective promises contained in
this Agreement, Buyer and Seller agree as follows:

     1.   PURCHASE AND SALE. Subject to the terms and conditions of this
Agreement, Seller will sell to Buyer, and Buyer will purchase from Seller, all
of Seller's right, title and interest in and to the following (collectively, the
"PROPERTY"): (A) (1) that certain land (the "MALL 205 LAND") located at 9900
S.E. Washington Street, Portland, Oregon, as more particularly described in
EXHIBIT A-1 attached hereto, and (2) that certain land (the "PLAZA 205 LAND")
located at 10302-10542 S.E. Washington Street, Portland, Oregon as more
particularly described in EXHIBIT A-2 attached hereto (the Mall 205 Land and the
Plaza 205 Land are collectively referred to as the "LAND"); (B) all
improvements, structures and fixtures located upon the Mall 205 Land (the "MALL
205 IMPROVEMENTS") and all improvements, structures and fixtures located upon
the Plaza 205 Land (the "PLAZA 205 IMPROVEMENTS") (the Mall 205 Improvements and
the Plaza 205 Improvements are collectively referred to as the "IMPROVEMENTS");
(C) all tangible personal property located on and used solely in connection with
all or any portion of the Mall 205 Land and the Mall 205 Improvements are
described in EXHIBIT B-1 attached hereto (the "MALL 205 PERSONAL PROPERTY"), and
all tangible personal property located

                                        1
<Page>

on and used solely in connection with all or any portion of the Plaza 205 Land
and the Plaza 205 Improvements are described in EXHIBIT B-2 attached hereto (the
"PLAZA 205 PERSONAL PROPERTY") (the Mall 205 Personal Property and the Plaza 205
Personal Property are collectively referred to as the "PERSONAL PROPERTY"); (D)
the interest of the landlord in and to all leases of space of all or any portion
of the Mall 205 Land and the Mall 205 Improvements (the "MALL 205 TENANT
LEASES"), and the interest of the landlord in and to all leases of space of all
or any portion of the Plaza 205 Land and the Plaza 205 Improvements (the "PLAZA
205 TENANT LEASES") (the Mall 205 Tenant Leases and the Plaza 205 Tenant Leases
are collectively referred to as the "TENANT LEASES"); and (E) subject to the
provisions of Paragraph 6A(3), all contracts, agreements, permits, licenses and
warranties held solely for use in connection with all or any portion of the Mall
205 Land, the Mall 205 Improvements and the Mall 205 Personal Property, and the
rights, if any, to the name Mall 205 (the "MALL 205 INTANGIBLE PROPERTY"), and,
subject to the provisions of Paragraph 6A(3), all contracts, agreements,
permits, licenses and warranties held solely for use in connection with all or
any portion of the Plaza 205 Land, the Plaza 205 Improvements or the Plaza 205
Personal Property, and the rights, if any, to the name "Plaza 205" (the "PLAZA
205 INTANGIBLE PROPERTY") (the Mall 205 Intangible Property and the Plaza 205
Intangible Property are collectively referred to as the "INTANGIBLE PROPERTY").
The Mall 205 Land, the Mall 205 Improvements, the Mall 205 Personal Property,
the Mall 205 Tenant Leases and the Mall 205 Intangible Property are identified
herein as the "MALL 205 PROPERTY." The Plaza 205 Land, the Plaza 205
Improvements, the Plaza 205 Personal Property, the Plaza 205 Tenant Leases and
the Plaza 205 Intangible Property are identified herein as the "PLAZA 205
PROPERTY."

     2.   PURCHASE PRICE. The purchase price for the Property will be
Seventy-Six Million and No/100 Dollars ($76,000,000.00) ("PURCHASE PRICE"). For
purposes of this Agreement, the Purchase Price will be allocated as follows:
Fifty-Five Million and No/100 Dollars ($55,000,000.00) will be allocated to the
Mall 205 Property, and Twenty-One Million and No/100 Dollars ($21,000,000.00)
will be allocated to the Plaza 205 Property.

     3.   PAYMENT OF PURCHASE PRICE.  The Purchase Price will be paid to Seller
by Buyer as follows:

          A.   INITIAL  DEPOSIT.  Upon the  execution  by Buyer of this
Agreement, Buyer will deliver to Chicago Title Insurance Company, 171 North
Clark Street, Chicago, Illinois 60601, Attention: Nancy Castro ("ESCROW
HOLDER"), a cashier's check or wire transfer of immediately available federal
funds, in the amount of One Million and No/100 Dollars ($1,000,000.00) ("INITIAL
DEPOSIT").

          B.   ADDITIONAL DEPOSIT. If this Agreement is not terminated by Buyer
in accordance with Paragraph 5, Buyer will deliver to Chicago Title Insurance
Company of Oregon (the "TITLE COMPANY"), 888 SW 5th Avenue, Suite 930, Portland,
Oregon 97204, Attn: Ms. Cheryle Eastman (phone number 503-973-7410), within two
(2) business days after the expiration of the Due Diligence Period, a cashier's
check or wire transfer of immediately available federal funds, in the amount of
One Million and No/100 Dollars ($1,000,000.00) ("ADDITIONAL DEPOSIT").
Concurrently with the delivery of the Additional

                                        2
<Page>

Deposit to the Title Company, Buyer will provide written notice to Escrow Holder
directing Escrow Holder to transfer the Initial Deposit to the Title Company and
to assign to the Title Company all of its rights and obligations under the
Escrow Agreement (as defined below). Buyer will cause the Title Company to
assume all of the rights and obligations of Escrow Holder under the Escrow
Agreement. The Initial Deposit and the Additional Deposit, if made pursuant to
this Paragraph 3B, together with the interest earned on such amount while in the
Title Company's or Escrow Holder's possession, are referred to collectively in
this Agreement as the "DEPOSIT." The Deposit will be applied in accordance with
the terms of Paragraph 3D below and held by Escrow Holder (and, upon assignment
by Escrow Holder, the Title Company) in accordance with the terms of a separate
escrow agreement in the form of EXHIBIT D hereto and dated as of the date hereof
by and among Buyer, Seller and Escrow Holder (the "ESCROW AGREEMENT").

          C.   CLOSING PAYMENT. The balance of the Purchase Price, as adjusted
by the prorations and credits specified in this Agreement, will be paid to Title
Company by wire transfer of immediately available federal funds on or before
9:00 a.m. Pacific Time on Friday, January 2, 2004 (the "INITIAL CLOSING DATE").
Seller will be entitled to extend the Initial Closing Date to Monday, February
2, 2004 (the "EXTENDED CLOSING DATE") by notice to Buyer and the Title Company
delivered at any time prior to 5:00 p.m. Pacific Time on Tuesday, December 30,
2003. The Initial Closing Date and the Extended Closing Date are referred to
herein as the "CLOSING DATE." The amount to be paid under this subparagraph C,
together with the Deposit, is referred to in this Agreement as the "CLOSING
PAYMENT."

          D.   REMEDIES, LIQUIDATED DAMAGES. IF THE CLOSING DOES NOT OCCUR DUE
TO BUYER'S DEFAULT UNDER THIS AGREEMENT, IT WOULD BE IMPRACTICAL AND EXTREMELY
DIFFICULT TO ESTIMATE THE DAMAGES THAT SELLER MAY SUFFER. THEREFORE, THE PARTIES
HAVE AGREED THAT A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT THAT SELLER
WOULD SUFFER IN SUCH EVENT IS AND WILL BE TITLE COMPANY'S DELIVERY OF THE
DEPOSIT TO SELLER AS LIQUIDATED DAMAGES, AS SELLER'S SOLE AND EXCLUSIVE REMEDY
UNDER THIS AGREEMENT (SUBJECT TO THOSE PROVISIONS OF THIS AGREEMENT WHICH, BY
THEIR EXPRESS TERMS, SURVIVE A TERMINATION OF THIS AGREEMENT). SUCH LIQUIDATED
DAMAGES ARE NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF
APPLICABLE LAW. IF THE CLOSING DOES NOT OCCUR FOR ANY REASON OTHER THAN BUYER'S
DEFAULT UNDER THIS AGREEMENT, THEN THIS AGREEMENT WILL TERMINATE AND NEITHER
PARTY WILL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS TO EACH OTHER HEREUNDER,
EXCEPT FOR (1) THE RIGHT OF BUYER TO THE RETURN OF THE DEPOSIT, (2) THOSE
PROVISIONS OF THIS AGREEMENT WHICH, BY THEIR EXPRESS TERMS, SURVIVE A
TERMINATION OF THIS AGREEMENT, AND (3) IF THE CLOSING FAILS TO OCCUR SOLELY
BECAUSE OF SELLER'S DEFAULT, THEN, BUYER, AS ITS SOLE AND EXCLUSIVE REMEDY MAY
EITHER (A) RECOVER THE DEPOSIT OR (B) BRING AN ACTION FOR SPECIFIC PERFORMANCE
OF THIS AGREEMENT. IF THE CLOSING OCCURS IN ACCORDANCE WITH THE TERMS OF THIS
AGREEMENT, SELLER WILL APPLY THE DEPOSIT AS A CREDIT TOWARD THE PURCHASE PRICE.
THIS PARAGRAPH 3D WILL SURVIVE THE TERMINATION OF THIS AGREEMENT AND

                                        3
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NOTHING IN THIS PARAGRAPH 3D IS INTENDED TO LIMIT THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER PARAGRAPH 11E.

          -------------------------         -------------------------
          BUYER'S INITIALS                  SELLER'S INITIALS

     4.   TITLE.

          A.   TITLE REPORT. Seller has delivered to Buyer (1) preliminary
reports for the Property from the Title Company; and (2) copies of the plats of
record, vesting deeds and other documents evidencing the exceptions to title
stated therein (collectively, the "TITLE REPORT"). Seller has also previously
delivered to Buyer surveys of the Property (collectively, the "SURVEY"). Unless
Buyer gives written notice (the "TITLE DISAPPROVAL NOTICE") that it disapproves
the exceptions to title shown on the Title Report or the matters disclosed by
the Survey, stating the exceptions so disapproved, on or before that day which
is fifteen (15) days prior to the expiration of the Due Diligence Period, Buyer
will be conclusively deemed to have approved the Survey and the exceptions
listed in the Title Report. Seller will have up to ten (10) days after its
receipt of any Title Disapproval Notice within which to deliver Buyer a notice
(the "SELLER RESPONSE NOTICE") indicating that it will, prior to the Closing
Date, remove some or all of the disapproved exceptions set forth therein from
title or to correct any matters disclosed by the Survey or to obtain from Title
Company a commitment to issue an endorsement affirmatively insuring against such
exceptions or matters in a form reasonably acceptable to Buyer at no cost or
expense to Buyer, and, if necessary, the Closing Date will be extended to allow
for such ten (10) day period. In the event Seller determines at any time that it
is unable or unwilling to remove or to cause the Title Company to insure over
any such disapproved exception or to correct any Survey matter, Seller may, at
its option, terminate this Agreement upon written notice to Buyer, such
termination to be effective on the date which is five (5) days after Seller
delivers such notice, unless Buyer will have waived its objection to any such
disapproved exception or Survey matter by written notice to Seller within five
(5) days following delivery of Seller's notice. Unless Buyer gives written
notice to Seller, prior to the expiration of such five (5) day period, stating
that the Seller Response Notice is unacceptable and that Buyer is terminating
this Agreement, Buyer will be conclusively deemed to have approved the terms of
the Seller Response Notice. In the event of such termination, the Deposit will
promptly be returned to Buyer and the parties will have no further liabilities
or obligations hereunder, except such liabilities and obligations that expressly
survive a termination of this Agreement.

          B.   TITLE CONTINGENCY. A condition precedent to Buyer's obligation to
purchase the Property will be the willingness of Title Company to issue to Buyer
on the Closing Date an A.L.T.A. extended coverage owner's policies of title
insurance together with the following endorsements: zoning 3.1 (with parking and
loading), comprehensive, contiguity and access (collectively, the "OWNER'S
POLICY"), in the face amount of the Purchase Price, which Owner's Policy will
show title to the Property to be vested of record in Buyer, subject solely to
the following exceptions (the "PERMITTED EXCEPTIONS"): (1) the lien of any real
estate taxes and assessments for the "Current Tax Year" (as defined

                                        4
<Page>

below) and subsequent periods, provided that the same are prorated in accordance
with this Agreement; (2) all matters caused directly or indirectly by Buyer, its
agents, employees or contractors; and (3) any exceptions approved or deemed
approved by Buyer pursuant to subparagraph A above. Buyer will have the right to
obtain whatever additional endorsements to the Owner's Policy that it desires to
obtain, but, except as indicated above, the availability of such endorsements
will not be a condition to Buyer's obligation to consummate the transaction
described herein.

          5.   DUE DILIGENCE CONTINGENCY. Seller has heretofore provided Buyer
with the information described in EXHIBIT D-1 attached hereto. During the Due
Diligence Period, Seller will provide the information described in EXHIBIT D-2
attached hereto. Subject to the terms of the Tenant Leases, Seller will provide
Buyer with reasonable access to the Property during business hours upon not less
than two (2) business days notice. Seller will also make available to Buyer for
its inspection and photocopying such Tenant Leases and other documents
evidencing the Intangible Property in its possession as Buyer will reasonably
request, all upon reasonable advance notice. Seller will not deliver to Buyer
confidential and proprietary materials, including, without limitation, the
following: (1) information contained in Seller's credit reports, credit
authorizations, credit for financial analyses or projections, steering committee
sheets, account summaries or other internal documents relating to the Property,
including any valuation documents and the book value of the Property; (2)
material which is subject to attorney client privilege or which is attorney work
product; (3) appraisal reports or letters; and (4) financial statements of
Seller or any affiliate of Seller.

          Commencing on the Effective Date and continuing until 5:00 p.m.
Pacific Time on Monday, December 29, 2003 (the "DUE DILIGENCE PERIOD"), Buyer
will be entitled to perform, at its sole expense, its due diligence
investigations of the Property. Buyer will at all times conduct such due
diligence in compliance with applicable laws and the terms of the Tenant Leases,
and in a manner so as to not cause damage, loss, cost or expense to Seller, the
Property or the tenants of the Property (and without interfering with or
disturbing any tenant at the Property), and Buyer will promptly restore the
Property to its condition immediately preceding such inspections and
examinations and will keep the Property free and clear of any mechanic's liens
or materialmen's liens in connection with such inspections and investigations.
In no event will Buyer communicate with any tenant of the Property or any
governmental authority having jurisdiction over the Property without Buyer
providing prior written or telephonic notice to Seller and affording Seller the
opportunity to participate in any such meeting or communication. Buyer will
provide Seller with certificates evidencing the commercial general liability
insurance policies which will be maintained by Buyer and each consultant which
Buyer will have present on the Property in connection with its investigations
upon the Property prior to the date of entry upon the Property. The limits,
coverage and insurer under such policies must be reasonably satisfactory to
Seller. Without limitation on the foregoing, Buyer must maintain (i) commercial
general liability insurance, in an amount not less than $2,000,000 combined
limits for any injuries, deaths or property damage sustained as a result of any
one accident or occurrence, (ii) worker's compensation insurance at statutory
limits, and (iii) employer's liability insurance in an amount not less than
$2,000,000 for each accident, disease per employee and disease policy limit. The
commercial general liability insurance will name as an additional insured each
of Seller and its agents and affiliates

                                        5
<Page>

identified to Buyer. Any representative of Buyer that conducts environmental
inspections of the Property will also provide evidence of environmental
liability insurance of not less than $2,000,000. In addition, Buyer and Buyer's
representatives waive any claims against Seller and Seller's employees and
agents for any injury to persons or damage to property arising out of any
inspections or physical testing of the Property, including any damage to the
tools and equipment of Buyer and Buyer's representatives, all of which will be
brought on the Property at the sole risk and responsibility of Buyer and Buyer's
representatives. Buyer will conduct its investigations, reviews and examinations
of the Property solely during business hours and upon at least two (2) business
days prior written notice to Seller, and Seller will have the right, at its
option, to cause a representative of Seller to be present at all such
inspections, reviews and examinations. Buyer will keep all information or data
received or discovered in connection with such due diligence strictly
confidential in accordance with Paragraph 11F. Any intrusive physical testing
(environmental, structural or otherwise) at the Property (such as soil borings
or the like) will be conducted by Buyer only after obtaining Seller's prior
written consent to such testing, which consent will be conditioned upon, among
other things, Seller's approval of the following: (a) the contractor who will be
conducting such testing; (b) such contractor's insurance coverage as provided
above; (c) the scope and nature of the testing to be performed by such
contractor; and (d) the written agreement by such contractor to be bound by the
confidentiality provisions of Paragraph 11F. Buyer will indemnify, protect,
defend and hold Seller harmless from and against any obligation, liability,
claim (including any claim for damage to property or injury to or death of any
persons), lien or encumbrance, loss, damage, cost or expense, including
reasonable attorney's fees, whether or not legal proceedings are instituted
(individually, a "CLAIM"), in any way arising from the inspections or
examinations of the Property by Buyer or its agents or contractors.

          At any time prior to expiration of the Due Diligence Period, Buyer
shall, in its sole discretion, be entitled to deliver a written notice (the
"TERMINATION NOTICE") to Seller, Escrow Holder and the Title Company in
accordance with the terms of this Agreement, stating that Buyer has elected to
terminate this Agreement. Upon delivery of such Termination Notice, Buyer may
unilaterally direct the Escrow Holder to return the Initial Deposit to Buyer,
and this Agreement shall terminate, and except as otherwise provided herein, the
parties shall have no further liability or obligation hereunder. If Buyer fails
to deliver the Termination Notice to Seller, Escrow Holder and the Title Company
prior to the expiration of the Due Diligence Period, then Buyer will not have
the right to terminate this Agreement pursuant to this Paragraph 5 and this
Agreement shall remain in full force and effect.

     6.   CLOSING. The sale and purchase herein provided will be consummated
through the mail or via overnight delivery service with all deliveries required
hereunder (other than delivery of the Closing Payment, which will be made in
accordance with the terms of Paragraph 3(C) above) being made to the Title
Company on or before 11:00 a.m. Pacific Time on the date one (1) business day
prior to the Closing Date.

          A.   ESCROW.  On or before  11:00 a.m.  Pacific  Time on the date one
(1) business day prior to the Closing Date, the parties will deliver to Title
Company the following:

                                        6
<Page>

               (1)  BY SELLER. Seller will deliver (a) duly executed and
acknowledged Statutory Special Warranty Deeds covering the Mall 205 Land, the
Plaza 205 Land and the Improvements, in the form of EXHIBIT E attached hereto
(collectively, the "DEEDS"); (b) four (4) duly executed counterpart originals of
the bill of sale, assignment and assumption covering the Personal Property, the
Service Contracts that Buyer elects to assume, the Tenant Leases and the
Intangible Property, in the form of EXHIBIT F attached hereto (the "BILL OF
SALE, ASSIGNMENT AND ASSUMPTION"); (c) certificates of each party comprising
Seller respecting the "non-foreign" status of Seller in the form of EXHIBIT G
attached hereto; (d) a certificate (the "CLOSING CERTIFICATE"), dated as of the
Closing Date and duly executed by each party comprising Seller, in the form of
EXHIBIT H attached hereto, representing to Buyer that the representations and
warranties of Seller contained in this Agreement and required to be true and
correct as of the Closing Date are true and correct as of the Closing Date (or,
specifying in reasonable detail such exceptions, if any, which then exist); (e)
duly executed counterpart originals of a notice to each tenant of the Property
in the form of EXHIBIT I attached hereto (collectively, the "NOTICES TO
TENANTS"); (f) two (2) counterparts of an assignment and assumption agreement
with respect to the Target REA (as defined in Paragraph 10(b)(5)); (g) to the
extent Seller has in its possession original counterparts of the Leases, such
original counterparts; (h) a closing statement, dated as of the Closing Date and
duly executed by Seller, setting forth, among other things, all payments to and
from escrow in connection with the purchase and sale of the Property (the
"CLOSING STATEMENT"); (i) a copy of the rent roll for the Property, certified by
Seller as a true and correct copy of the rent roll (the "RENT ROLL") most
recently produced for Seller by the property management agent with respect to
the Property; and (j) evidence reasonably satisfactory to the Title Company that
all necessary authorizations of the transaction provided herein have been
obtained by Seller, and such other documents and instruments as may be
reasonably requested by the Title Company in order to consummate the transaction
contemplated hereby and issue the Owner's Policy (provided that the same do not
materially decrease Seller's rights or materially increase Seller's obligations
hereunder).

               (2)  BY BUYER. In addition to the Closing Payment which Buyer
will deliver to the Title Company in accordance with the terms of Paragraph 3(C)
above, Buyer will deliver to the Title Company (a) four (4) duly executed and
acknowledged counterpart originals of the Bill of Sale, Assignment and
Assumption; (b) duly executed counterpart originals of the Notices to Tenants;
(c) two (2) counterparts of an assignment and assumption agreement with respect
to the Target REA; (d) a duly executed counterpart of the Closing Statement; and
(e) evidence reasonably satisfactory to Title Company that all necessary
authorizations of the transaction provided herein have been obtained by Buyer,
and such other documents and instruments as may be reasonably requested by Title
Company in order to consummate the transaction contemplated hereby and issue the
Owner's Policy (provided that the same do not materially decrease Buyer's rights
or materially increase Buyer's obligations hereunder).

               (3)  ASSIGNMENT OF CERTAIN INTANGIBLE PROPERTY. The Bill of Sale,
Assignment and Assumption will cover all contracts, agreements, permits,
licenses and warranties that are assignable without the consent of third
parties, provided, however, (a) if an assignment of a roofing contractor's or
supplier's warranty may be obtained solely by payment of a fee, then Seller will
pay a fee to any such contractor or supplier in an

                                        7
<Page>

amount not to exceed $1000 per roof and $4000 in the aggregate, and Seller will
secure the consent of such party to the assignment of that contractor's or
supplier's warranty, and (b) if an assignment of any other contractor's or
supplier's warranty may be obtained solely by payment of a fee or if the consent
of a roofing contractor's or supplier's warranty may be obtained solely by
payment of a fee in excess of $1000 per roof and $4000 in the aggregate, and
Buyer pays such fee or, with respect to the roofing contractor or supplier, such
excess fee, then Seller will secure the consent of such party to the assignment
of the contractor's or supplier's warranty.

          B.   CONDITIONS  TO CLOSING;  DELIVERY TO PARTIES.  In addition  to
the conditions set forth in Paragraphs 4(B) and 10 hereof, the conditions to the
closing of such escrow will be the Title Company's receipt of funds and
documents described in subparagraph A above.

          C.   CLOSING COSTS. Buyer will pay (a) fifty percent (50%) of all
costs and expenses of the escrow arrangements; (b) the costs and expenses of any
endorsements to the Owner's Policy (except as indicated below) and the costs of
providing ALTA or "extended" coverage with respect to the Owner's Policy; (c)
the costs and expenses of the Survey incurred after the Effective Date; (d) all
recording fees for the recordation of the Deeds; and (e) the cost of any of its
examinations and inspections and audits of the Property, including the cost of
any of its appraisals, environmental, physical and financial audits, and, if
applicable, all costs associated with any financing to be obtained by Buyer
(including any application and commitment fees, and the costs of meeting any
lender requirements). Seller will pay (a) the recording fees for any instrument
in connection with the release of any existing liens; (b) fifty percent (50%) of
all costs and expenses of the escrow arrangements; (c) the basic premium for the
Owner's Policy and the cost of the zoning 3.1, comprehensive, contiguity and
access endorsements to the Owner's Policy; and (d) the "Commission" (as defined
below). All other closing costs not specifically allocated herein will be paid
by the parties as is customary in the county in which the Property is located.
Seller and Buyer will each pay their respective (i) legal fees and expenses,
(ii) share of prorations (as provided below), and (iii) cost of all opinions,
certificates, instruments, documents and papers required to be delivered, or
caused to be delivered, by it hereunder and the cost of all its performances
under this Agreement.

          D.   PRORATIONS.

               (1)  ITEMS TO BE PRORATED.  The following will be prorated
between Seller and Buyer as of the Closing Date:

                    (a)  TAXES AND ASSESSMENTS. All real estate and personal
property taxes and assessments pertaining to the Property that are due and
payable for any period prior to the Current Tax Year (as hereinafter defined)
will be paid by Seller at or prior to the Closing. All real estate and personal
property taxes and assessments on the Property for the current year (the
"CURRENT TAX YEAR") will be prorated between Seller and Buyer as of the Closing
Date (on the basis of the actual number of days elapsed over the applicable
period). If the amount of any such taxes has not been determined as of Closing,
such credit will be based on the most recent ascertainable taxes, subject to
readjustment after Closing upon receipt of actual tax bills. If any assessments
on the

                                        8
<Page>

Property are payable in installments, then the installment for the current
period will be prorated (with Buyer assuming the obligation to pay any
installments due after the Closing Date).

                    Upon the Closing Date and subject to the adjustment provided
above, Buyer will be responsible for real estate taxes and assessments on the
Property payable following the Closing Date. In no event will Seller be charged
with or be responsible for any increase in the taxes or assessments on the
Property resulting from the sale of the Property or from any improvements made
or leases entered into at any time or for any reason. With respect to the
Current Tax Year and all prior periods, Seller hereby reserves the right to
institute or continue any proceeding or proceedings for the reduction of the
assessed valuation of the Property, and, in its sole discretion (except as to
the Current Tax Year, in which event such decisions will be made in cooperation
with Buyer), to settle the same. Seller will have sole authority to control the
progress of, and to make all decisions with respect to, such proceedings. All
net tax refunds and credits attributable to any period prior to the Closing Date
which Seller has paid or for which Seller has given a credit to Buyer will
belong to and be the property of Seller. All net tax refunds and credits
attributable to any period subsequent to the Closing Date will belong to and be
the property of Buyer. Seller and Buyer agree to cooperate with one another in
connection with the prosecution of any such proceedings and to take all steps,
whether before or after the Closing Date, as may be necessary to carry out the
intention of this subparagraph, including the delivery to the other party, upon
demand, of any relevant books and records, including receipted tax bills and
cancelled checks used in payment of such taxes, the execution of any and all
consent or other documents, and the undertaking of any acts necessary for the
collection of such refund by the other party. Buyer agrees that, as a condition
to the transfer of the Property by Buyer, Buyer will cause any transferee to
assume the obligations set forth herein.

                    (b)  RENTS. Buyer will receive a credit at Closing for all
rents, including estimated payments for operating expenses and real estate
taxes, collected by Seller prior to the Closing and allocable to the period
after Closing. No credit will be given to the Seller for accrued and unpaid rent
or any other non-current sums due from tenants until said sums are paid, and
Seller will retain the right to collect any such rent provided Seller does not
sue to evict any tenants or terminate any Tenant Leases. Buyer will use
reasonable efforts after Closing to collect any rent under the Tenant Leases
which has accrued as of the Closing; provided, however, Buyer will not be
obligated to sue any tenants or exercise any legal remedies under the Tenant
Leases. Any portion of any rents collected subsequent to the Closing Date and
properly allocable to periods prior to the Closing Date will be paid, promptly
after receipt, to the Seller, but subject to all of the provisions of this
Paragraph hereof; and any portion thereof properly allocable to periods on or
subsequent to the Closing Date will be paid to Buyer. All payments collected
from tenants after Closing will first be applied to the month in which the
Closing occurs, then to any rent due to Buyer for the period after Closing and
finally to any rent due to Seller for the period prior to Closing; provided,
however, notwithstanding the foregoing, if Seller collects any payments from
tenants after Closing through its own collection efforts, Seller may first apply
such payments to rent due the Seller for the period prior to Closing. Tenants of
the Property may be obligated to pay, as additional rent, certain escalations in
or pass-throughs of operating and similar expenses of the

                                        9
<Page>

Property pursuant to the terms of the Tenant Leases (collectively, "ADDITIONAL
RENTS"). As to any Additional Rents that are based on estimates and that are
subject to adjustment or reconciliation pursuant to the Tenant Leases after the
Closing Date, Seller and Buyer will "re-prorate" such Additional Rents
(including any portions thereof that may be required to be refunded to tenants)
at the time that such estimates are actually adjusted or reconciled pursuant to
the terms of such Tenant Leases. Any amounts that may be due Seller as a result
of such re-prorations will be paid by Buyer to Seller promptly after Buyer
collects such amounts from the tenants, and any amounts that may be due the
tenants from Seller as a result of such re-prorations will be paid by Seller to
Buyer promptly after written request therefor is delivered to Seller by Buyer.

                    (c)  PERCENTAGE RENT. Notwithstanding subparagraph (b)
above, the proration of that portion of Additional Rents representing rent
payable to the landlord by the tenant under a Tenant Lease which is in excess of
the fixed or minimum rent thereunder and which is a percentage of the sales of
such tenant ("PERCENTAGE RENT") payable under each Tenant Lease for the lease
year (the "CURRENT LEASE YEAR") thereunder in which the Closing Date occurs will
be prorated as provided in this subparagraph (c). The amount of Percentage Rent
to be allocated to Seller with respect to each Tenant Lease for the Current
Lease Year with respect thereto (subject, however, to reduction as hereinafter
provided) will be that amount equal to (i) the amount by which (A) the tenant's
gross receipts (to the extent taken into account in determining Percentage Rent
under such Tenant Lease) for that portion of such Current Lease Year occurring
prior to (but not including) the Closing Date exceed (B) the "Allocable Base
Amount" (as defined below), multiplied by (ii) the percentage specified in such
Tenant Lease to be used in determining such tenant's Percentage Rent for such
Current Lease Year. The "ALLOCABLE BASE AMOUNT" means that portion of the "Base
Amount" (as defined below) for such Current Lease Year determined by multiplying
such Base Amount for the entire Current Lease Year by a fraction, the numerator
of which is the number of days in such Current Lease Year occurring prior to and
including the Closing Date and the denominator of which is the number of days of
such Current Lease Year. "BASE AMOUNT" is the amount specified in each Tenant
Lease for such Current Lease Year that must be exceeded by the sales of the
tenant during such Current Lease Year before such tenant will be obligated
thereunder to pay Percentage Rent for such Current Lease Year. By way of example
only, if (i) the Closing Date is July 1, 2004, (ii) the Current Lease Year with
respect to a particular Tenant Lease commences January 1, 2004 and terminates
December 31, 2004, (iii) the sales of the tenant under such Tenant Lease for
such portion of such Current Lease Year occurring prior to and including July 1,
2004 are $600,000, and (iv) the Percentage Rent payable by such tenant for such
Current Lease Year is 2% of such tenant's sales in excess of $1,000,000, then
(x) the Base Amount is $1,000,000, (y) the Allocable Base Amount is $498,630,
and (z) Seller is entitled to $2,027.40 (I.E., 2% of $101,370) of the Percentage
Rent payable by such tenant for such Current Lease Year (subject, however, to
reduction as hereinafter provided). In the event that, under the terms of the
particular Tenant Lease, the tenant is entitled to any offset or credit against
Percentage Rent (including any offset or credit by reason of or with respect to
taxes, common area and mall contributions and tenant improvement costs), then
the Percentage Rent allocated to Seller as aforesaid will be reduced by Seller's
"allocable share" of the aggregate amount of such offsets and credits under each
Tenant Lease for the Current

                                       10
<Page>

Lease Year with respect thereto. Seller's "ALLOCABLE SHARE" with respect to a
Tenant Lease will be a fraction, the numerator of which is the number of days in
the Current Lease Year under such Tenant Lease occurring prior to the Closing
Date and the denominator of which is the number of days in such Current Lease
Year. Buyer will not be obligated to pay or credit Seller any sum on account of
the proration of Percentage Rent as provided herein unless and until the
Percentage Rent to be prorated will be received by Buyer.

                    (d)  OPERATING EXPENSES. All operating expenses (including
all charges under the service contracts and agreements assumed by Buyer under
the Bill of Sale, Assignment and Assumption) will be prorated, and as to each
service provider, operating expenses payable or paid to such service provider in
respect to the billing period of such service provider in which the Closing Date
occurs (the "CURRENT BILLING PERIOD"), will be prorated on a per diem basis
based upon the number of days in the Current Billing Period prior to and
excluding the Closing Date (which will be allocated to Seller) and the number of
days in the Current Billing Period including and following the Closing Date
(which will be allocated to Buyer), and assuming that all charges are incurred
uniformly during the Current Billing Period and that all provided services
occurred during the Current Billing Period. If actual bills for the Current
Billing Period are unavailable as of the Closing Date, then such proration will
be made on an estimated basis based upon the most recently issued bills, subject
to readjustment upon receipt of actual bills.

               (2)  SECURITY DEPOSITS; PREPAID RENTS. Prepaid rentals and other
tenant charges and Additional Rents for periods after the Current Month, and
cash security deposits under Tenant Leases together with interest earned thereon
to which any Tenants are entitled (including any portion thereof which may be
designated as prepaid rent) under Tenant Leases, will be credited against the
Purchase Price, and upon the closing of the transaction contemplated hereby,
Buyer will assume full responsibility for all security deposits to be refunded
to the tenants under the Tenant Leases (to the extent the same are credited to
Buyer and required to be refunded by the terms of such Tenant Leases or
applicable). In the event that any security deposits are in the form of letters
of credit or other financial instruments, Seller will, at Closing, assign its
interest in such letters of credit or financial instruments to Buyer, and,
following Closing, Seller will cooperate with Buyer in order to cause Buyer to
be named as beneficiary under such letters of credit or the holder of such
financial instruments. Seller's interest in letters of credit and other
financial instruments will be assigned to Buyer, and Buyer will not receive a
credit against the Purchase Price for such security deposits.

               (3)  LEASING COSTS. Buyer will receive a credit at the Closing in
an amount equal to (a) the aggregate amount of the costs ("LEASING COSTS") for
tenant improvements and leasing commissions set forth in EXHIBIT N less (b) the
amount of the tenant improvement costs and leasing commissions incurred and paid
by Seller after the Effective Date for the premises described in EXHIBIT N. In
the event that Seller has incurred but not paid any Leasing Costs, then Buyer
will assume the obligation to pay and will receive a credit for same, and Buyer
will indemnify and hold Seller harmless from any loss or damage resulting from
the failure of Buyer to pay same. In the event that Seller enters into any lease
transaction that has been approved or deemed approved by Buyer

                                       11
<Page>

for a premises that is not described in EXHIBIT N, Seller will receive a Credit
at the Closing for the tenant improvement costs and leasing commissions paid by
Seller prior to the Closing Date in connection with such lease transaction.

               (4)  CALCULATION; REPRORATION. Seller will prepare and deliver to
Buyer, or Seller will cause its property manager (the "MANAGER") to prepare and
deliver to the parties no later than five (5) days prior to the Closing Date an
estimated closing statement which will set forth the costs payable under
Paragraph 6C and the prorations and credits provided for in this Paragraph 6D
and elsewhere in this Agreement (including the Additional Rents Reconciliation).
Any item that cannot be finally prorated because of the unavailability of
information will be tentatively prorated on the basis of the best data then
available and adjusted when the information is available in accordance with this
subparagraph. Buyer will notify Seller within one (1) business day after its
receipt of such estimated closing statement of any items which Buyer disputes,
and the parties will attempt in good faith to reconcile any differences not
later than one (1) day before the Closing Date. The estimated closing statement
as adjusted as aforesaid and approved in writing by the parties (which will not
be withheld if prepared in accordance with this Agreement) will be referred to
herein as the "CLOSING STATEMENT". If the prorations and credits made under the
Closing Statement will prove to be incorrect or incomplete for any reason, then
either party will be entitled to an adjustment to correct the same; provided,
however, that any adjustment will be made, if at all, within six (6) months
after the Closing Date, and if a party fails to request an adjustment to the
Closing Statement by a written notice delivered to the other party within the
applicable period set forth above (such notice to specify in reasonable detail
the items within the Closing Statement that such party desires to adjust and the
reasons for such adjustment), then the prorations and credits set forth in the
Closing Statement will be binding and conclusive against such party.

               (5)  ITEMS NOT PRORATED. Seller and Buyer agree that (a) none of
the insurance policies relating to the Property will be assigned to Buyer and
Buyer will be responsible for arranging for its own insurance as of the Closing
Date; (b) utilities, including telephone, electricity, water and gas, will be
read on the Closing Date and Buyer will be responsible for all the necessary
actions needed to arrange for utilities to be transferred to the name of Buyer
on the Closing Date, including the posting of any required deposits (it being
understood, however, that Seller will be entitled to a credit at the Closing for
any utility deposits which it or its predecessors have made prior to the Closing
Date, to the extent the same are credited to Buyer at Closing, and Seller will
be entitled to recover and retain from the providers of such utilities any
refunds or overpayments to the extent applicable to the period prior to and
including the Closing Date, and any utility deposits for which it does not
receive a credit hereunder); and (c) on the Closing Date, the Property will not
be subject to any financing obtained by Seller or its predecessors. Accordingly,
there will be no prorations for insurance, utilities (except to the extent
provided above for utility deposits), payroll or debt service. In the event a
meter reading is unavailable for any particular utility, such utility will be
prorated in the manner provided in subparagraph (1)(d) above.

               (6)  INDEMNIFICATION. Buyer will indemnify, protect, defend and
hold Seller harmless from and against any Claim in any way arising from the
matters for

                                       12
<Page>

which Buyer receives a credit or otherwise assumes responsibility pursuant to
this Paragraph 6D or the Bill of Sale, Assignment and Assumption.

               (7) SURVIVAL. This Paragraph 6D will survive the Closing Date for
a period of six (6) months.

     7.   DESTRUCTION/CONDEMNATION OF PROPERTY.

     A.   In the event that all or any portion of the Plaza 205 Land or the
Plaza 205 Improvements are damaged or destroyed by any casualty or by a taking
or condemnation under the provisions of eminent domain law after the Effective
Date but prior to the Closing Date, Seller will give Buyer prompt written notice
of the same ("CASUALTY/CONDEMNATION NOTICE"), but Seller will have no obligation
to repair or replace any damage or destruction caused by the foregoing. Seller
will, upon consummation of the transaction herein provided, assign to Buyer all
claims of Seller under or pursuant to any casualty insurance coverage, or under
the provisions of eminent domain law, as applicable, and all proceeds from any
such casualty insurance or condemnation awards received by Seller on account of
any such casualty or condemnation, as the case may be (to the extent the same
have not been applied by Seller prior to the Closing Date to repair the
resulting damage), and there will be no reduction of the Purchase Price (except
that in connection with a casualty covered by insurance, Buyer will be credited
with the lesser of the remaining cost to repair the damage or destruction caused
by such casualty or the amount of the deductible under Seller's casualty
insurance policy [except to the extent such deductible was expended by Seller to
repair the resulting damage]). In the event the cost of repair or restoration of
the damage to such improvements on account of such casualty or condemnation will
exceed an amount equal to One Million Fifty Thousand Dollars ($1,050,000),
either party may, at its option, terminate this Agreement by written notice to
the other, given within five (5) business days after the delivery of the
Casualty/Condemnation Notice (and if the Closing Date falls within such five (5)
business day period, the Closing Date will be extended until the day after the
expiration of such five (5) business day period).

     B.   In the event that all or any portion of the Mall 205 Land or the Mall
205 Improvements are damaged or destroyed by any casualty or by a taking or
condemnation under the provisions of eminent domain law after the Effective Date
but prior to the Closing Date, Seller will give Buyer prompt written notice of
the same ("CASUALTY/CONDEMNATION NOTICE"), but Seller will have no obligation to
repair or replace any damage or destruction caused by the foregoing. Seller
will, upon consummation of the transaction herein provided, assign to Buyer all
claims of Seller under or pursuant to any casualty insurance coverage, or under
the provisions of eminent domain law, as applicable, and all proceeds from any
such casualty insurance or condemnation awards received by Seller on account of
any such casualty or condemnation, as the case may be (to the extent the same
have not been applied by Seller prior to the Closing Date to repair the
resulting damage), and there will be no reduction of the Purchase Price (except
that in connection with a casualty covered by insurance, Buyer will be credited
with the lesser of the remaining cost to repair the damage or destruction caused
by such casualty or the amount of the deductible under Seller's casualty
insurance policy [except to the extent such deductible was expended

                                       13
<Page>

by Seller to repair the resulting damage]). In the event the cost of repair or
restoration of the damage to such improvements on account of such casualty or
condemnation will exceed an amount equal to Two Million Seven Hundred Fifty
Thousand Dollars ($2,750,000), either party may, at its option, terminate this
Agreement by written notice to the other, given within five (5) business days
after the delivery of the Casualty/Condemnation Notice (and if the Closing Date
falls within such five (5) business day period, the Closing Date will be
extended until the day after the expiration of such five (5) business day
period).

     8.   REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS.

          A.   REPRESENTATIONS AND WARRANTIES OF SELLER. Each of Plaza 205,
Plaza Parcel, Mall 205, 96th, Washington and PM 205 hereby represents and
warrants to Buyer, with respect to the Land and Improvements owned by it, as
follows:

               (1)  AUTHORITY. As of the date hereof and as of the Closing Date,
Seller has all requisite corporate power and authority to execute and deliver,
and to perform all of its obligations under, this Agreement.

               (2)  DUE EXECUTION. As of the date hereof and as of the Closing
Date, the execution, delivery and performance of this Agreement has been duly
authorized by all necessary corporate action on the part of Seller.

               (3)  ENFORCEABILITY. As of the date hereof and as of the Closing
Date, this Agreement constitutes a legal, valid and binding obligation of Seller
enforceable against Seller in accordance with its terms, except as limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws of
general applicability relating to or affecting the enforcement of creditors'
rights and general equitable principles.

               (4)  NO BANKRUPTCY OR DISSOLUTION. As of the date hereof and as
of the Closing Date, no "Bankruptcy/Dissolution Event" (as defined below) has
occurred with respect to Seller. As used herein, a "BANKRUPTCY/DISSOLUTION
EVENT" means any of the following: (a) the commencement of a case under Title 11
of the U.S. Code, as now constituted or hereafter amended, or under any other
applicable federal or state bankruptcy law or other similar law; (b) the
appointment of a trustee or receiver of any property interest; (c) an assignment
for the benefit of creditors; (d) an attachment, execution or other judicial
seizure of a substantial property interest; (e) the taking of, failure to take,
or submission to any action indicating an inability to meet its financial
obligations as they accrue; or (f) a dissolution or liquidation, death or
incapacity.

               (5)  DEFAULTS UNDER TENANT LEASES. As of the date hereof and as
of the Closing Date, except for any new leases which may have been approved or
deemed approved by Buyer, the Tenant Leases described in the Rent Roll attached
as EXHIBIT J hereto constitute all of the leases and occupancy agreements
entered into by Seller with respect to the Property. To the best knowledge of
Seller, except as may be set forth in EXHIBIT J attached hereto, Seller has not
received any written notice of a material default under any Tenant Lease that
remains uncured. To the best knowledge of

                                       14
<Page>

Seller, except as may be set forth in EXHIBIT J attached hereto, all brokerage
commissions with respect to Tenant Leases have been paid in full or will have
been paid in full prior to the Closing Date.

               (6)  LITIGATION. To the best knowledge of Seller, except as may
be set forth in EXHIBIT K attached hereto, as of the date hereof, Seller has
received no written notice of any pending action, litigation, condemnation or
other proceeding against the Property or against Seller with respect to the
Property. To the best knowledge of Seller, except as may be set forth in EXHIBIT
K attached hereto, as of the date hereof, there is no pending eminent domain
proceeding with respect to all or any portion of the Land and the Improvements.

               (7)  COMPLIANCE. To the best knowledge of Seller, except as may
be set forth in EXHIBIT K attached hereto, as of the date hereof, Seller has
received no written notice from any governmental authority having jurisdiction
over the Property to the effect that the Property is not in compliance with
applicable laws and ordinances. Without limitation on the foregoing, Seller has
not received any written notice that the Property is not in compliance with
applicable zoning laws.

               (8)  SERVICE CONTRACTS. To the best knowledge of Seller, as of
the date hereof and as of the Closing Date, the Service Contracts identified in
EXHIBIT L attached hereto constitute all of the written service contracts and
equipment leases that are presently in effect with respect to the Property. To
the best knowledge of Seller, except as may be set forth in EXHIBIT L attached
hereto, as of the date hereof and as of the Closing Date, Seller has not
received any written notice of a material default under any Service Contract
that remains uncured.

               (9)  KNOWLEDGE. As used in this Agreement, the phrase "the best
knowledge of Seller" or any similar phrase means the present actual knowledge of
Jean Paul Wardy or Fred Bruning, without any duty to make inquiry and excluding
any constructive or imputed knowledge; provided, however, that nothing in this
Agreement will be deemed to create or impose any personal liability of any kind
on Jean Paul Wardy or Fred Bruning.

               (10) DEVELOPMENT AGREEMENTS. Seller has not entered into any
unrecorded development, public financing, public improvement or other similar
agreements under which there are any obligations remaining to be performed as of
the Closing Date or which will be binding upon Buyer or the Property from and
after the Closing Date.

          B.   REPRESENTATIONS AND WARRANTIES OF BUYER. Buyer hereby represents
and warrants the following to Seller:

               (1)  AUTHORITY. Buyer has all requisite power and authority to
execute and deliver, and to perform all its obligations under this Agreement.

               (2)  DUE EXECUTION. The execution, delivery and performance of
this Agreement has been duly authorized by all necessary action on the part of
Buyer and

                                       15
<Page>

does not and will not (a) require any consent or approval that has not been
obtained or (b) violate any provision of Buyer's organizational documents.

               (3) ENFORCEABILITY. This Agreement constitutes a legal, valid and
binding obligation of Buyer enforceable against Buyer in accordance with its
terms, except as limited by bankruptcy, insolvency, reorganization, moratorium
and other similar laws of general applicability relating to or affecting the
enforcement of creditors' rights and general equitable principles.

               (4) NO BANKRUPTCY/DISSOLUTION EVENT. No Bankruptcy/Dissolution
Event has occurred with respect to Buyer, or if Buyer is a partnership, any of
the general partners in Buyer. Buyer has sufficient capital or net worth to meet
its obligations, including payment of the Purchase Price, under this Agreement.

          C.   SURVIVAL. Any cause of action with respect to a breach of the
representations and warranties set forth in this subparagraphs A and B above
will survive for a period of three (3) months from the Closing Date, at which
time such representations and warranties (and any cause of action resulting from
a breach thereof not then in litigation) will terminate.

          D.   KNOWLEDGE AS A DEFENSE. Seller will have no liability with
respect to a breach of the representations and warranties set forth in
subparagraph A above to the extent that Buyer proceeds with the closing of the
transaction contemplated hereby with present, actual knowledge (and not imputed
or constructive knowledge) of such breach prior to the Closing Date.

          E.   CERTAIN LIMITATIONS. Notwithstanding anything to the contrary in
this Agreement and without limitation upon the limitations elsewhere in this
Agreement: (1) neither Seller nor Buyer ("BENEFITING PARTY") will make a Claim
against the other (the "NON-BENEFITING PARTY") following Closing for damages for
breach or default of any representation or warranty under this Paragraph 8 or
any other breach hereof (except for a breach or default under Paragraph 5 or 11A
hereof), unless the amount of such Claim, in the Benefiting Party's reasonable
opinion, exceeds an amount equal to Fifty Thousand Dollars ($50,000); and (2)
under no circumstances will Seller be liable to Buyer following Closing on
account of this Agreement, any covenant, representation, warranty, or
indemnification obligation herein, any document executed in connection with this
Agreement or any transaction or matter contemplated hereby, in an aggregate
amount in excess of an amount equal to One Million Dollars ($1,000,000). Nothing
in the foregoing provisions of this Paragraph 8E is intended to limit the effect
of the remedies provided for in Paragraph 3D with respect to a breach of this
Agreement prior to the Closing. In the event of a breach of this Agreement, the
Benefiting Party will not be entitled to recover special or consequential
damages.

          F.   CERTAIN INTERIM COVENANTS OF SELLER. Until the Closing Date or
the sooner termination of this Agreement:

               (1)  PROPERTY MAINTENANCE. Seller will maintain the Property in
the same manner as prior hereto pursuant to its normal course of business (such

                                       16
<Page>

maintenance obligation not including extraordinary capital expenditures or
expenditures not incurred in such normal course of business), subject to
reasonable wear and tear and further subject to destruction by casualty or
eminent domain or other events beyond the control of Seller, including changes
in laws, rules, ordinances and regulations.

               (2)  SERVICE CONTRACTS AND AGREEMENTS. Seller will not enter into
any additional service contracts or other similar agreements affecting the
Property without the prior consent of Buyer (not to be unreasonably withheld);
provided, however, that Seller may enter into service contracts and agreements
which are cancelable on 30 days notice without penalty without the consent of
Buyer.

               (3)  TENANT LEASES. Seller will continue to offer the Property
for lease in the same manner as prior hereto pursuant to its normal course of
business and will keep Buyer reasonably informed as to the status of leasing
prior to the Closing Date. If this Agreement is in effect after the expiration
of the Due Diligence Period, Seller will not enter into any new Tenant Leases or
material modifications of existing Tenant Leases thereafter that have not been
approved by Buyer. In no event will Seller have any obligation to enter into any
new Tenant Lease or modify any existing Tenant Lease unless, subject to the
provisions of Paragraph 11R, Buyer will agree to pay or reimburse Seller on the
Closing Date for all leasing costs, including tenant improvement costs and
allowances, leasing commissions and attorneys' fees, in connection with any
Tenant Lease or modification to an existing Tenant Lease which is entered into
after the date hereof (and Buyer's agreement to pay or reimburse such amounts
will not be unreasonably withheld).

               (4)  APPROVAL STANDARD. Any approvals by Buyer under this
Paragraph 8F will not be unreasonably withheld. Without limitation on the
foregoing, if Seller delivers a written request to Buyer for Buyer's approval of
any matter for which Buyer's approval is required under this Paragraph 8F (an
"APPROVAL REQUEST"), and Buyer fails to deliver to Seller its written
disapproval of such Approval Request within two (2) business days after its
receipt of such Approval Request, then Buyer will be deemed to have approved the
matter such is the subject of such Approval Request.

               (5)  TENANT ESTOPPELS. Seller will use good faith efforts to
obtain the Target Estoppel (defined in Paragraph 10B(5)) and the estoppel
certificates ("TENANT ESTOPPEL CERTIFICATES") from the tenants under Tenant
Leases in (a) the forms attached to this Agreement as EXHIBIT M-1 AND M-2,
provided, however, such forms of Tenant Estoppel Certificates and the Target
Estoppel will be modified to contain the name and address of Buyer, (b) in the
form required to be provided by such tenant and REA pursuant to its Tenant Lease
or the Target REA (as hereinafter defined), or (c) if the Tenant is the United
States of America (including, without limitation, the United States Postal
Service), the State of Oregon or any other governmental entity, the form of
standard estoppel letter or statement of lease used by such entity or agency
(collectively, the "REQUIRED FORMS OF ESTOPPEL"). In no event will the receipt
of the Target Estoppel or Tenant Estoppel Certificates constitute a condition to
Buyer's obligations under this Agreement, other than as expressly provided in
Paragraphs 10B(3)(a) and 10B(5)). Seller will be deemed to have made "good faith
efforts" if Target Corporation has in fact delivered the Target Estoppel or a
tenant has, in fact, delivered the requested Tenant

                                       17
<Page>

Estoppel Certificate or if Seller (a) delivers to Target Corporation the Target
Estoppel and to all of the tenants under Tenant Leases the Tenant Estoppel
Certificates in the Required Forms of Estoppel, within fifteen (15) days after
the expiration of the Due Diligence Period, and (b) will have made three (3)
telephone calls to the representative of Target Corporation and each tenant
requesting delivery of same.

               (6)  DISCLOSURE COOPERATION. If Buyer assigns its interest in
this Agreement to a publicly registered company (the "REGISTERED COMPANY") that
acquires title to the Property at Closing, and the Registered Company must file
certain information with the United States Securities and Exchange Commission
("SEC") that relates to the period of time prior to Closing, then Seller will,
at the sole cost and expense of Buyer, reasonably cooperate to provide the
Registered Company with such information as may, in the opinion of counsel to
the Registered Company, be necessary for the Registered Company to make the
required filings with the SEC.

               9.   DISCLAIMER AND RELEASE. AS AN ESSENTIAL INDUCEMENT TO SELLER
TO ENTER INTO THIS AGREEMENT, BUYER ACKNOWLEDGES, UNDERSTANDS AND AGREES AS OF
THE DATE HEREOF AND AS OF THE CLOSING DATE AS FOLLOWS:

          A.   DISCLAIMER.

          (1)  AS-IS, WHERE-IS. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN
PARAGRAPH 8A OR IN THE DEEDS, THE SALE OF THE PROPERTY HEREUNDER IS AND WILL BE
MADE ON AN "AS IS, WHERE IS" BASIS AND SELLER HAS NOT MADE, DOES NOT MAKE AND
SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES OR GUARANTIES
OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR
WRITTEN, PAST, PRESENT OR FUTURE OF, AS TO, CONCERNING OR WITH RESPECT TO THE
PROPERTY OR ANY OTHER MATTER WHATSOEVER.

          (2)  SOPHISTICATION OF BUYER. BUYER IS A SOPHISTICATED BUYER WHO
IS FAMILIAR WITH THE OWNERSHIP AND OPERATION OF REAL ESTATE PROJECTS SIMILAR TO
THE PROPERTY AND THAT BUYER HAS OR WILL HAVE ADEQUATE OPPORTUNITY TO COMPLETE
ALL PHYSICAL AND FINANCIAL EXAMINATIONS RELATING TO THE ACQUISITION OF THE
PROPERTY HEREUNDER IT DEEMS NECESSARY, AND WILL ACQUIRE THE SAME SOLELY ON THE
BASIS OF SUCH EXAMINATIONS AND THE TITLE INSURANCE PROTECTION AFFORDED BY THE
OWNER'S POLICY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER
(OTHER THAN AS EXPRESSLY PROVIDED IN PARAGRAPH 8A OR IN THE DEEDS, THE CLOSING
CERTIFICATE OR THE BILL OF SALE, ASSIGNMENT AND ASSUMPTION [ADD ROOF WARRANTY
ASSIGNMENT IF APPLICABLE].

          (3)  DUE DILIGENCE MATERIALS. ANY INFORMATION PROVIDED OR TO BE
PROVIDED WITH RESPECT TO THE PROPERTY IS SOLELY FOR BUYER'S CONVENIENCE AND WAS
OR WILL BE OBTAINED FROM A

                                       18
<Page>

VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR
VERIFICATION OF SUCH INFORMATION AND MAKES NO REPRESENTATIONS AS TO THE ACCURACY
OR COMPLETENESS OF SUCH INFORMATION (EXCEPT TO THE EXTENT PROVIDED IN PARAGRAPH
8A AND IN THE DEEDS, THE CLOSING CERTIFICATE OR THE BILL OF SALE, ASSIGNMENT AND
ASSUMPTION [ADD ROOF WARRANTY ASSIGNMENT IF APPLICABLE]. SELLER WILL NOT BE
LIABLE FOR ANY NEGLIGENT MISREPRESENTATION OR ANY FAILURE TO INVESTIGATE THE
PROPERTY NOR WILL SELLER BE BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN
STATEMENTS, REPRESENTATIONS, APPRAISALS, ENVIRONMENTAL ASSESSMENT REPORTS, OR
OTHER INFORMATION PERTAINING TO THE PROPERTY OR THE OPERATION THEREOF, FURNISHED
BY SELLER, MANAGER, OR BY ANY REAL ESTATE BROKER, AGENT, REPRESENTATIVE,
AFFILIATE, EMPLOYEE, SERVANT OR OTHER PERSON OR ENTITY ACTING ON SELLER'S BEHALF
(COLLECTIVELY, "SELLER RELATED PARTIES").

          B.   RELEASE. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED TO THE CONTRARY
IN THIS AGREEMENT, BUYER RELEASES SELLER AND ALL SELLER RELATED PARTIES FROM ALL
CLAIMS WHICH BUYER OR ANY PARTY RELATED TO OR AFFILIATED WITH BUYER (A "BUYER
RELATED PARTY") HAS OR MAY HAVE ARISING FROM OR RELATED TO ANY MATTER OR THING
RELATED TO OR IN CONNECTION WITH THE PROPERTY INCLUDING THE DOCUMENTS AND
INFORMATION REFERRED TO HEREIN, THE TENANT LEASES AND THE TENANTS THEREUNDER,
ANY CONSTRUCTION DEFECTS, ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION AND
ANY ENVIRONMENTAL CONDITIONS, AND BUYER WILL NOT LOOK TO ANY SELLER RELATED
PARTIES IN CONNECTION WITH THE FOREGOING FOR ANY REDRESS OR RELIEF, EXCEPT FOR
THE REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH IN PARAGRAPH 8 AND THOSE
OBLIGATIONS OF SELLER UNDER THIS AGREEMENT WHICH ARE EXPRESSLY INTENDED TO
SURVIVE THE CLOSING. THIS RELEASE WILL BE GIVEN FULL FORCE AND EFFECT ACCORDING
TO EACH OF ITS EXPRESSED TERMS AND PROVISIONS, INCLUDING THOSE RELATING TO
UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF ACTION. THE FOREGOING
PROVISIONS OF THIS PARAGRAPH 9B WILL NOT LIMIT, HOWEVER, SELLER'S EXPRESS
OBLIGATIONS UNDER THIS AGREEMENT AND THE DOCUMENTS EXECUTED IN CONNECTION
HEREWITH.

               IN ADDITION, BUYER WAIVES AND RELEASES SELLER AND ALL SELLER
RELATED PARTIES FROM ANY PRESENT OR FUTURE CLAIMS BY BUYER OR ANY PERSON OR
ENTITY AFFILIATED, DIRECTLY OR INDIRECTLY, WITH BUYER (EXPRESSLY EXCLUDING
CLAIMS MADE BY ANY THIRD PARTY NOT AFFILIATED WITH BUYER AND ANY CLAIM MADE BY
ANY GOVERNMENTAL AGENCY) ARISING FROM OR RELATING TO THE PRESENCE OR ALLEGED
PRESENCE OF HARMFUL OR TOXIC SUBSTANCES IN, ON, UNDER OR ABOUT THE PROPERTY
INCLUDING, WITHOUT LIMITATION, ANY CLAIMS UNDER OR ON ACCOUNT OF (I) THE
COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS
THE SAME MAY HAVE BEEN OR MAY BE AMENDED FROM TIME TO TIME, AND SIMILAR STATE

                                       19
<Page>

STATUTES, AND ANY REGULATIONS PROMULGATED THEREUNDER, (II) ANY OTHER FEDERAL,
STATE OR LOCAL LAW, ORDINANCE, RULE OR REGULATION, NOW OR HEREAFTER IN EFFECT,
THAT DEALS WITH OR OTHERWISE IN ANY MANNER RELATES TO, ENVIRONMENTAL MATTERS OF
ANY KIND, OR (III) THIS AGREEMENT OR THE COMMON LAW. THE TERMS AND PROVISIONS OF
THIS PARAGRAPH WILL SURVIVE CLOSING OR ANY TERMINATION OF THIS AGREEMENT.

          C.   SURVIVAL. THIS PARAGRAPH 9 WILL SURVIVE THE TERMINATION OF THIS
AGREEMENT OR THE CLOSING DATE AND WILL NOT BE DEEMED TO HAVE MERGED INTO ANY OF
THE DOCUMENTS EXECUTED OR DELIVERED AT CLOSING. TO THE EXTENT REQUIRED TO BE
OPERATIVE, THE DISCLAIMERS OR WARRANTIES CONTAINED HEREIN ARE "CONSPICUOUS"
DISCLAIMERS FOR PURPOSES OF ANY APPLICABLE LAW, RULE, REGULATION OR ORDER.

          --------------------
          INITIALS OF BUYER

     10.  CONDITIONS TO CLOSING.

          A.   SELLER'S CONDITIONS TO CLOSING. In addition to the conditions
provided in other provisions of this Agreement, Seller's obligations to perform
its undertakings provided in this Agreement (including its obligation to sell
the Property) are conditioned on the following:

               (1)  PERFORMANCE BY BUYER. The due performance by Buyer of each
and every material undertaking and agreement to be performed by it hereunder
(including the delivery to Seller of the items specified to be delivered by
Buyer in Paragraph 6 hereof).

               (2)  NO BANKRUPTCY OR DISSOLUTION. That at no time on or before
the Closing Date will any Bankruptcy/Dissolution Event have occurred with
respect to Buyer, and if Buyer is a partnership, any general partners of Buyer.

          B.   BUYER'S CONDITIONS TO CLOSING. In addition to the conditions
provided in other provisions of this Agreement, Buyer's obligations to perform
its undertakings provided in this Agreement (including its obligation to
purchase the Property) are conditioned on the following:

               (1)  PERFORMANCE BY SELLER. The due performance by Seller of each
and every material undertaking and agreement to be performed by it hereunder
(including the delivery to Buyer of the items specified to be delivered by
Seller in Paragraph 6) and the material truth of each representation and
warranty made by Seller in this Agreement as of the date such representation
must be true and correct (I.E., on the date of this Agreement or on the Closing
Date or on both such dates as expressly provided herein). In the event a
material change of circumstances occurs through no fault

                                       20
<Page>

of Seller on or prior to the Closing Date which causes any of Seller's
representations or warranties set forth in subparagraph 8A above to become
materially untrue (a "CHANGE OF CIRCUMSTANCES"), Seller will have a period of
thirty (30) days from the date of the discovery of such change of circumstances
to cure such untrue fact or condition (and the Closing Date will be extended to
accommodate such cure period). In the event that Seller does not cure such
Change of Circumstances within such thirty (30) day period, Buyer will have the
right, as Buyer's sole and exclusive remedies hereunder for such failure, either
(a) to terminate this Agreement by written notice to Seller, in which case, this
Agreement will be null and void and of no further force or effect and the
parties hereto will have no further obligations to the other and the Deposit
will immediately be refunded to Buyer, or (b) to waive the foregoing right of
termination and all other rights and remedies on account of such breach and to
close the transaction contemplated by this Agreement.

               (2)  NO BANKRUPTCY OR DISSOLUTION. That at no time on or before
the Closing Date will a Bankruptcy/Dissolution Event have occurred with respect
to Seller.

               (3)  TENANT ESTOPPEL CERTIFICATES.

               (a)  Subject to the provisions of sub-paragraph (b) below, Buyer
will have received, not less than one (1) business day prior to the Closing
Date, Tenant Estoppel Certificates from tenants of the Property occupying, in
the aggregate, not less than ninety percent (90%) of the gross leasable area of
the Improvements occupied by tenants (and which will include Tenant Estoppel
Certificates from (i) with respect to the Mall 205 Tenant Leases, Home Depot,
24-Hour Fitness, Famous Footwear and Bed, Bath and Beyond; and (ii) with respect
to the Plaza 205 Tenant Leases, OfficeMax, Bally's, United States Postal
Service, JoAnn Fabrics, Dollar Tree, Old Country Buffet, Providence Health Care
and Oregon State Police [each, an "ANCHOR TENANT"]). Notwithstanding anything to
the contrary herein, if, on or before the Closing Date, the condition set forth
in this Paragraph 10B(3) is not satisfied (or waived by Buyer), then the Closing
Date will be extended on a day to day basis until such condition is in fact
satisfied; provided, however, that if the Closing Date is hereby extended for
more than thirty (30) days, Buyer and Seller will have the right, by written
notice delivered to the other, to terminate this Agreement, in which event this
Agreement will terminate, the Escrow Deposit will be promptly returned to Buyer
and no party hereto will have any further obligations in connection herewith
except under those provisions that expressly survive a termination of this
Agreement.

               (b)  If Buyer has not received Tenant Estoppel Certificates from
tenants of the Property occupying, in the aggregate, ninety percent (90%) or
more of the gross leasable area of the Improvements occupied by tenants,
including each Anchor Tenant, Seller will have the right, but not the
obligation, as determined in Seller's sole discretion, to deliver to Buyer
Seller's own written certificate or certificates (each, a "SELLER CERTIFICATE,"
and, collectively, "SELLER CERTIFICATES") as may be necessary to deliver to
Buyer a combination of Tenant Estoppel Certificates and Seller Certificates for
tenants of the Property occupying, in the aggregate, at least ninety percent
(90%) of the gross leasable area of the Improvements occupied by tenants. Each
Seller Certificate will be in the appropriate form of the Tenant Estoppel
Certificate for a Tenant Lease, provided, however, that any statements in a
Seller Certificate that are not determinable upon a

                                       21
<Page>

reading of the applicable Tenant Lease will be based upon Seller's actual
knowledge. If Seller delivers a Seller Certificate to Buyer, and thereafter
Buyer receives a duly executed Tenant Estoppel Certificate for the Tenant Lease,
then it will supersede the Seller Certificate as to all matters addressed in the
Tenant Estoppel Certificate, and Seller will have no further liability under the
Seller Certificate with respect to such matters. If Seller delivers a Seller
Certificate to Buyer with respect to a Tenant Lease, Seller will indemnify and
defend Buyer from and against all claims, liabilities and losses that Buyer
incurs as a result of any material misrepresentation of any matter contained in
the Seller Certificate, except to the extent such Seller Certificate has been
superseded by a Tenant Estoppel Certificate as provided above. Seller's
obligations under any Seller Certificate will be subject to the provisions of
this Agreement relating to limitation of liability and will survive the Closing
of the transaction contemplated by this Agreement for the period set forth in
Paragraph 8C hereof. Notwithstanding the foregoing, Seller shall not be required
to deliver, and Buyer shall not be required to accept, a Seller Certificate from
an Anchor Tenant leasing more than 15,000 rentable square feet of space.

               (4)  MANAGEMENT AND LEASING AGREEMENTS. Seller will terminate all
property management and leasing agreements pertaining to the Property as of the
Closing Date.

               (5)  TARGET ESTOPPEL. Buyer will have received, on or prior to
the Closing Date, an estoppel certificate (the "TARGET ESTOPPEL") from Target
Corporation, in the form attached hereto as EXHIBIT M-2 relating to the
construction, operating and reciprocal easement agreement (the "TARGET REA")
pertaining to the use by Target Corporation of a portion of the Mall 205 Land
and land adjacent to the Mall 205 Land.

     11.  MISCELLANEOUS.

          A.   BROKERAGE ISSUES.

               (1)  GENERALLY. Except as provided in subparagraph (2) below,
Seller represents and warrants to Buyer, and Buyer represents and warrants to
Seller, that no broker or finder has been engaged by it, respectively, in
connection with any of the transactions contemplated by this Agreement or to its
knowledge is in any way connected with any of such transactions. In the event of
a claim for broker's or finder's fee or commissions in connection herewith, then
Seller will indemnify, protect, defend and hold Buyer harmless from and against
the same if it will be based upon any statement or agreement alleged to have
been made by Seller, and Buyer will indemnify, protect, defend and hold Seller
harmless from and against the same if it will be based upon any statement or
agreement alleged to have been made by Buyer.

               (2)  BROKER'S COMMISSION. CB Richard Ellis, Inc., a Delaware
corporation ("BROKER") has been engaged in connection with the transaction
contemplated by this Agreement, and without limitation on the foregoing
provisions of this Paragraph, if and only if the transaction contemplated hereby
will close in accordance with the terms of this Agreement, Seller will pay
Broker the commission ("COMMISSION") pursuant to a separate agreement between
Seller and Broker.

                                       22
<Page>

          B.   LIMITATION OF LIABILITY. No present or future partner, member,
manager, director, officer, shareholder, employee, trustee, advisor, affiliate
or agent of or in Seller or any affiliate of Seller will have any personal
liability, directly or indirectly, under or in connection with this Agreement or
any agreement made or entered into under or in connection with the provisions of
this Agreement, or any amendment or amendments to any of the foregoing made at
any time or times, heretofore or hereafter, and Buyer and its successors and
assigns and, without limitation, all other persons and entities, will look
solely to Seller's assets for the payment of any claim or for any performance,
and Buyer hereby waives any and all such personal liability. The limitations of
liability contained in this Paragraph will survive the termination of this
Agreement or the Closing Date, as applicable, and are in addition to, and not in
limitation of, any limitation on liability applicable to Seller provided
elsewhere in this Agreement or by law or by any other contract, agreement or
instrument.

          C.   SUCCESSORS AND ASSIGNS. Buyer may not assign or transfer its
rights or obligations under this Agreement (or make an offer or enter into
negotiations to do so) without the prior written consent of Seller (in which
event such transferee will assume in writing all of the transferor's obligations
hereunder, but such transferor will not be released from its obligations
hereunder); provided, however, Buyer may assign its interest in this Agreement
to a single-purpose bankruptcy remote entity which is controlled by Buyer (in
which event such transferee will assume in writing all of the transferor's
obligations hereunder). As used herein, "controlled by Buyer" with respect to an
entity means that Buyer: (1) has the sole ability to direct the management,
policies and operation of such entity, directly or indirectly, through voting
securities or otherwise; and (2) Buyer owns more than fifty percent (50%) of the
direct or indirect ownership interests in such entity. Any change in control or
majority ownership of Buyer constitutes an assignment for purposes of this
subparagraph. No consent given by Seller to any transfer or assignment of
Buyer's rights or obligations hereunder will be construed as a consent to any
other transfer or assignment of Buyer's rights or obligations hereunder. In
addition, Buyer will not re-sell the Property or assign its rights or
obligations under this Agreement (or make an offer or enter into negotiations to
do so) through a "double escrow" or other similar mechanism without Seller's
prior written consent. No transfer or assignment in violation of the provisions
hereof will be valid or enforceable. Subject to the foregoing, this Agreement
and the terms and provisions hereof will inure to the benefit of and will be
binding upon the successors and assigns of the parties.

          D.   NOTICES. Any notice which a party is required or may desire to
give the other party will be in writing and may be delivered (1) personally, (2)
by Federal Express or other reputable courier service regularly providing
evidence of delivery (with charges paid by the party sending the notice); or (3)
by telecopy, provided that such telecopy will be immediately followed by
delivery of such notice pursuant to clause (1) or (2) above. Any such notice
will be addressed as follows (subject to the right of a party to designate a
different address for itself by notice similarly given):

                                       23
<Page>

TO BUYER:

Inland Real Estate Acquisitions, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60523
Attention: G. Joseph Cosenza, President
Telephone:   (630) 218-8000
Telecopier:  (630) 218-4935

WITH A COPY TO:

The Inland Group, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60523
Attention: Robert Baum, General Counsel
Telephone:   (630) 218-8000
Telecopier:  (630) 218-4900 and (630) 571-2360

TO SELLER:

Mall 205, L.L.C.
Portland Plaza 205, L.L.C.
Plaza Parcel, L.L.C.
S.E. 96th Ave., L.L.C.
S.E. Washington St., L.L.C.
PM 205 Parcel, L.L.C.
649 NW 12th Street
Gresham, Oregon  97030
Attention:   Mr. Jean Paul Wardy
Telephone:   (503) 666-1233
Telecopier:  (503) 666-1404

WITH COPY TO:

c/o Oaktree Capital Management, LLC
28th Floor
333 South Grand Avenue
Los Angeles, California  90071
Attention:  Mr. Greg Geiger
Telephone:  213-830-6317
Telecopy: 213-830-6392

                                       24
<Page>

WITH COPY TO:

c/o Oaktree Capital Management, LLC
34th Floor
1301 Avenue of the Americas
New York, New York  10019
Attention: Marc Porosoff, Esq.
Telephone: 212-284-1902
Telecopy: 212-284-1905

WITH COPY TO:

Pircher, Nichols & Meeks
900 North Michigan Avenue, Suite 1050
Chicago, Illinois 60611
Attention:   Real Estate Notices (EJML/DGS)
Telephone:   (312) 915-3112
Telecopier:  (312) 915-3348

TO ESCROW HOLDER

Chicago Title Insurance Company
171 North Clark Street
Chicago, Illinois 60601
Attention: Ms. Nancy Castro
Telephone:  (312) 223-2709
Telecopier: (312) 223-4954

TO TITLE COMPANY:

Chicago Title Insurance Company of Oregon
888 SW 5th Avenue, Suite 930
Portland, Oregon 97204
Attention:   Ms. Cheryle Eastman
Telephone:   (503) 973-7410
Telecopier:  (503) 471-0510

Any notice so given by mail will be deemed to have been given as of the date of
delivery (whether accepted or refused) established by the overnight carrier's
proof of delivery. Any such notice not so given will be deemed given upon actual
receipt of the same by the party to whom the same is to be given. Notices may be
given by facsimile transmission and will be deemed given upon the actual receipt
of the same by the individual to which they are addressed, and will be promptly
followed by a hard copy notice by mail as provided above.

                                       25
<Page>

          E.   LEGAL COSTS. In the event any action be instituted by a party to
enforce this Agreement, the prevailing party in such action (as determined by
the court, agency or other authority before which such suit or proceeding is
commenced), will be entitled to such reasonable attorneys' fees, costs and
expenses as may be fixed by the decision maker. The foregoing includes, but is
not limited to, reasonable attorneys' fees, expenses and costs of investigation
incurred in (1) appellate proceedings; (2) in any post-judgement proceedings to
collect or enforce the judgement; (3) establishing the right to indemnification;
and (4) any action or participation in, or in connection with, any case or
proceeding under Chapter 7, 11 or 13 of the Bankruptcy Code (11 United States
Code Sections 101 ET SEQ.), or any successor statutes. This provision is
separate and several and will survive the consummation of the transaction
contemplated by Agreement or the earlier termination of this Agreement.

          F.   CONFIDENTIALITY. The terms of the transfers contemplated in this
Agreement, including the Purchase Price and all other financial terms, as well
as the information discovered by Buyer and its agents in connection with its due
diligence investigation of the Property will remain confidential and will not be
disclosed by either party hereto without the written consent of the other except
(1) to such party's directors, officers, partners, members, employees, legal
counsel, accountants, engineers, architects, financial advisors and similar
professionals and consultants to the extent such party deems it necessary or
appropriate in connection with the transaction contemplated hereunder (and such
party will inform each of the foregoing parties of such party's obligations
under this Paragraph and will secure the agreement of such parties to be bound
by the terms hereof); or (2) as otherwise required by law or regulation. Each
party will indemnify, defend and hold the other party harmless from and against
any Claims arising from a breach by it or any of its affiliated entities of this
Paragraph. The restrictions in this Paragraph will survive a termination of this
Agreement but will terminate upon the purchase of the Property by Buyer.

          G.   FURTHER INSTRUMENTS. Each party will, whenever and as often as it
will be requested so to do by the other, cause to be executed, acknowledged or
delivered any and all such further instruments and documents as may be necessary
or proper, in the reasonable opinion of the requesting party, in order to carry
out the intent and purpose of this Agreement.

          H.   MATTERS OF CONSTRUCTION.

               (1)  INCORPORATION OF EXHIBITS. All exhibits attached and
referred to in this Agreement are hereby incorporated herein as fully set forth
in (and will be deemed to be a part of) this Agreement.

               (2)  ENTIRE AGREEMENT. This Agreement contains the entire
agreement between the parties respecting the matters herein set forth and
supersedes all prior agreements between the parties hereto respecting such
matters except the Escrow Agreement.

               (3)  TIME OF THE ESSENCE. Subject to subparagraph (4) below, time
is of the essence of this Agreement.

                                       26
<Page>

               (4)  NON-BUSINESS DAYS. Whenever action must be taken (including
the giving of notice or the delivery of documents) under this Agreement during a
certain period of time (or by a particular date) that ends (or occurs) on a
non-business day, then such period (or date) will be extended until the
immediately following business day. As used herein, "BUSINESS DAY" means any day
other than a Saturday, Sunday or federal or Illinois state holiday.

               (5)  SEVERABILITY. If any term or provision of this Agreement or
the application thereof to any person or circumstance will, to any extent, be
invalid or unenforceable, the remainder of this Agreement, or the application of
such term or provision to persons or circumstances other than those as to which
it is held invalid or unenforceable, will not be affected thereby, and each such
term and provision of this Agreement will be valid and be enforced to the
fullest extent permitted by law.

               (6)  INTERPRETATION. Words used in the singular will include the
plural, and vice-versa, and any gender will be deemed to include the other.
Whenever the words "including", "include" or "includes" are used in this
Agreement, they should be interpreted in a non-exclusive manner. The captions
and headings of the Paragraphs of this Agreement are for convenience of
reference only, and will not be deemed to define or limit the provisions hereof.
Except as otherwise indicated, all Exhibit and Paragraph references in this
Agreement will be deemed to refer to the Exhibits and Paragraphs in this
Agreement. Each party acknowledges and agrees that this Agreement (a) has been
reviewed by it and its counsel; (b) is the product of negotiations between the
parties, and (c) will not be deemed prepared or drafted by any one party. In the
event of any dispute between the parties concerning this Agreement, the parties
agree that any ambiguity in the language of the Agreement is to not to be
resolved against Seller or Buyer, but will be given a reasonable interpretation
in accordance with the plain meaning of the terms of this Agreement and the
intent of the parties as manifested hereby.

               (7)  NO WAIVER. Waiver by one party of the performance of any
covenant, condition or promise of the other party will not invalidate this
Agreement, nor will it be deemed to be a waiver by such party of any other
breach by such other party (whether preceding or succeeding and whether or not
of the same or similar nature). No failure or delay by one party to exercise any
right it may have by reason of the default of the other party will operate as a
waiver of default or modification of this Agreement or will prevent the exercise
of any right by such party while the other party continues to be so in default.

               (8)  CONSENTS AND APPROVALS. Except as otherwise expressly
provided herein, any approval or consent provided to be given by a party
hereunder may be given or withheld in the absolute discretion of such party.

               (9)  GOVERNING LAW. THIS AGREEMENT WILL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF OREGON (WITHOUT REGARD TO
CONFLICTS OF LAW).

               (10) THIRD PARTY BENEFICIARIES. Except as otherwise expressly
provided in this Agreement, Seller and Buyer do not intend by any provision of
this

                                       27
<Page>

Agreement to confer any right, remedy or benefit upon any third party (express
or implied), and no third party will be entitled to enforce or otherwise will
acquire any right, remedy or benefit by reason of any provision of this
Agreement.

               (11) AMENDMENTS. This Agreement may be amended by written
agreement of amendment executed by all parties, but not otherwise.

               (12) SURVIVAL. Unless otherwise expressly provided for in this
Agreement, the representations, warranties, covenants and conditions of the
parties set forth in this Agreement will not survive the consummation of the
transaction contemplated by this Agreement and the delivery and recordation of
the Deeds.

          I.   BUYER'S DELIVERY OF CERTAIN INFORMATION. In the event the
transaction contemplated hereby will fail to close for any reason other than a
default by Seller hereunder, Buyer will, at its expense, promptly deliver to
Seller (1) all existing originals and copies of the written information and
materials supplied to Buyer by Seller, Manager or their respective agents; and
(2) true, accurate and complete copies of any written information concerning the
Property prepared by or on behalf of Buyer in connection with its investigations
hereunder (including any reports, audits and appraisals prepared by any third
parties). Seller will not hold Buyer responsible for the accuracy of any
information prepared by third parties which is delivered to Seller in connection
with this Paragraph.

          J.   POST CLOSING ACCESS. For a period of six (6) months subsequent to
the Closing Date, Seller and its employees, agents and representatives will be
entitled to access during business hours to all documents, books and records
given to Buyer by Seller at the Closing for tax and audit purposes, regulatory
compliance, and cooperation with governmental investigations upon reasonable
prior notice to Buyer, and will have the right to make copies of such documents,
books and records at Seller's expense.

          K.   SECTION 1031 EXCHANGE. Buyer acknowledges that Northwest Retail
Member, L.L.C. and/or Northwest Retail Associates, L.L.C., the entities directly
or indirectly comprising Seller (collectively, "SELLER MEMBER"), may be assigned
all or a portion of Seller's rights under this Agreement in order that Seller
Member may sell a portion of the Property outright or as part of an IRC Section
1031 tax deferred exchange. Buyer agrees to reasonably cooperate (but not act as
an accommodator or qualified intermediary) with Seller Member in such sale or
exchange, provided that (i) such cooperation and the effecting of the sale or
exchange will be at no additional cost, expense or liability to Buyer; and (ii)
the sale or exchange will not prevent, delay or be a condition to Closing.
Seller will have the right to assign a portion of this Agreement and its rights
hereunder to Seller Member, and Seller Member will have the right to assign its
rights under this Agreement to a qualified intermediary selected and designated
by Seller Member without the consent of Buyer and without such assignments
constituting a default under this Agreement, provided that Seller delivers prior
written notification of such assignment to Buyer and provided that such
assignments by Seller and Seller Member will not relieve Seller of its
obligations hereunder. The provisions of this sub-paragraph K will survive the
Closing.

                                       28
<Page>

          M.   INDEMNIFICATION OBLIGATIONS. If the Closing occurs, then the
parties will have the following respective indemnification obligations, which
indemnification obligations will survive the Closing for a period of six (6)
months from the Closing Date, at which time the indemnification obligations with
respect to which the Indemnitee (defined below) has not provided the Indemnitor
(defined below) written notice will terminate.

               (i)  INDEMNIFICATION BY SELLER. Seller will protect, defend,
indemnify and hold Buyer and the Property harmless from and against any Claim,
made by any person or entity other than a Tenant, Buyer, an affiliate of Buyer,
or a successor-in-interest to Buyer, in any way related to the Property and
arising or accruing prior to Closing Date.

               (ii) INDEMNIFICATION BY BUYER. Buyer will protect, defend,
indemnify and hold Seller harmless from and against any Claim, made by any
person or entity other than a Tenant, Seller or an affiliate of Seller, in any
way related to the Property and first arising or accruing on or after the
Closing Date.

               (iii) GENERALLY. The indemnification obligations under this
Agreement, including those set forth in this subparagraph L, will be subject to
the following provisions:

               (1)  The party seeking indemnification ("INDEMNITEE") will notify
the other party ("INDEMNITOR") of any Claim against Indemnitee within forty-five
(45) days after it has notice of such Claim, but failure to notify Indemnitor
will in no case prejudice the rights of Indemnitee under this Agreement unless
Indemnitor will be prejudiced by such failure and then only to the extent of
such prejudice. Should Indemnitor fail to discharge or undertake to defend
Indemnitee against such liability (with counsel approved by Indemnitee), within
thirty (30) days after Indemnitee gives Indemnitor written notice of the same,
then Indemnitee may settle such Claim, and Indemnitor's liability to Indemnitee
will be conclusively established by such settlement, the amount of such
liability to include both the settlement consideration and the reasonable costs
and expenses, including attorneys' fees, incurred by Indemnitee in effecting
such settlement. Indemnitee will have the right to employ its own counsel in any
such case, but the fees and expenses of such counsel will be at the expense of
Indemnitee unless: (a) the employment of such counsel will have been authorized
in writing by Indemnitor in connection with the defense of such action, (b)
Indemnitor will not have employed counsel to direct the defense of such action,
or (c) Indemnitee will have reasonably concluded that there may be defenses
available to it which are different from or additional to those available to
Indemnitor (in which case Indemnitor will not have the right to direct the
defense of such action or of Indemnitee), in any of which events such fees and
expenses will be borne by Indemnitor.

               (2)  The indemnification obligations under this Agreement will
cover the costs and expenses of Indemnitee, including reasonable attorneys'
fees, related to any actions, suits or judgments incident to any of the matters
covered by such indemnities.

               (3)  The indemnification obligations under this Agreement will
also extend to any present or future advisor, trustee, director, officer,
partner, member,

                                       29
<Page>

manager, employee, beneficiary, shareholder, participant or agent of or in
Indemnitee or any entity now or hereafter having a direct or indirect ownership
interest in Indemnitee.

          N.   JURISDICTION; VENUE. Each party hereby consents to the exclusive
jurisdiction of any state or federal court located within Multnomah County,
Oregon, waives personal service of any and all process upon it, consents to
service of process by registered mail directed to each party at the address for
notices herein, and acknowledges that service so made will be deemed to be
completed upon actual delivery thereof (whether accepted or refused). Each party
further consents and agrees that venue of any action instituted under this
Agreement will be proper solely in Multnomah County, Oregon, and hereby waives
any objection to such venue.

          O.   WAIVER OF TRIAL BY JURY. The parties hereby irrevocably waive
their respective rights to a jury trial of any claim or cause of action based
upon or arising out of this Agreement. This waiver will apply to any subsequent
amendments, renewals, supplements or modifications to this Agreement. In the
event of litigation, this Agreement may be filed as a written consent to a trial
by the court.

          P.   NO RECORDATION. In no event will this Agreement or any document
or other memorandum related to the subject matter of this Agreement be recorded
without the consent of Seller.

          Q.   COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which will be deemed to constitute an original, but all of
which, when taken together, will constitute one and the same instrument, with
the same effect as if all of the parties to this Agreement had executed the same
counterpart.

          Q.   STATUTORY DISCLAIMER. THE PROPERTY DESCRIBED IN THIS INSTRUMENT
MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY
IS SUBJECT TO LAND USE LAWS AND REGULATIONS, WHICH, IN FARM OR FOREST ZONES, MAY
NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND WHICH LIMIT LAWSUITS
AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930 IN ALL ZONES.
BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO
THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING
DEPARTMENT TO VERIFY APPROVED USES AND EXISTENCE OF FIRE PROTECTION FOR
STRUCTURES.

          R.   LEASING FOLLOWING CLOSING.

          (1)  LEASING ESCROW ACCOUNT. On the Closing Date, Seller will fund an
escrow account (the "LEASING ESCROW ACCOUNT") in an amount (the "LEASING FUND
DEPOSIT") equal to the sum of the annual rents and reimbursable expenses set
forth in EXHIBIT N hereto for any portion of the Property identified in EXHIBIT
N that is not then subject to a Tenant Lease under which the tenant has
commenced to pay rent and reimbursable expenses. The funds so deposited into the
Leasing Escrow Account, together with any interest from time to time earned
thereon, are referred to herein as the

                                       30
<Page>

"LEASING FUNDS". The Leasing Escrow Account will be an interest-bearing escrow
account to be held by the Title Company pursuant to the terms of an escrow
agreement similar in form to the Escrow Agreement. The Leasing Funds will be
invested in only the following investments selected by Seller: (i) United States
Treasury obligations; or (ii) United States Treasury-backed repurchase
agreements issued by a major national money center banking institution.

          (2)  PAYMENTS FROM LEASING ESCROW ACCOUNT.

          (a)  On the Closing Date and on the first day of each and every
calendar month thereafter, until twelve (12) payments have been made, the Title
Company will pay to Buyer, from the Leasing Escrow Account, an amount (the
"MONTHLY LEASING PAYMENT") equal to one-twelfth (1/12th) of the sum of the
annual rents and reimbursable expenses set forth in EXHIBIT N hereto for any
portion of the Property identified in EXHIBIT N that is not then subject to a
Tenant Lease under which the tenant has commenced to pay rent. If the Closing
Date occurs on a date other than the first business day of a calendar month,
then the Monthly Leasing Payment for the period from the Closing Date through
the expiration of the calendar month in which Closing occurs will equal the
product of (i) the Monthly Leasing Payment for a full calendar month, measured
as of such date, and (ii) a fraction, the numerator of which is the number of
days from and including the Closing Date through the expiration of the calendar
month in which Closing occurs and the denominator of which is thirty (30). If
the Closing Date occurs on a date other than the first business day of a
calendar month, then the final installment of the Monthly Leasing Payment will
be adjusted to account for such partial calendar month.

          (b)  The Monthly Leasing Payment will be disbursed by Title Company to
Buyer on the first day of each calendar month, provided, however, if prior to
the first day of a calendar month a tenant (i) has executed a lease for a
premises described on EXHIBIT N and (ii) commenced to pay rent and reimbursable
expenses thereunder, then the Monthly Leasing Payment will be reduced by the
amount of rent and reimbursable expenses payable by such tenant for a calendar
month. Seller or Buyer will be entitled to deliver notice to Title Company
setting forth the adjustment in the Monthly Leasing Payment that will be made
from and after such date. The party not delivering notice will be entitled to
object to the delivery by the other party of notice describing the adjustment in
the Monthly Leasing Payment. The written direction of a party will include a
calculation of the amount of the Monthly Leasing Payment to be paid by Title
Company. Buyer or Seller will endeavor to provide the written direction to Title
Company two (2) business days prior to the first day of a calendar month in
order for Title Company, absent objection from the non-sending party, to
disburse the Monthly Leasing Payment to Buyer in the requested amount. Whether
or not such a notice has been delivered, the funds held in the Leasing Escrow
Account that are attributable to a premises for which a tenant is paying rent
and reimbursable expenses will belong to Seller from and after the commencement
of payment of rent by that tenant.

          (c)  Because Seller will have given a credit to Buyer on the Closing
Date for the amount of tenant improvement and leasing costs that are expected to
be payable with respect to the premises described in EXHIBIT N that are not
leased as of the Closing

                                       31
<Page>

Date (and for the premises leased as of the Closing Date for which the tenant
has not commenced paying rent and reimbursable expenses), as provided in
Paragraph 6D(3), Seller will not have any liability whatsoever for the payment
of tenant improvement costs or leasing commissions from and after the Closing
Date, to the extent credited to Buyer at Closing. In that event that, as of the
Closing Date, any costs for tenant improvement obligations or leasing
commissions with respect to the premises described in EXHIBIT N have been
incurred by Seller (and credited to Buyer) but have not been paid in full, then
Buyer will assume the obligation to pay and satisfy same pursuant to one or more
instruments of assignment and assumption reasonably satisfactory to Buyer and
Seller. The parties acknowledge that Seller will have no liability whatsoever
under, or with respect to any matter covered by, a Tenant Lease, construction
contract, leasing agreement or service contract executed after the Closing Date.

          (3)  FINAL DISBURSEMENT. On the first anniversary of the Closing Date,
(a) all Leasing Funds that are remaining in the Leasing Escrow Account that are
not owing to Buyer will be promptly remitted to Seller by Title Company, (b) all
Leasing Funds that are remaining in the Leasing Escrow Account that are not
owing to Seller will be promptly remitted to Buyer by Title Company, and (c) all
Leasing Funds paid to Buyer at any time that should have been remitted to Seller
will be refunded by Buyer to Seller.

          (4)  SURVIVAL. The provisions of this subparagraph R will survive
Closing hereunder.

     THE SUBMISSION OF THIS AGREEMENT FOR EXAMINATION IS NOT INTENDED TO NOR
WILL CONSTITUTE AN OFFER TO SELL, OR A RESERVATION OF, OR OPTION OR PROPOSAL OF
ANY KIND FOR THE PURCHASE OF THE PROPERTY. IN NO EVENT WILL ANY DRAFT OF THIS
AGREEMENT CREATE ANY OBLIGATION OR LIABILITY, IT BEING UNDERSTOOD THAT THIS
AGREEMENT WILL BE EFFECTIVE AND BINDING ONLY WHEN A COUNTERPART HEREOF HAS BEEN
EXECUTED AND DELIVERED BY EACH PARTY HERETO AND THE INITIAL DEPOSIT IS DELIVERED
TO TITLE COMPANY.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       32
<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                         PORTLAND PLAZA 205, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:  Northwest Retail Member, L.L.C.,
                              a Delaware limited liability company,
                              its duly authorized Member

                              By:  Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its Manager

                                   By:
                                      ------------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                         ---------------------------------

                                   By:
                                      ------------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                         ---------------------------------

                         PLAZA PARCEL, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:  Northwest Retail Member, L.L.C.,
                              a Delaware limited liability company,
                              its sole Member

                              By:  Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its Manager

                                   By:
                                      ------------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                         ---------------------------------

                                   By:
                                      ------------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                         ---------------------------------

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

                                       33
<Page>

                         MALL 205, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:  Northwest Retail Member, L.L.C.,
                              a Delaware limited liability company,
                              its duly authorized Member

                              By:  Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its Manager

                                   By:
                                      ------------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                         ---------------------------------

                                   By:
                                      ------------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                         ---------------------------------

                         S.E. 96TH AVE., L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:  Northwest Retail Associates, L.L.C.,
                              a Delaware limited liability company,
                              its sole member

                              By:
                                 -----------------------------------------
                              Name:
                                   ---------------------------------------
                              Title:
                                    --------------------------------------

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                       34
<Page>

                         S.E. WASHINGTON ST., L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:  Northwest Retail Member, L.L.C.,
                              a Delaware limited liability company,
                              its sole member

                              By:  Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its manager

                                   By:
                                       -----------------------------------
                                   Name:
                                         ---------------------------------
                                   Title:
                                          --------------------------------

                                   By:
                                       -----------------------------------
                                   Name:
                                         ---------------------------------
                                   Title:
                                          --------------------------------

                         PM 205 PARCEL, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:  Parcel 205 Member, L.L.C.,
                              a Delaware limited liability company,
                              its sole member

                              By:  Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its manager

                                   By:
                                       ------------------------------
                                   Name:
                                         ----------------------------
                                   Title:
                                          ---------------------------

                                   By:
                                       ------------------------------
                                   Name:
                                         ----------------------------
                                   Title:
                                          ---------------------------

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                       35
<Page>

                              INLAND REAL ESTATE ACQUISITIONS, INC.,
                              AN ILLINOIS CORPORATION

                              By:
                                 -----------------------------------------
                              Name:
                                   ---------------------------------------
                              Title:
                                    --------------------------------------

                                       36
<Page>

                        REAL PROPERTY PURCHASE AGREEMENT

                                    MALL 205
                                    PLAZA 205

                                  EXHIBIT LIST

     Exhibit A-1    -    Description of Mall 205 Land

     Exhibit A-2    -    Description of Plaza 205 Land

     Exhibit B-1    -    Inventory of Mall 205 Personal Property

     Exhibit B-2    -    Inventory of Plaza 205 Personal Property

     Exhibit C      -    Form of Deposit Escrow Agreement

     Exhibit D-1    -    Due Diligence Information

     Exhibit D-2    -    Buyer's Due Diligence Checklist

     Exhibit E      -    Form of Deeds

     Exhibit F      -    Form of Bill of Sale, Assignment and Assumption

     Exhibit G      -    Form of Certificate of "Non-Foreign" Status

     Exhibit H      -    Form of Closing Certificate

     Exhibit I      -    Form of Notice to Tenants

     Exhibit J      -    Rent Roll

     Exhibit K      -    Exceptions to Seller's Warranties

     Exhibit L      -    List of Service Contracts

     Exhibit M-1    -    Form of Tenant Estoppel Certificate

     Exhibit M-2    -    Form of Target REA COREA Estoppel Certificate

     Exhibit N      -    Projected Rents, Leasing Commissions and Tenant
                         Improvement Costs for Premises Not Presently Subject
                         to Leases or Occupied by Rent-Paying Tenants

                                        1
<Page>

                                   EXHIBIT A-1

                          DESCRIPTION OF MALL 205 LAND

                               [SEE ATTACHED PAGE]

<Page>

                                   EXHIBIT A-2

                          DESCRIPTION OF PLAZA 205 LAND

                               [SEE ATTACHED PAGE]

<Page>

                                   EXHIBIT B-1

                     INVENTORY OF MALL 205 PERSONAL PROPERTY

                                    Chain Saw
                                  Drop Spreader
                                   Leaf Blower
                                  Weed Whacker
                                   Wheelbarrow
                                     Grinder
                                   Tool Boxes
                            Miscellaneous Hand Tools
                                 Floor Scrubber
                                  Floor Sweeper
                             Billy Goat Vacuum, 8hp
                            Wet/Dry Vacuum, 20 gallon
                             Wet/Dry Vacuum, gallon
                               Vacuum Cleaners (2)
                         Step Ladder, Aluminum, 10-foot
                          Step Ladder, Aluminum, 6-foot
                                 Pressure Washer
                                 Time Clocks (2)
                                Walkie Talkie (7)
                                Refrigerator (2)

<Page>

                                   EXHIBIT B-2

                    INVENTORY OF PLAZA 205 PERSONAL PROPERTY

                                    Desks (6)
                                   Chairs (10)
                                Conference Table
                          Lexmark 4039 10 Plus Printer
                              Canon LBP 430 Printer
                                   Typewriter
                    Xerox 5028 Copy Machine (5050390 Copies)
                                  Cabinets (10)
                              Tables (20) and Cart

<Page>

                                    EXHIBIT C

                        FORM OF DEPOSIT ESCROW AGREEMENT

             Escrow Agreement among Seller, Buyer and Escrow Holder.

                                     RECITAL

     Seller and Buyer have entered into the Purchase Agreement dated effective
as of December 3, 2003 for the Property. In connection with the transactions
contemplated by the Purchase Agreement, Buyer and Seller have requested Escrow
Holder to hold the Deposit (as defined in the Purchase Agreement) under the
Purchase Agreement in escrow in accordance with the terms of this Agreement.

     NOW THEREFORE, in consideration of the covenants herein and other valuable
consideration, Seller, Buyer and Escrow Holder agree as follows:

          1.   DEFINITION OF TERMS - Throughout this Agreement the following
terms will be defined as indicated.

          TERM                          DEFINITION

          Seller                        Mall 205, L.L.C.
                                        Portland Plaza 205, L.L.C.
                                        Plaza Parcel, L.L.C.
                                        S.E. 96th Ave., L.L.C.
                                        S.E. Washington St., L.L.C.
                                        PM 205 Parcel, L.L.C.

          Seller's Address              28th Floor
                                        333 South Grand Avenue
                                        Los Angeles, California  10019
                                        Attention:  Mr. Greg Geiger

          Buyer                         Inland Real Estate Acquisitions, Inc.

          Buyer's Addresses             2901 Butterfield Road
                                        Oak Brook, Illinois  60523
                                        Attention: Mr. G. Joseph Cosenza

<Page>

          Escrow Holder (until the
          Expiration of the Due
          Diligence Period and the      Chicago Title Insurance Company
          delivery of the Deposit)      ("CTIC")

          Address                       171 North Clark Street
                                        Chicago, Illinois 60601
                                        Attention: Ms. Nancy Castro

          Escrow Holder (after the
          Expiration of the Due
          Diligence Period and upon     Chicago Title Insurance Company of
          assignment of this Agreement) Oregon ("CTICO")

          Address                       888 SW 5th Avenue, Suite 930
                                        Portland, Oregon  97204
                                        Attention:  Ms. Cheryle Eastman

          Purchase Agreement            Dated as of December 3, 2003

          Property                      See Exhibits A-1 and A-2 to Purchase
                                        Agreement

          Initial Escrow Deposit        $1,000,000

          Additional Escrow Deposit     $1,000,000

          Date of this Escrow Agreement December 3, 2003

          2.   RECEIPT OF ESCROW CHECK - CTIC may receive the check or
wire transfer representing the Initial Escrow Deposit, and CTICO may receive the
check or wire transfer representing the Additional Escrow Deposit under the
Purchase Agreement (the Initial Escrow Deposit, the Additional Escrow Deposit
and any interest accrued thereon is hereinafter called the "DEPOSIT"). CTIC
agrees to hold the Deposit on the terms and conditions set forth in this
Agreement. If Buyer does not deliver a notice terminating the Purchase Agreement
on or before 5:00 PM Pacific Time on Monday, December 29, 2003, then CTIC shall
assign all of its right, title and interest in and to this Agreement to CTICO in
the form attached hereto as SCHEDULE 1, and, from and after the date of such
assignment, (a) CTIC shall transfer the Initial Escrow Deposit to CTICO and (b)
CTICO shall, for all purposes, act as the Escrow Holder under this Agreement.

          3.   DISPOSITION OF CONTRACT DEPOSIT - Escrow Holder shall hold
and dispose of the Deposit in accordance with the terms of this Agreement or in
accordance with any instruction or instructions which shall be signed jointly by
both Seller and Buyer, or in accordance with separate instructions of like tenor
signed by Seller and Buyer. Seller and Buyer hereby instruct and authorize
Escrow Holder to invest the Deposit in any of the

<Page>

following: (i) United States Treasury obligations; (ii) United States
Treasury-backed repurchase agreements issued by a major national money center
banking institution reasonably acceptable to Seller; or (iii) such other
investments as may be reasonably acceptable to Seller and Buyer. If Escrow
Holder will receive an instruction (hereinafter the "INSTRUCTION") with respect
to the Deposit, or any part thereof, from Seller but not from Buyer, or from
Buyer but not from Seller (the party giving the Instruction being hereinafter
referred to as the "INSTRUCTING PARTY" and the party which will not have given
the Instruction being hereinafter referred to as the "NON-INSTRUCTING PARTY"),
Escrow Holder will transmit a copy of the Instruction received from the
Instructing Party to the Non-Instructing Party. Escrow Holder will not act in
accordance with the Instruction unless and until the Non-Instructing Party will
notify Escrow Holder in writing that Escrow Holder is to comply with the
Instruction. If the Non-Instructing Party will advise Escrow Holder not to
comply with the Instruction, Escrow Holder will not act in accordance with the
Instruction, but may thereafter either

                    (a)  act solely in accordance with any of the following:

                         (i)   a new Instruction signed jointly by Seller and
                               Buyer;

                         (ii)  separate Instructions of like tenor from each of
                               Seller and Buyer;

                         (iii) a certified copy of an arbitrator's award issued
                               under the rules of the American Arbitration
                               Association as to which Escrow Holder will have
                               received an opinion of a law firm satisfactory to
                               Escrow Holder in its sole and absolute discretion
                               that such award is final beyond appeal; or

                         (iv)  a certified copy of a judgment of a court of
                               competent jurisdiction as to which Escrow Holder
                               will have received an opinion of a law firm
                               satisfactory to Escrow Holder in its sole and
                               absolute discretion that such award is final
                               beyond appeal; or

                    (b)  deposit the Deposit with a court selected by Escrow
Holder and in such event all liability and responsibility of Escrow Holder will
terminate upon such deposit having been made.

               4.   RESPONSIBILITY - Escrow Holder will not be bound in any way
by the Purchase Agreement or any other agreement between Seller and Buyer,
whether or not it has knowledge thereof, and Escrow Holder's only duties and
responsibilities will be to hold and to dispose of the Deposit in accordance
with the terms of this Agreement.

               5.   NOTICE - Any notice, report, demand or instruction required
or permitted under this Agreement will be deemed to have been sufficiently
transmitted,

<Page>

delivered, given or served for all purposes if delivered by nationally
recognized overnight courier service which provides a receipt to the parties at
their addresses hereinabove set forth (if to Seller, with a copy to Pircher,
Nichols & Meeks, 900 North Michigan Avenue, Chicago, Illinois 60611, Attn: Real
Estate Notices (EJML); if to Buyer, with a copy to The Inland Group, Inc., 2901
Butterfield Road, Oak Brook, Illinois 60523, Attention: Robert Baum, Esq.), or
at such other address as a party may hereafter designate by written notice as
herein provided. The effective date of delivery or transmittal of a notice,
report, demand or instruction will be the actual date that delivery is effected.

               6.   MISCELLANEOUS - This Agreement will be governed by and
construed in accordance with the laws of the State of Oregon and will bind and
inure to the benefit of the parties hereto and their respective heirs, legal
representatives, successors and assigns. This Agreement may not be changed or
amended except by a writing signed by all of the parties hereto.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

<Page>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                         PORTLAND PLAZA 205, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:   Northwest Retail Member, L.L.C.,
                               a Delaware limited liability company,
                               its duly authorized Member

                               By: Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its Manager

                                   By:
                                        ----------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                        ----------------------------------

                                   By:
                                        ----------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                        ----------------------------------

                         PLAZA PARCEL, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:   Northwest Retail Member, L.L.C.,
                               a Delaware limited liability company,
                               its sole Member

                               By: Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its Manager

                                   By:
                                        ----------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                        ----------------------------------

                                   By:
                                        ----------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                        ----------------------------------

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

<Page>

                         MALL 205, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:   Northwest Retail Member, L.L.C.,
                               a Delaware limited liability company,
                               its duly authorized Member

                               By: Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its Manager

                                   By:
                                        ----------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                        ----------------------------------

                                   By:
                                        ----------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                        ----------------------------------

                         S.E. 96TH AVE., L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:   Northwest Retail Associates, L.L.C.,
                               a Delaware limited liability company,
                               its sole member

                               By:
                                   ---------------------------------------
                               Name:
                                   ---------------------------------------
                               Title:
                                    --------------------------------------

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

<Page>

                         S.E. WASHINGTON ST., L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:   Northwest Retail Member, L.L.C.,
                               a Delaware limited liability company,
                               its sole member

                               By: Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its manager

                                   By:
                                       ---------------------------------------
                                   Name:
                                        --------------------------------------
                                   Title:
                                         -------------------------------------

                                   By:
                                       ---------------------------------------
                                   Name:
                                        --------------------------------------
                                   Title:
                                         -------------------------------------

                         PM 205 PARCEL, L.L.C.,
                         A DELAWARE LIMITED LIABILITY COMPANY

                         By:   Parcel 205 Member, L.L.C.,
                               a Delaware limited liability company,
                               its sole member

                               By: Oaktree Capital Management, LLC,
                                   a California limited liability company,
                                   its manager

                                   By:
                                       -----------------------------------
                                   Name:
                                        ----------------------------------
                                   Title:
                                         ---------------------------------

                                   By:
                                       -----------------------------------
                                   Name:
                                         ---------------------------------
                                   Title:
                                         ---------------------------------

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

<Page>

                         INLAND REAL ESTATE ACQUISITIONS, INC.,
                         AN ILLINOIS CORPORATION

                         By:
                             ---------------------------------------------
                         Name:
                               -------------------------------------------
                         Title:
                               -------------------------------------------

                         CHICAGO TITLE INSURANCE COMPANY,
                         an Illinois corporation

                         By:
                             ---------------------------------------------
                         Name:
                               -------------------------------------------
                         Title:
                                ------------------------------------------

<Page>

                                   SCHEDULE 1

                  ASSIGNMENT AND ASSUMPTION OF ESCROW AGREEMENT

FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby
acknowledged, CHICAGO TITLE INSURANCE COMPANY, an Illinois corporation
("ASSIGNOR"), hereby assigns to CHICAGO TITLE INSURANCE COMPANY OF OREGON, an
Oregon corporation ("ASSIGNEE"), all of Assignor's rights, interests and
obligations under that certain Escrow Agreement (the "AGREEMENT") dated as of
December 3, 2003, by and among Assignor, PORTLAND PLAZA 205, L.L.C., a Delaware
limited liability company, PLAZA PARCEL, L.L.C., a Delaware limited liability
company, MALL 205, L.L.C., a Delaware limited liability company, S.E. 96th AVE.,
L.L.C., a Delaware limited liability company, S.E. WASHINGTON ST., L.L.C., a
Delaware limited liability company, and PM 205 PARCEL, L.L.C., a Delaware
limited liability company, and INLAND REAL ESTATE ACQUISITIONS, INC., an
Illinois corporation.

Assignee hereby accepts the foregoing assignment and agrees to assume and
discharge, in accordance with the terms thereof, all of the burdens and
obligations of Assignor under the Agreement.

IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement as of
December _____, 2003.

ASSIGNOR:           CHICAGO TITLE INSURANCE COMPANY,
                    an Illinois corporation

                    By:
                       ---------------------------------------
                    Name:
                         -------------------------------------
                    Title:
                          ------------------------------------

ASSIGNEE:           CHICAGO TITLE INSURANCE COMPANY OF OREGON,
                    an Oregon corporation

                    By:
                       ---------------------------------------
                    Name:
                         -------------------------------------
                    Title:
                          ------------------------------------

<Page>

                                   EXHIBIT D-1

                            DUE DILIGENCE INFORMATION

1.   Information contained in that certain Investment Offering for Mall 205,
     9900 S.E. Washington Street, Portland, Oregon, presented by CB Richard
     Ellis.

2.   Information contained in that certain Investment Offering for Plaza 205,
     10302-10542 S.E. Washington Street, Portland, Oregon, presented by CB
     Richard Ellis.

<Page>

                                   EXHIBIT D-2

                         BUYER'S DUE DILIGENCE CHECKLIST

A.   FINANCIAL INFORMATION

     1.   Copy of leases and any guarantees

     2.   Current Rent Roll

     3.   Standard Lease Form

     4.   Latest leasing status report

     5.   List of specialty license agreements

     6.   Prior two full years operating statements + Year-to-date statement

     7.   Prior year's general ledger statement + Year-to-date statement

     8.   Last three years' bills for:
               a.   Real estate taxes
               b.   Reconciliations for CAM/taxes/insurance
               c.   Statement of current monthly amounts paid by tenants for
                    CAM/tax/insurance plus a year-to-date balance of amounts
                    paid by each tenant

     9.   Information related to any recent CAM or TAX Audits, including copies
               of reports (Target REA)

     10.  Receivables status/aging report

     11.  Tenant sales reports for last three years

     12.  Description and breakdown of Promotional Income and Marketing Fund

     13.  Leasing Plan

<Page>

B.   EXPENSE INFORMATION

     1.   Twelve months of consecutive utility bills
          a.   Water
          b.   Gas
          c.   Electric
          d.   Telephone and dedicated lines

     2.   Copies of all service agreements, contracts or any leases that
          encumber the property (if and to the extent available)

     3.   Capital improvements
          a.   Assignable warranties (if and to the extent available)

C.   ENVIRONMENTAL REPORTS

     1.   Phase I

     2.   Other (if any)

D.   STAFFING

     1.   Itemized by position and salary

E.   SITE INSPECTIONS

     1.   Inspection report

     2.   Photo attached

<Page>

F.   MISCELLANEOUS

     1.   Code violations
          a.   Current and outstanding
          b.   Last 24 months, with compliance
          c.   Contact municipalities as to other problems

     2.   Warranties

     3.   Current tenant contact list

     4.   Certificates of insurance from tenants

     5.   Marketing/leasing brochures

     6.   Survey

     7.   Site plan

     8.   Building photographs and aerials

     9.   Certificates of Occupancy

<Page>

                                    EXHIBIT E

                                  FORM OF DEEDS

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:

____________________________

____________________________

____________________________

MAIL TAX STATEMENTS TO:

____________________________

____________________________

____________________________

                              SPECIAL WARRANTY DEED

________________________________________________________________, ("GRANTOR"),
conveys and specially warrants to ________________________________, ("GRANTEE"),
the following described real property (the "PROPERTY") in the City of Portland,
County of Multnomah, State of Oregon, free of encumbrances created or suffered
by the Grantor, except as specifically set forth herein:

SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF.

The Property is free of all encumbrances created or suffered by the Grantor
except:

SEE EXHIBIT B ATTACHED HERETO AND MADE A PART HEREOF.

The true consideration for this conveyance is $______________________________.

          THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WITHIN A FIRE
PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE
LAWS AND REGULATIONS, WHICH, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE
CONSTRUCTION OR SITING OF A RESIDENCE AND WHICH LIMIT LAWSUITS AGAINST FARMING
OR FOREST PRACTICES AS DEFINED IN ORS 30.930 IN ALL ZONES. BEFORE SIGNING OR
ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD
CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED
USES AND EXISTENCE OF FIRE PROTECTION FOR STRUCTURES.

<Page>

          Grantor, for itself and for its successors and assigns, does specially
warrant the title to the Property and will defend the same against the lawful
claims (other than those set forth on Exhibit B) of all persons claiming by,
through or under Grantor, but not otherwise.

     Dated as of this _____ day of _____, ____________

                                _____________________________________

                                a ___________________________________

                                  By:
                                     ----------------------------------
                                  Name:
                                       --------------------------------
                                  Title:
                                        -------------------------------

<Page>

STATE OF            )
                    ) ss
COUNTY OF           )

     On ___________ ____, _______________before me, , a Notary Public in and for
said County and State, personally appeared _________________________, personally
known to me (or proved to me on the basis of satisfactory evidence) to be the
person whose name is subscribed to the within instrument and acknowledged to me
that he/she executed the same in his/her authorized capacity and that by his/her
signature on the instrument the person, or the entity upon behalf of which the
person acted, executed the instrument.

     WITNESS my hand and official seal.

Signature:
          ----------------------------------

                         SPACE FOR NOTARY SEAL OR STAMP

<Page>

                                    EXHIBIT A

                                LEGAL DESCRIPTION

<Page>

                                    EXHIBIT B

                              PERMITTED EXCEPTIONS

<Page>

                                    EXHIBIT F

            FORM OF BILL OF SALE, ASSIGNMENT AND ASSUMPTION AGREEMENT

                                    MALL 205
                                    PLAZA 205

     FOR VALUABLE CONSIDERATION, receipt and adequacy of which is hereby
acknowledged, as of the date hereof (the "EFFECTIVE DATE"), the undersigned,
________________, a Delaware limited liability company ("ASSIGNOR"), hereby
sells, transfers, assigns and conveys to __________________________, a
___________________ ("ASSIGNEE"), all right, title and interest of Assignor in
and to the "Personal Property", the "Tenant Leases" and the "Intangible
Property", as each of the foregoing is defined in that certain agreement
("PURCHASE AGREEMENT") captioned "REAL PROPERTY PURCHASE AGREEMENT", dated as of
______, 2003, by and between Assignor and Assignee, providing for, among other
things, the conveyance of the Personal Property, the Tenant Leases, and the
Intangible Property. Unless otherwise defined herein, all terms used in a
capitalized manner herein will have the meaning set forth in the Purchase
Agreement.

     The covenants, agreements, representations, warranties, indemnities and
limitations provided in the Purchase Agreement with respect to the property
conveyed hereunder (including, without limitation, the limitations of liability
provided in Paragraphs 3, 8, 9, 11B and 11M of the Purchase Agreement), are
hereby incorporated herein by this reference as if herein set out in full and
will inure to the benefit of and will be binding upon Assignee and Assignor and
their respective successors and assigns.

     This Bill of Sale, Assignment and Assumption is made subject to the title
exceptions approved or deemed approved by Assignee pursuant to Paragraph 4 of
the Purchase Agreement.

     This Bill of Sale, Assignment and Assumption may be executed in one or more
identical counterparts, each of which such counterpart will be deemed an
original for all purposes and all such counterparts collectively consisting of
one such Bill of Sale, Assignment and Assumption.

     As of the Effective Date, Assignee hereby accepts the foregoing Bill of
Sale, Assignment and Assumption and hereby agrees to assume and discharge, in
accordance with the terms thereof, all of the burdens and obligations of
Assignor relating to the Tenant Leases and Intangible Property first arising and
accruing on and after the Effective Date; subject, however, to any provisions in
the Tenant Leases which limit the liability of the lessor thereunder.

<Page>

     IN WITNESS WHEREOF, Assignor and Assignee have executed this Bill of Sale,
Assignment and Assumption as of __________, _______.

                                     ASSIGNOR:

                                     _____________________________________

                                     a ___________________________________

                                     By:
                                           -------------------------
                                     Name:
                                           -------------------------
                                     Title:
                                           -------------------------

                                     ASSIGNEE:

                                     _____________________________________

                                     a ___________________________________

                                     By:
                                         ------------------------------
                                     Name:
                                          -----------------------------
                                     Title:
                                           ----------------------------

<Page>

                                    EXHIBIT G

                    FORM OF CERTIFICATE OF NON-FOREIGN STATUS

                                    MALL 205
                                    PLAZA 205

FEDERAL FIRPTA CERTIFICATE

     Section 1445 of the Internal Revenue Code provides that a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform __________________________, a ___________________ ("BUYER"),
that withholding of tax is not required upon the disposition of a U.S. real
property interest by _____________________________, a Delaware limited liability
company ("SELLER"), the undersigned hereby swears, affirms and certifies the
following on behalf of Seller:

     1.   Seller is not a foreign corporation, foreign partnership, foreign
trust, or foreign estate (as those terms are defined in the Internal Revenue
Code and Income Tax Regulations).

     2.   Seller's U.S. employer identification number is ____________.

     3.   Seller's office address is:

          ___________________________________

          ___________________________________

          ___________________________________

          Attention:  _______________________

     4.   Seller understands that this certification may be disclosed to the
Internal Revenue Service by Buyer and that any false statement contained herein
could be punished by fine, imprisonment, or both.

     Under penalties of perjury, the undersigned declares that he has examined
this certification and to the best of his knowledge and belief it is true,
correct and complete, and he/she further declares that he has the authority to
sign this document on behalf of Seller.

     Executed as of the _____ day of _________, _________.

                                ___________________________________________

                                a _________________________________________

                                By:
                                      ----------------------------
                                Name:
                                      ----------------------------
                                Title:
                                      ----------------------------

<Page>

                                    EXHIBIT H

                           FORM OF CLOSING CERTIFICATE

          THIS CERTIFICATE OF SELLER (the "CERTIFICATE") is made this ____ day
of ______________, ________ by ______________________, a Delaware limited
liability company ("SELLER") in favor of ____________________________, a
___________________ ("BUYER").

                                   WITNESSETH

          WHEREAS, Seller and Buyer entered into that certain Retail Property
Purchase Agreement, dated ________ ____, 2003 (the "AGREEMENT"). All capitalized
terms used but not defined herein will have the meaning ascribed to such terms
in the Agreement; and

          WHEREAS, Paragraph 6A(1) of the Agreement requires Seller to deliver
to Buyer this certificate at closing.

          NOW, THEREFORE, as part of the consideration for the purchase of the
Property by Buyer, Seller hereby certifies that, except as set forth on EXHIBIT
A attached hereto, the representations and warranties of Seller contained in the
Agreement are true and correct in all material respects as of the date hereof.

          IN WITNESS WHEREOF, this Certificate has been executed as of the date
first set forth above.

                                ___________________________________________

                                a _________________________________________

                                By:
                                      ----------------------------
                                Name:
                                      ----------------------------
                                Title:
                                      ----------------------------

<Page>

                                    EXHIBIT I

                            FORM OF NOTICE TO TENANTS

                          As of ____________, ________

____________________________

____________________________

____________________________

Attention:  ________________

            Re:  Your lease ("LEASE") in ______ 205 located at
                 9900 S.E. Washington Street, Portland, Oregon (the "PROPERTY")

Dear Tenant:

     We are pleased to announce that, as of the date of this letter,
__________________, a Delaware limited liability company ("FORMER OWNER"), has
sold its interest in the Property, the landlord's interest in the Lease and the
current security deposit balance of $_______ under the Lease to________________,
a ___________________ ("NEW OWNER"); and New Owner has assumed and agreed to
perform all of the landlord's obligations under the Lease on and after such
date. Accordingly, all of your obligations under the Lease on and after such
date (including your obligation to pay rent) will be performable to and for the
benefit of New Owner, and its successors and assigns; and all of the obligations
of the landlord under the Lease on and after such date will be the binding
obligations of New Owner, and its successors and assigns.

     Unless and until you are otherwise notified in writing by New Owner, the
address of New Owner for all purposes under your Lease (including the giving of
any notices provided for in your Lease) is as follows:

                         ______________________________

                         ______________________________

                         ______________________________

                         Attention: _______________

     Until you are notified to the contrary by New Owner, the Property will be
managed by _________________________________________, and as in the past, your
rental payment is due and payable on the first of each month. Except as
otherwise notified by New Owner, rent should be made payable to
"_____________________" and sent to the above address.

<Page>

     Please feel free to call _____________________ (___) ___-____, if you have
any questions.

                                     Very truly yours,

                                     FORMER OWNER:

                                     _____________________________________

                                     a ___________________________________

                                     By:
                                           -------------------------
                                     Name:
                                           -------------------------
                                     Title:
                                           -------------------------

                                     NEW OWNER:

                                     _____________________________________

                                     a ___________________________________

                                     By:
                                        -------------------------------
                                     Name:
                                          -----------------------------
                                     Title:
                                           ----------------------------

<Page>

                                    EXHIBIT J

                                    RENT ROLL

                                    [TO COME]

<Page>

                                    EXHIBIT K

                        EXCEPTIONS TO SELLER'S WARRANTIES

Forcible entry and detainer matter captioned MALL 205, L.L.C. V. U.S. PACIFIC
TRADING COMPANY, DBA SHOES UNLIMITED, Case No. 03F-003211, in the Circuit Court
of Multnomah County, Oregon, and complaint of breach of lease and fraud
captioned U.S. PACIFIC TRADING COMPANY, DBA SHOES UNLIMITED V. MALL 205, L.L.C.,
Case No. 0303-02876, in the Circuit Court of Multnomah County, Oregon.

<Page>

                                    EXHIBIT L

                            LIST OF SERVICE CONTRACTS

MALL 205

     ADT Security Services
     American Heating, Inc.
     Highridge Corp.
     Initial Tropical Plants
     Jani-King
     LaVan
     Muzak
     Pavement Maintenance
     River City Environmental
     Service Pest Control, Inc.
     The Stoner Group
     Trash Masters, L.L.C.
     The Wackenhut Corporation
     Willamette Pressure Washing

PLAZA 205

     ADT Security Services
     American Heating, Inc.
     Highridge Corp.
     LaVan
     Pavement Maintenance
     The Stoner Group
     Trash Masters, L.L.C.
     The Wackenhut Corporation
     Willamette Pressure Washing

<Page>

                                   EXHIBIT M-1

                          FORM OF ESTOPPEL CERTIFICATE

____________________("Buyer")
____________________
____________________
____________________
Attention:__________

____________________("Seller")
____________________
____________________
____________________
____________________
Attention:__________

        Re:    Lease dated __________ (the "Lease") executed between ___________
               ___________________ ("LANDLORD"),   and _________________________
               ("TENANT"), for those premises located at ___________________,
               __________________, and consisting of approximately ________
               square feet.

Ladies and Gentlemen:

     The undersigned Tenant understands that Buyer or its assigns intend to
acquire fee title to that property commonly known as __________________________
__________________ (the "PROPERTY") from Seller. The undersigned Tenant does
hereby certify to Buyer and Seller as follows:

     A.   Tenant has entered into a certain lease together with all amendments
(the "Lease") as described on Schedule 1 attached hereto.

     B.   The Lease is in full force and effect and has not been modified,
supplemented, or amended except as set forth on Schedule 1 attached hereto.

     C.   Tenant has not given Landlord written notice of any dispute between
Landlord and Tenant or that Tenant considers Landlord in default under the
Lease.

     D.   Tenant does not claim any offsets or credits against rents payable
under the Lease.

     E.   Tenant has not paid a security or other deposit with respect to the
Lease, except as follows: A security deposit of ____________ has been paid.

<Page>

     F.   Monthly installments of minimum rental in the amount of $__________
have been fully paid to and including the month of ________, 2003.

     G.   Percentage Rent under the Lease is as follows:
_________________________________________________________. Percentage Rent has
been paid through _______________.

     H.        CAM charges are as follows: __________________________________
____________________________________________________. CAM has been paid through.

     I.   Tenant has not paid any rentals in advance except for the current
month of ________, 2003.

     J.   The Lease expires on _________________.

     K.   Tenant has no options, rights of first offer or rights of first
refusal to purchase or profit participation to the Property, except as follows:
None.

DATE:                                TENANT:
     ---------------

                                     -------------------------------

                                     By:
                                        ----------------------------
                                     Name:
                                          --------------------------
                                     Title:
                                           -------------------------

<Page>

                                   EXHIBIT M-2

                               FORM OF TARGET REA

                           COREA ESTOPPEL CERTIFICATE

__________________, 2003

MALL 205, L.L.C.                         Inland Real Estate Acquisitions, Inc.
S.E. 96th AVE., L.L.C.                   ("BUYER")
S.E. WASHINGTON ST., L.L.C.              2901 Butterfield Road
PM 205 PARCEL, L.L.C.                    Oak Brook, Illinois 60523
(collectively, "DEVELOPER")              Attention: G. Joseph Cosenza, President
c/o Center Oak Properties, L.L.C.
649 NW 12th Street
Gresham, Oregon  97030
Attention:  Mr. Jean Paul Wardy

     RE:  MALL 205, PORTLAND, OREGON

Ladies and Gentlemen:

     The undersigned hereby certifies to Buyer, Developer, Buyer's lenders and
each of Buyer's and Developer's respective successors and assigns as follows:

     1.   The undersigned is a party under that certain Construction, Operation
and Reciprocal Easement Agreement dated June 4, 1969, and duly recorded in the
Office of the Recorder of Deeds for Multnomah County on June 18, 1969, in Book
683, at page 487, relating to the real property located in the County of
Multnomah, State of Oregon, as more particularly described therein, as amended
by Supplemental Agreement, dated June 4, 1969, and recorded in the Office of the
Recorder of Deeds for Multnomah County on June 18, 1969, in Book 683, Page 563,
and in Book 683, Page 571, by Second Supplemental Agreement dated as of May 26,
1970, and recorded in the Office of the Recorder of Deeds for Multnomah County
on September 8, 1970, in Book 749 at Page 1414 as Document No. 32175, by Third
Supplemental Agreement dated as of October 21, 1970, and recorded in the Office
of the Recorder of Deeds for Multnomah County on January 28. 1971, in Book 770
at Page 689 and in Book 770 at Page 699, by Fourth Supplemental Agreement, dated
June 1, 1988, and recorded in the Office of the Recorder of Deeds for Multnomah
County on August 2, 1988, in Book 2125 at Pages 228 through 241, by Fifth
Supplemental Agreement dated October 17, 2000, and recorded in the Office of the
Recorder of Deeds for Multnomah County on April 30, 2001, as Document No.
2001-061230 and by Sixth Supplemental Agreement dated as of September 26, 2001,
and recorded in the Office of the Recorder of Deeds for Multnomah County on
October 5, 2001, as Document No. 2001-158028 (collectively, the "COREA").

<Page>

     2.   Except as set forth herein, the COREA has not been modified, amended
or terminated.

     3.   To the best knowledge of the undersigned, neither the undersigned nor
Developer is in default under the terms of the COREA beyond any applicable
notice and cure period, and the COREA is in full force and effect.

TARGET CORPORATION,
a Minnesota corporation

By:
   ----------------------------
Name:
     --------------------------
Title:
      -------------------------

<Page>

                                    EXHIBIT N

                    PROJECTED RENTS, LEASING COMMISSIONS AND
                          TENANT IMPROVEMENT COSTS FOR
                    PREMISES NOT PRESENTLY SUBJECT TO LEASES
                       OR OCCUPIED BY RENT-PAYING TENANTS

<Page>

                                    EXHIBIT-N
                      MALL 205 PLAZA 205 - PORTLAND, OREGON

<Table>
<Caption>
                                                              MALL 205
                                                                                           LEASE        LEASE
                                                               ANNUAL        RENT      COMMENCEMENT  EXPIRATION
               TENANTS                    SPACE    S.F.      BASE RENT   PER SQ. FOOT      DATE         DATE             T.I.
--------------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>      <C>      <C>             <C>         <C>           <C>                  <C>
TARGET 177,134 SF SHADOW ANCHOR
Home Depot                                 C-1    134,722  1,479,434.00    $  10.98      April-01     January-22
Bed, Bath & Beyond                (FSG)   E-16     20,388    244,656.00    $  12.00     October-03   September-13
Famous Footwear                            D-6      9,900    173,250.00    $  17.50      August-02     July-07
State of Oregon DOJ               (FSG)    S-1      8,700    158,408.28    $  18.21     February-02   January-12
Dress Barn                                E-21      8,011     96,132.00    $  12.00      October-02   December-07
Olive Garden                      (PAD)    P-1      6,895     90,000.00    $  13.05     FEBRUARY-04   JANUARY-14
Baja Fresh                        (PAD)  P-3-1      3,240     81,000.00    $  25.00    September-02   August-07
B. DALTON BOOKSELLER                      C-20      3,114     40,482.00    $  13.00     NOVEMBER-78   JANUARY-04          31,140
Oregon Air Guard                 (FSG)    E-26      1,350     27,648.00    $  20.48       June-02      June-07
Subway                                    A-20        835     16,866.00    $  20.20     November-03   December-05
EB GAMES (PROPOSED)                       C-39      1,223     36,690.00    $  30.00     FEBRUARY-04   JANUARY-09          24,460
24 Hour Fitness                           E-16     36,445    619,565.00    $  17.00       July-01      July-16
Red Robin                         (PAD)    P-2      6,200    100,000.00    $  16.13    September-01   August-21
Casual Choice                             E-10      4,883     87,894.00    $  18.00      March-03      March-08
Learning Palace                           A-16      4,850     43,613.00    $   8.99     October-95    December-05
Car Stereo City                           A-15      4,297     63,893.00    $  14.87    September-02  September-09
Conoco / Phillips / Tosco / 76 (PAD)       P-4      4,172     94,000.00    $  22.53     October-88    December-09
HALLMARK (PROPOSED)                       E-20      4,106     61,590.00    $  15.00                                       82,120
AVAILABLE                                 C-33      2,329     70,000.00    $  30.06                                       46,580
Club Tan Rio                      (PAD)  P-3-3      2,300     57,500.00    $  25.00     OCTOBER-02   November-07
Panda Express                    (PAD)   P-3-5      1,900     47,500.00    $  25.00    September-02  September-12
Perfect Look                              C-27      1,596     28,875.00    $  18.09       May-90      December-04
Lazerquick                        (PAD)  P-3-2      1,400     35,000.00    $  25.00     October-02   September-07
Pizza Schmiza                              D-1      1,270     30,480.00    $  24.00     December-01   December-06
AVAILABLE                                 C-32      1,657     29,826.00    $  18.00                                       33,140
SPECS IN CITY (PROPOSED)                  C-36      1,311     39,330.00    $  30.00                                       26,220
Great Clips                       (PAD)  P-3-4      1,173     30,498.00    $  26.00     December-02  December-07
AVAILABLE                                  D-5      1,152     27,648.00    $  24.00                                       34,560
GNC                                        E-6      1,100     22,286.00    $  20.26     January-89    January-07
LA SIERRA                                 A-21      1,045     25,080.00    $  24.00     NOVEMBER-03   OCTOBER-08
Harry Ritchie Jewelry                     D-4A      1,001     40,000.00    $  39.96     October-03    January-09
IMAGE STAR SHOTS                           E-9      1,000     32,500.00    $  32.50    SEPTEMBER-01   AUGUST-06
Blue Star Diner                           C-25        930     27,900.00    $  30.00     November-03  December-08
Wok Express                               A-18        877     21,048.00    $  24.00      August-97     June-07
VAN DUYN'S CHOCOLATES (PROPOSED)           D-3        830     24,900.00    $  30.00                                       16,600
Waz Wan                                   A-19        815     19,560.00    $  24.00     November-03   OCTOBER-08
CLAIRE'S BOUTIQUE                         C-28        750     24,750.00    $  33.00     JANUARY-91   DECEMBER-02
PAUL'S                                    C-34        750     15,450.00    $  20.60       MAY-93     FEBRUARY-07
Saigon Cuisine (Ly & Ly Family Ptrshp)    C-21        733     18,325.00    $  25.00     December-01  December-06
Ozzie's Deli & Gyros                      C-22        705      6,731.00    $   9.55       June-96    December-07
BEAUTY NAILS                              C-35        600     18,000.00    $  30.00
Kase's Konfection                         C-26        600     15,600.00    $  26.00     November-03  December-08
Smart Wireless                             D-2        400     18,000.00    $  45.00     December-01  November-06
Smart Wireless                            K-06        150     20,000.00    $ 133.33       July-02      June-07
VENDING MACHINES                          K-28        150      1,500.00    $  10.00     OCTOBER-02   SEPTEMBER-03
BCTI                                      K-01        120     18,000.00    $ 150.00      AUGUST-02     JULY-03
ATM - USA                                 K-17          9      6,000.00    $ 666.67      April-03      March-08
Viacom Directory                          K-26          9          0.00    $   0.00     November-03   October-08
AVAILABLE                               A-20.1      1,454     27,280.00    $  18.76                                       36,350
AVAILABLE                                 C-23        807     19,368.00    $  24.00                                       16,140
AVAILABLE                                 C-24      1,018     25,920.00    $  25.46                                       20,360
AVAILABLE                                 C-29      2,146     38,628.00    $  18.00                                       42,920
AVAILABLE                                 C-30      1,700     30,600.00    $  18.00                                       34,000
AVAILABLE                                 C-31      1,680     30,240.00    $  18.00                                       33,600
AVAILABLE                                 C-38        776     23,280.00    $  30.00                                       15,520
AVAILABLE                                 D-4B      1,506     36,144.00    $  24.00                                       45,180
AVAILABLE                                 E-07      1,100     25,000.00    $  22.73                                       11,000
AVAILABLE                                 E-28      1,200     21,600.00    $  18.00                                       12,000

<Caption>
                                                                       Rent Guarantee
                                                               ---------------------------
               TENANTS                       L.C.     LL WORK      RENT       CAM    TAXES                  NOTES
--------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>     <C>           <C>     <C>     <C>     <C>
TARGET 177,134 SF SHADOW ANCHOR
Home Depot
Bed, Bath & Beyond                (FSG)                                                     Tenant pays % only first Lease Year
Famous Footwear
State of Oregon DOJ               (FSG)
Dress Barn                                                                                  12 MONTHS RENT GUARANTEE
Olive Garden                      (PAD)                             15,000
Baja Fresh                        (PAD)
B. DALTON BOOKSELLER                          12,456                40,482
Oregon Air Guard                 (FSG)
Subway
EB GAMES (PROPOSED)                            4,892                36,690                  12 MONTHS RENT GUARANTEE
24 Hour Fitness
Red Robin                         (PAD)
Casual Choice
Learning Palace
Car Stereo City
Conoco / Phillips / Tosco / 76 (PAD)
HALLMARK (PROPOSED)                           16,424                61,590                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      9,316                70,000                  12 MONTHS RENT GUARANTEE
Club Tan Rio                      (PAD)
Panda Express                    (PAD)
Perfect Look
Lazerquick                        (PAD)
Pizza Schmiza
AVAILABLE                                      6,628                29,826                  12 MONTHS RENT GUARANTEE
SPECS IN CITY (PROPOSED)                       5,244                39,330                  12 MONTHS RENT GUARANTEE
Great Clips                       (PAD)
AVAILABLE                                      4,608                27,648                  12 MONTHS RENT GUARANTEE
GNC
LA SIERRA
Harry Ritchie Jewelry
IMAGE STAR SHOTS
Blue Star Diner
Wok Express
VAN DUYN'S CHOCOLATES (PROPOSED)               3,320                24,900                  12 MONTHS RENT GUARANTEE
Waz Wan
CLAIRE'S BOUTIQUE
PAUL'S
Saigon Cuisine (Ly & Ly Family Ptrshp)
Ozzie's Deli & Gyros
BEAUTY NAILS
Kase's Konfection
Smart Wireless
Smart Wireless
VENDING MACHINES
BCTI
ATM - USA
Viacom Directory
AVAILABLE                                      5,816                27,280                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      3,228                19,368                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      4,072                25,920                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      8,584                38,628                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      6,800                30,600                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      6,720                30,240                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      3,104                23,280                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      6,024                36,144                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      4,400                25,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                      4,800                21,600                  12 MONTHS RENT GUARANTEE
</Table>

<Page>

                                    EXHIBIT-N
                      MALL 205 PLAZA 205 - PORTLAND, OREGON

<Table>
<Caption>
                                                              MALL 205
                                                                                           LEASE        LEASE
                                                               ANNUAL        RENT      COMMENCEMENT  EXPIRATION
               TENANTS                    SPACE    S.F.      BASE RENT   PER SQ. FOOT      DATE         DATE           T.I.
--------------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>    <C>      <C>              <C>        <C>           <C>              <C>
AVAILABLE                                  K-02       200     18,000.00     $  90.00
AVAILABLE                                  K-03       200     18,000.00     $  90.00
AVAILABLE                                  K-04       200     18,000.00     $  90.00
AVAILABLE                                  K-05       200     18,000.00     $  90.00
AVAILABLE                                  K-12       200     18,000.00     $  90.00
AVAILABLE                                  K-13       200     18,000.00     $  90.00
AVAILABLE                                  K-14       100     18,000.00     $ 180.00
AVAILABLE                                  K-15       200     18,000.00     $  90.00
AVAILABLE                                  K-16       150     18,000.00     $ 120.00
AVAILABLE                                  K-27       200     18,000.00     $  90.00
TOTALS                                            307,230  4,745,468.28                                               561,890.00

<Caption>
                                                                       Rent Guarantee
                                                               ---------------------------
               TENANTS                       L.C.     LL WORK      RENT       CAM    TAXES                  NOTES
--------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>           <C>     <C>          <C>    <C>     <C>
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
AVAILABLE                                                           18,000                  12 MONTHS RENT GUARANTEE
TOTALS                                    116,436.00    0.00    803,526.00   0.00   0.00
</Table>

<Page>

                                    EXHIBIT-N
                      MALL 205 PLAZA 205 - PORTLAND, OREGON

<Table>
<Caption>
                                                                                           LEASE        LEASE
                                                               ANNUAL        RENT      COMMENCEMENT  EXPIRATION
               TENANTS                    SPACE    S.F.      BASE RENT   PER SQ. FOOT      DATE         DATE           T.I.
--------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>     <C>      <C>              <C>         <C>          <C>            <C>
                                                             PLAZA 205
Office Max (Waremart)                     A-105    36,560    109,570.00     $   3.00    DECEMBER-79   DECEMBER-04
Bally                                     B-101    30,620    398,060.00     $  13.00      JULY-92      AUGUST-13       1,000,000
US Postal Service      (No CAM)           A-108    21,152     77,830.00     $   3.68     JANUARY-96   JANUARY-11
Jo-Ann Fabrics                            A-106    17,807     78,350.00     $   4.40       July-88    December-07
Dollar Tree                               A-102    15,060    135,540.00     $   9.00     October-02  September-07
Oregon State Police  (Elec & Tax only)    A-103    13,000    185,523.00     $  14.27    NOVEMBER-02   OCTOBER-17
Providence Health                         A-109    10,190    163,040.00     $  16.00                   10 YEARS
Old Country / Home Town Buffet            A-104    10,000    125,000.00     $  12.50    JANUARY-92    December-07
Old Chicago                               C-101     6,516    151,497.00     $  23.25     April-03      April-13
Car Stereo City                           C-103     4,718    103,796.00     $  22.00      MAY-03        MAY-10
Bon Teriyaki                              C-102     1,647     42,822.00     $  26.00    OCTOBER-03    OCTOBER-08
College Parking                                                  900.00                 February-74   Perpetual
VACANT                                    A-107     3,760     22,560.00     $   6.00
USA BEAUTY SALON                          A-101     2,500     50,000.00     $  20.00    OCTOBER-03    JANUARY-11
TOTALS                                            173,530  1,644,488.00                                             1,000,000.00
                                                 ----------------------                                             ------------
GRAND TOTAL                                       480,760     6,389,956                                                1,561,890
                                                 ======================                                             ============

<Caption>
                                                                       Rent Guarantee
                                                               ----------------------------
               TENANTS                       L.C.     LL WORK      RENT       CAM    TAXES                  NOTES
--------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>           <C>     <C>          <C>    <C>     <C>
Office Max (Waremart)
Bally                                        122,480                72,423                  3 MONTHS RENT GUARANTEE
US Postal Service      (No CAM)
Jo-Ann Fabrics
Dollar Tree
Oregon State Police  (Elec & Tax only)
Providence Health                                                   40,760                  3 MONTHS RENT GUARANTEE
Old Country / Home Town Buffet
Old Chicago
Car Stereo City
Bon Teriyaki
College Parking
VACANT
USA BEAUTY SALON
TOTALS                                    122,480.00    0.00    113,182.67   0.00   0.00
                                         -------------------------------------------------
GRAND TOTAL                                  238,916     0         916,709    0      0
                                         =================================================
</Table>

<Page>

Lots 1, 2, 3 and 4, MALL 205 CENTER, in the City of Portland, County of
Multnomah and State of Oregon.

EXCEPTING THEREFROM that portion of Lot 3 conveyed to the City of Portland for
street Right of Way purposes in Deed recorded April 12, 2002 as Recorder's Fee
No. 2002-066946, Multnomah County Deed Records.

FURTHER EXCEPTING THEREFROM that portion of Lot 1 conveyed to the City of
Portland for street Right of Way purposes in Deed Recorded October 31, 2003 as
Recorder's Fee No. 2003-260840.

<Page>

PARCEL I: (PLAZA 205)

A tract of land situated in the Northwest one-quarter of Section 3, Township 1
South, Range 2 East of the Willamette Meridian, in the City of Portland, County
of Multnomah and State of Oregon, being more particularly described as follows:

Beginning at the intersection of the South right-of-way line of SE Washington
Street (Road No. 4022 - 62 feet wide) with the East right-of-way line of SE
103rd Drive (Road No. 4020 - 60 feet wide); thence South 2 DEG. 03'28" West,
along said East right-of-way line, a distance of 234.07 feet to an iron rod with
yellow plastic cap stamped "Marx Assoc"; thence South 87 DEG. 53'32" East,
parallel with the South right-of-way line of said SE Washington Street, a
distance of 6.10 feet; thence North 64 DEG. 19'08" East, 63.36 feet; thence
South 87 DEG. 53'32" East, parallel with said South right-of-way line, a
distance of 55.17 feet; thence North 2 DEG. 03'28" East parallel with said East
right-of-way line, a distance of 204.53 feet to an iron rod with yellow plastic
cap stamped "Marx Assoc" in the South right-of-way line of said SE Washington
Street; thence North 87 DEG. 53'32" West, along said South right-of-way line, a
distance of 117.35 feet to the Point of Beginning.

PARCEL I-A (PLAZA 205):

A tract of land situated in the Northwest one-quarter of Section 3, Township 1
South, Range 2 East of the Willamette Meridian, in the City of Portland, County
of Multnomah and State of Oregon, being more particularly described as follows:

Beginning at the Southwest corner of that certain tract of land conveyed to
Gordon Nagel by Deed recorded September 19, 1939 in Book 514, Page 316, Deed
Records, said County, said point being in the East line of that certain tract of
land conveyed to Pay Less Drug Stores by Deed Recorded November 16, 1968 in Book
650, Page 1286, Deed Records, said County; thence South 2 DEG. 04'00" West along
said East line, a distance of 419.46 feet to the Southeast corner of that
certain tract of land conveyed to First Union Real Estate Equity and Mortgage
Investment by Deed Recorded August 4, 1980 in Book 1459, Page 1389, Deed
Records, said County; thence South 57 DEG. 57'15" West, along the Southeasterly
line thereof, a distance of 318.36 feet to the most Southerly corner of said
First Union tract and a point in the Northeasterly right-of-way line of SE
Cherry Blossom Drive (Road No. 3143 - 80 feet wide); thence North 57 DEG. 43'32"
West, along said right-of-way line, a distance of 140.99 feet to a point of
tangent curvature; thence Northwesterly, continuing along said right-of-way line
on the arc of a 686.20 foot radius curve to the right, through a central angle
of 59 DEG. 47'00", an arc distance of 715.99 feet (the chord of which bears
North 27 DEG. 50'02" West, 683.95 feet), to a point of tangency in the East
right-of-way line of SE 103rd Drive (Road No. 4020 - 60 feet wide); thence North
2 DEG. 03'28" East, along said right-of-way line, a distance of 10.98 feet to an
iron rod with yellow plastic cap stamped "Marx Assoc"; thence South 87 DEG.
53'32" East, parallel with the South right-of-way line of SE Washington Street
(Road No. 4022 - 62 feet wide), a distance of 6.10 feet; thence North 64 DEG.
19'08" East, 63.36 feet; thence South 87 DEG. 53'32" East, parallel with said
South right-of-way line, a distance of 55.17 feet; thence North 2 DEG. 03'28"
East, parallel with the East right-of-way line of SE 103rd Drive, a distance of
204.53 feet to an iron rod with yellow plastic cap stamped "Marx Assoc" in the
South right-of-way line of said SE Washington Street; thence North 87 DEG.
53'32" East along said right-of-way line, a distance of 390.11 feet to the most
Northerly Northeast corner of said First Union Tract; thence South 2 DEG. 06'28"
West, along the East line thereof, a distance of 310.28 feet to an angle point
therein; thence South 87 DEG. 53'32" East, a distance of 219.16 feet to the
point of Beginning.

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