Document:

<Page>

                                                                  Exhibit 10.206

[INLAND(R) LOGO]

<Table>
       <S>                                    <C>                      <C>                      <C>
       Inland Real Estate Acquisitions, Inc.
       2901 Butterfield Road                                           200 Waymont Court        Seven Piedmont Center
       Oak Brook, IL 60523                    501 Manatee Ave, West    Suite 126, Unit 10       Suite 102
       630-218-4948 Fax: 4935                 Holmes Beach, FL 34217   Lake Mary, FL 32746      Atlanta, GA 30305
       www.inlandgroup.com                    941-779-1000 Fax: 2000   407-688-6540 Fax: 6543   404-812-0845 Fax: 0846
</Table>

                                                                  APRIL 21, 2004

Weber & Company (Seller)
Attn: John Weber Sr.
No Agent for: Lakepoint Towne Crossing, L.P., (I & II)
              Davis Towne Crossing, L.P.
              PRTC Pleasant Run Towne Crossing, L.P.
              MTC Mansfield Towne Crossing, L.P.
16000 Dallas Parkway, Suite 300
Dallas, TX 75225

Re: 4 SHOPPING CENTERS - LAKEPOINT TOWNE CENTER, LEWISVILLE, TX; DAVIS TOWNE
    CROSSING, NORTH RICHLAND HILLS, TX; PLEASANT RUN TOWNE CROSSING, CEDAR HILL,
    TX; AND MANSFIELD TOWNE CENTER, MANSFIELD, TX

Dear John:

     This letter represents this corporation's offer to purchase Four Shopping
Centers with an aggregate 567836 net rentable square feet, situated on
approximately 77.1862 acres of land, located at the addresses listed below. (See
Exhibit A four pages)

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

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

     1.   The total AGGREGATE purchase price shall be $110,621,830.00 all cash,
          plus or minus prorations, WITH NO MORTGAGE CONTINGENCIES, to be paid
          at JUNE 15, 2004 following the acceptance of this agreement for Davis
          Towne Crossing and to be paid AT CLOSING 10 BUSINESS DAYS following
          completion of construction and all tenants having accepted their
          premises "as is", opened for business and commenced full rental
          payments, which is anticipated to be December 1, 2004 for Lakepointe
          Towne Crossing and September 1, 2004 for Mansfield Towne Crossing and
          September 1, 2004 for Pleasant Run Towne Crossing. (see Paragraphs 6,
          12 and 17). Purchaser has delivered to Chicago Title $500,000 earnest
          money to secure this contract which shall be applied to each closing
          in an amount equal to $125,000.

<Table>
<Caption>
      PROPERTY                                                                                           SIZE           PURCHASE
        NAME                            ADDRESS                    CITY           STATE      ZIP        SQ. FT.           PRICE
------------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>                                 <C>                 <C>      <C>         <C>          <C>
                           Southeast Corner of Davis Blvd &    North Richland
Davis Towne Crossing       Precinct Line Road                  Hills               TX       76180        41,391        9,754,698.74

Pleasant Run Towne         Southwest Corner of Pleasant Run
Crossing                   and Highway 67                      Cedar Hill          TX       75104       225,545       41,417,811.26

Lakepoint Towne Center     715 Hebron Parkway                  Lewisville          TX       76057       193,502       39,481,379.00

                           Southwest Corner of Hwy 287 &
Mansfield Towne Center     Debbie Lane                         Mansfield           TX       76063       107,398       19,967,741.00

                                                                                                        567,836      110,621,830.00
</Table>

<Page>

4 WEBER AND COMPANY SHOPPING CENTERS                                 PAGE 2
APRIL 21, 2004

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

     2.   THERE ARE NO REAL ESTATE BROKERAGE COMMISSIONS INVOLVED IN THIS
          TRANSACTION.

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

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

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

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

     6.   It is understood that the Seller, prior to closing, shall be liable
          and responsible at their sole cost and expense, to complete the
          construction of Lakepoint Towne Crossing a 193,568 square foot
          shopping center and Mansfield Towne Crossing a 111,898 square foot
          shopping center and all of the land. Upon completion of said
          construction, Seller shall be responsible for obtaining final
          unconditional occupancy permits which shall be issued from the City of
          Lewisville, Texas for Lakepoint Towne Crossing and from the City of
          Mansfield, Texas for Mansfield Towne Crossing and/or any required
          governmental agencies for the shopping centers. Seller shall indemnify
          and warrants and represents to Purchaser that Purchaser shall have no
          obligation whatsoever regarding the construction of the above shopping
          center or placing tenants into the rentable rental spaces.

          Any and all tenants and guarantors shall acknowledge in writing that
          they shall look solely to the Seller, but not to the purchaser and
          titleholder, for anything regarding the construction or improvements
          of the above-referenced shopping centers.

          Said construction shall be subject to Purchaser's written approval and
          shall be completed in total accordance with all the plans and
          specifications as accepted by the City of Lewisville Texas for
          Lakepoint Towne Crossing and by the City of Mansfield, Texas for
          Mansfield Towne Crossing for the shopping centers. Completion shall be
          deemed to have occurred

<Page>

4 WEBER AND COMPANY SHOPPING CENTERS                                 PAGE 3
APRIL 21, 2004

          after the Seller delivers to Purchaser a final unconditional
          certificate of occupancy for each of the buildings and a certificate
          for the properties signed by the independent project architect and
          independent engineer that the construction of the shopping center has
          been fully completed in accordance with the plans and specifications
          as agreed to by the City of Lewisville, Texas for Lakepoint Towne
          Crossing and by the City of Mansfield, Texas for Mansfield Towne
          Crossing, and all applicable governmental rules, ordinances,
          regulations and requirements have been satisfied, and each and every
          tenant, guarantor or subtenant shall accept their space "as is" and
          take total possession, opens for business and commences full rental
          payments. Seller shall be solely liable for any and all "punch list"
          and warranty items requested by any tenant at the properties and shall
          also be liable for construction "call-backs".

          Seller shall indemnify and guarantee to absolutely pay any costs
          whatsoever to complete the construction of the above shopping center,
          including any costs whatsoever needed to place each of the tenants
          into their agreed spaces according to each tenant's lease, which
          leases shall be subject to Purchaser's approval.

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

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

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

     10.  Seller shall supply to Purchaser 10 days prior to closing, and Seller
          shall pay for at closing, a SEPARATE certificate FOR EACH PROPERTY
          which must be acceptable to Purchaser from a certified hygienist for
          environmental concerns that there is no asbestos, PCBs, or hazardous
          substance in the buildings and on the properties; in other words, a
          Level 1 environmental audit (and Level 2 audit, if required).

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

     12.  The closing for shall occur through Commonwealth Land Title Company
          (Jim Lazar) for Pleasant Run Towne Crossing and Mansfield Towne
          Crossing and for Chicago Title & Trust Company, in Chicago, Illinois
          with Nancy Castro as Escrowee, for Davis Towne Crossing and Lakepoint
          Towne Crossing. The first closing shall occur on June 15 for Davis
          Towne Crossing and 10 days following the completion of construction
          which is expected to be September 1, 2004 for Pleasant Run Towne
          Crossing and December 1, 2004 for Lakepoint Towne Crossing and
          September 1, 2004 for Mansfield Towne Crossing, at which time title to
          the above properties shall be marketable; i.e., free and clear of all
          liens, encroachments and encumbrances, and a separate TLTA owner's
          title policy for each property with complete extended coverage and
          required endorsements, waiving off all construction, including 3.1
          zoning including parking and loading docks, and insuring all
          improvements as legally conforming uses and not as non-conforming or
          conditional uses, paid by Seller, shall be issued, with all warranties
          and representations being true now and at closing and surviving

<Page>

4 WEBER AND COMPANY SHOPPING CENTERS                                 PAGE 4
APRIL 21, 2004

          the closing, and each party shall be paid in cash their respective
          credits, including, but not limited to, security deposits, rent and
          expenses, with a proration of real estate taxes based (at Purchaser's
          option) on the greater of 110% of the most recent bill or latest
          assessment, or the estimated assessments for 2003 and 2004 using the
          Assessor's formula for these sales transactions, with a later
          reproration of taxes when the actual bills are received. At closing,
          no credit will be given to Sellers for any past due, unpaid or
          delinquent rents.

     13.  It is understood that the Seller has in its possession a separate
          appraisal of each of the properties prepared by an MAI or other
          qualified appraiser, acceptable to Purchaser or Purchaser's lender, if
          any, and shall deliver copies of such appraisals to Purchaser within
          10 days of the acceptance of this offer and shall cause the appraiser
          to re-certify an appraised amount not less than the Purchase Price and
          re-issue said appraisals to, and in the name of, Purchaser or
          Purchaser's lender, all at Seller's cost.

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

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

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

     17.  This offer is subject to the properties being 100% occupied at the
          time of closing (EXCEPT FOR EARNOUTS) with all tenants occupying their
          space, open for business, and paying full rent, including CAM, tax and
          insurance current, as shown on Exhibit B, C, D & E attached. In the
          event the properties are less than 100% occupied, than the Purchaser
          and Seller agree there shall be an INITIAL CLOSING. The Initial
          Closing will be based on the PURCHASE PRICE/EARNOUT FORMULA which
          shall be EQUAL TO the actual BASE MINIMUM RENT, LESS the amount, if
          any, by which the pass-through amount paid by any tenant is less than
          100% of such tenant's proportionate share; i.e.; SLIPPAGE, DIVIDED BY
          A BASE RENT DIVIDER OF 7.9492% FOR LAKEPOINT TOWNE CROSSING; A BASE
          RENT DIVIDER OF 7.9174% FOR MANSFIELD TOWNE CROSSING; A BASE RENT
          DIVIDER OF 7.8894% FOR PLEASANT RUN TOWNE CROSSING; AND A BASE RENT
          DIVIDER OF 8.0828% FOR DAVIS TOWNE CROSSING, ALL OF WHICH BASE RENT
          DIVIDERS ARE BASED ON BASE RENT ONLY. However, it is anticipated that
          the Initial Closing for LAKEPOINT TOWNE CROSSING will be a purchase
          price of $25,605,171.00, which is derived by using the base minimum
          rent of $2,035,396.25 divided by 7.9492%; for MANSFIELD TOWNE CROSSING
          will be a purchase price of $16,992,958.59, which is derived by using
          the base minimum rent of $1,345,403.83 divided by 7.9174%; for
          PLEASANT RUN TOWNE CROSSING will be a purchase price of
          $36,820,689.00, which is derived by using the base minimum rent of
          $2,904,936.58 divided by 7.8894%; and for DAVIS TOWNE CROSSING will be
          a purchase price of $8,150,595.26, which is derived by using the base
          minimum rent of $658,793.00 divided by 8.0828%;

          The Seller shall have 24 MONTHS FOLLOWING THE INITIAL CLOSING to
          receive the balance of the potential Earnout at the EARNOUT CLOSING(S)
          provided they are successful in the leasing of the vacant space and
          each tenant shall have accepted their space "as is" and takes total
          possession, has opened for business and commences full rental
          payments, including CAM, taxes and insurance on a prorata basis. It
          shall be Seller's responsibility and sole cost and

<Page>

4 WEBER AND COMPANY SHOPPING CENTERS                                 PAGE 5
APRIL 21, 2004

          expense for leasing out and paying all costs related to placing the
          tenants into their leasable space. Each Earnout Closing shall occur
          upon 10 business days prior written notice to Purchaser: it being
          expressly understood that the Sellers shall waive their right to the
          additional Earnout if the final Seller's notice has not been sent
          within 24 months after the Initial Closing date.

          It is estimated that the Earnout Closing for Lakepoint Towne Crossing
          space will be equal to the base minimum rent of $1,103,042.00 (less
          Slippage, if any) divided by a Base Rent divider of 7.9492% which
          equals the Earnout Price of $13,876,208.00; for Mansfield Towne
          Crossing space will be equal to the base minimum rent of $235,526.00
          (less Slippage, if any) divided by a Base Rent divider of 7.9174%
          which equals the Earnout Price of $2,974,782.41; for Pleasant Run
          Towne Crossing space will be equal to the base minimum rent of
          $362,686.00 (less Slippage, if any) divided by a Base Rent divider of
          7.8894% which equals the Earnout Price of $4,597,122.26; for Davis
          Towne Crossing space will be equal to the base minimum rent of
          $129,672.00 (less Slippage, if any) divided by a Base Rent divider of
          8.0828% which equals the Earnout Price of $1,604,303.74;

          Seller shall be responsible on a monthly basis for all CAM, tax and
          insurance on a prorata basis for the space that is part of the Earnout
          formula until such time as the Seller perfects the income for said
          space, but in no event, following 24 months following the closing.

          At the Initial Closing, Seller shall place in Purchaser's escrow, cash
          in an amount equal to $15.00 per square foot for tenant improvements
          and $3.00 per square foot for leasing commissions, times the remaining
          vacant Earnout square feet of the properties. This escrow may be used
          by the Seller on a prorate basis as they continue to lease. However,
          with regards to any vacant space never leased, the balance of the
          tenant improvements and leasing commissions shall remain with
          Purchaser.

          Not withstanding anything to the contrary, all Earnout Closings must
          comply with all of the terms, requirements and conditions contained in
          this entire agreement.

          Not withstanding anything to the contrary, the TOTAL AGGREGATE
          purchase price of $110,621,830.00 is the maximum purchase price for
          the four properties.

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

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

     This offer is, of course, predicated upon the Purchaser's review and
written approval of the existing leases, new leases, lease modifications (if
any), all tenant correspondence, REA/OEA agreements, tenants' and guarantors'
financial statements, sales figures, representations of income and expenses made
by Seller, site inspection, environmental, appraisal, etc., and at least one
year of audited

<Page>

4 WEBER AND COMPANY SHOPPING CENTERS                                 PAGE 6
APRIL 21, 2004

operating statements on said properties is required that qualify, comply with
and can be used in a public offering.

     If this offer is acceptable, please have the Seller sign the original of
this letter and initial each page, keeping copies for your files and returning
the original to me by APRIL 23, 2004.

<Table>
<S>                                                    <C>
                                                       Sincerely,

ACCEPTED: LAKEPOINTE TOWNE CROSSING, L.P. (I & II)     INLAND REAL ESTATE ACQUISITIONS, INC.

By: Lewis Development, Inc. (I&II), General Partners   or nominee

By:              /s/ John P. Weber
   -------------------------------------------------
             John P. Weber, President

Date:               4-21-04                            /s/ Matthew Tice
     -----------------------------------------------   -------------------------------------
                                                       Matthew Tice

ACCEPTED: DAVIS TOWNE CROSSING, L.P.                   /s/ G. Joseph Cosenza
                                                       G. Joseph Cosenza
                                                       Vice Chairman
By: Davis TC Development, Inc., General Partner

By:              /s/ John P. Weber
   ------------------------------------------------
             John P. Weber, President

Date:               4-21-04
     ----------------------------------------------

ACCEPTED: PRTC PLEASANT RUN TOWNE CROSSING, L.P.

By: PRTC Development, Inc., General Partner

By:              /s/ John P. Weber
   ------------------------------------------------
             John P. Weber, President

Date:               4-21-04
     ----------------------------------------------

ACCEPTED: MTC MANSFIELD TOWNE CROSSING, L.P.

By: MTC Development, Inc., General Partner

By:              /s/ John P. Weber
   ------------------------------------------------
             John P. Weber, President

Date:               4-21-04
     ----------------------------------------------
</Table>

JAK

<Page>

                                    EXHIBIT A

                              MANSFIELD TOWN CENTER
                              MANSFIELD, TX

                                  [FLOOR PLAN]

<Page>

                                    EXHIBIT A

                             LAKEPOINT TOWNE CENTER
                             LEWISVILLE, TX

                                  [FLOOR PLAN]

<Page>

                                    EXHIBIT A

                           PLEASANT RUN TOWNE CROSSING
                           CEDAR HILL, TX

                                  [FLOOR PLAN]

<Page>

                                  [FLOOR PLAN]

<Page>

                                    Exhibit B
                            Four Waber Deals - Texas

                 DAVIS TOWNE CROSSING - NORTH RICHLAND HILLS, TX

<Table>
<Caption>
                                                                                                       LEASE             LEASE
                                                         ANNUAL         MONTHLY     RENT            COMMENCEMENT      EXPIRATION
            TENANTS                           S.F.      BASE RENT      BASE RENT    PER SQ. FOOT        DATE             DATE
----------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>        <C>            <C>             <C>          <C>              <C>
Radio Shack                                   2,400      48,000.00     4,000.00        $ 20.00      September-03       August-08
Washington Mutual (Ground Lease)              4,000      84,999.96     7,083.33        $ 21.25        August-03        August-28
Lady USA Fitness                              6,000     102,000.00     8,500.00        $ 17.00       October-03       October-08
Cotton Patch Cafe                             4,400      88,000.00     7,333.33        $ 20.00       December-03      November-08
Payless Shoes                                 3,000      54,000.00     4,500.00        $ 18.00        August-03         July-13
The Scrapbook Palace                          3,000      57,000.00     4,750.00        $ 19.00       October-03       October-07
H&R Block                                     2,264      45,280.00     3,773.33        $ 20.00       November-03        May-07
Friedman's Jewelers                           1,727      32,813.04     2,734.42        $ 19.00       October-03       October-08
Quiznos Subs                                  1,600      30,400.00     2,533.33        $ 19.00       December-03      November-13
EB Games                                      1,500      31,500.00     2,625.00        $ 21.00      September-03     September-08
Sport Clips                                   1,440      28,800.00     2,400.00        $ 20.00      September-03       August-08
Luxury Nails                                  1,400      29,400.00     2,450.00        $ 21.00      September-03     September-08
UPS Store                                     1,400      26,600.00     2,216.67        $ 19.00        March-04         March-09
Sprinkler Room                                   56           0.00         0.00        $  0.00
Monarch Dental                                4,144      74,592.00     6,216.00        $ 18.00
Sally Beauty                                  1,500      27,000.00     2,250.00        $ 18.00
VACANT                                        1,560      28,060.00     2,340.00        $ 18.00
TOTALS                                       41,391     788,465.00
</Table>

<Page>

                  PLEASANT RUN TOWNE CROSSING - CEDAR HILL, TX

<Table>
<Caption>
                                                                                                       LEASE             LEASE
                                                         ANNUAL                                     COMMENCEMENT      EXPIRATION
            TENANTS                           S.F.      BASE RENT      MONTHLY          RENT            DATE             DATE
----------------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>       <C>             <C>              <C>           <C>              <C>
Oahman's                                     40,954     409,540.00    34,128.33        $ 10.00         May-04          April-14
Circuit City                                 32,570     455,980.00    37,998.33        $ 14.00       November-03      January-18
Bed Bath & Beyond                            22,000     220,000.00    18,333.00        $ 10.00       December-03      January-14
Michaels                                     21,390     224,595.00    18,716.25        $ 10.50       November-03      November-13
Saltgrass Steakhouse                          8,500      84,999.96     7,083.33        $ 10.00         June-04          May-24
Joes Crab Shack                               7,000      75,000.12     6,250.01        $ 10.71         June-04          May-24
The Maytag Store                              5,225      94,050.00     7,837.50        $ 18.00        April-04         April-09
Panera Bread                                  4,999     119,976.00     9,998.00        $ 24.00
JPMorgan Chase Bank                           4,700      84,999.50     7,083.29        $ 18.09       February-04      February-24
Bombay                                        4,500      81,000.00     6,750.00        $ 18.00       November-03      November-13
Half Price Books                             10,108     121,296.00    10,108.00        $ 12.00       February-04      January-14
Brooks Mays                                   6,250     112,500.00     9,375.00        $ 18.00
Matress Firm                                  6,000     132,000.00    11,000.00        $ 22.00
Vitamin Shop                                  5,000     135,000.00    11,250.00        $ 27.00
Limited Too                                   4,500      81,000.00     6,750.00        $ 18.00
Sleep Experts                                 4,500      99,000.00     8,250.00        $ 22.00
Little Gym                                    4,000      72,000.00     6,000.00        $ 18.00
Carpet Mills                                  3,000      54,000.00     4,500.00        $ 18.00
Zales                                         3,000      66,000.00     5,500.00        $ 22.00
Ritz Camera                                   2,400      55,200.00     4,600.00        $ 23.00
ASAP Mall                                     2,000      40,000.00     3,333.33        $ 20.00
Mothers Work                                  1,805      36,100.00     3,008.33        $ 20.00        April-04         March-14
H&R Block                                     1,500      25,500.00     2,125.00        $ 17.00
Luxury Nalls                                  1,200      25,200.00     2,100.00        $ 21.00
Vacant                                        7,907     158,140.00    13,178.33        $ 20.00
Vacant                                        4,050      72,900.00     6,075.00        $ 18.00
Vacant                                        2,500      55,000.00     4,583.33        $ 22.00
Vacant                                        1,547      27,848.00     2,320.50        $ 18.00
Vacant                                        1,240      24,800.00     2,066.67        $ 20.00
Vacant                                        1,200      24,000.00     2,000.00        $ 20.00

Totals                                      225,545   3,267,822.58
</Table>

<Page>

                    MANSFIELD TOWNE CROSSING - MANSFIELD, TX

<Table>
<Caption>
                                                                                                       LEASE             LEASE
                                                         ANNUAL                                     COMMENCEMENT      EXPIRATION
            TENANTS                           S.F.      BASE RENT      MONTHLY          RENT            DATE             DATE
----------------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>       <C>             <C>              <C>          <C>              <C>
Ross                                         30,187     279,229.75    23,269.15        $  9.25       October-04       January-15
Staples                                      20,388     214,074.00    17,839.50        $ 10.50        August-03        August-18
Pler 1                                       10,800     162,000.00    13,500.00        $ 15.00
Regions Bank                                  4,500      75,000.12     8,250.01        $ 16.67       February-04      January-23
AT&T Wireless                                 2,500      55,000.00     4,583.33        $ 22.00        August-03         July-06
Famous Footwear                               8,000     120,000.00    10,000.00        $ 15.00       February-04      January-14
Mansfield Urgent Care                         3,000      58,500.00     4,875.00        $ 19.00
Payless Shoes                                 3,000      54,000.00     4,500.00        $ 18.00       February-04      January-14
Zales                                         3,000      64,500.00     5,375.00        $ 21.50       December-03      December-13
Salley Beauty                                 1,600      27,200.00     2,266.67        $ 17.00
Subway                                        1,600      30,400.00     2,533.33        $ 19.00
The Cash Store                                1,600      30,400.00     2,533.33        $ 19.00       October-03      September-09
EB Games                                      1,500      31,500.00     2,625.00        $ 21.00      September-03     September-08
Robertson Pools                               1,440      27,360.00     2,280.00        $ 19.00
Sport Clips                                   1,440      30,240.00     2,520.00        $ 21.00       November-03      October-08
Bath Junkie                                   1,200          22800     1,900.00        $ 19.00
GNC                                           1,200      22,800.00     1,900.00        $ 19.00       October-03      September-09
Dr. Michael Polson                            1,060      20,140.00     1,678.33        $ 19.00
Luxury Nails                                  1.013      20,259.96     1,688.33        $ 20.00       February-04      February-09
VACANT                                        2,000      36,000.00     3,000.00        $ 18.00
VACANT                                        2,559      53,739.00     4,478.25        $ 21.00
VACANT                                        3,811      64,787.00     5,398.92        $ 17.00
VACANT                                        4,500      81,000.00     6,750.00        $ 18.00

Totals                                      111,898   1,580,929.83
</Table>

<Page>

                   LAKEPOINTE TOWNE CROSSING - LEWISVILLE, TX

<Table>
<Caption>
            TENANTS                           S.F.      BASE RENT                                       DATE             DATE
----------------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>       <C>             <C>              <C>           <C>              <C>
Sportsman's Warehouse                        45,250     543,000.00    45,250.00        $ 12.00        August-04        August-19
Circuit City                                 33,862     474,068.00    39,505.67        $ 14.00         June-04        January-19
Ross                                         30,187     294,323.25    24,526.94        $  9.75        April-03
Mattress Firm                                 6,500     162,500,00    13,541.67        $ 25.00        August-03        August-08
Hawk Electronics                              5,000     125,000.00    10,416.67        $ 25.00       November-03      October-08
Justice                                       4,500      94,500.00     7,875.00        $ 21.00
Pel Wel Asian Diner                           3,300      85,800.00     7,150.00        $ 26.00       October-03       October-13
Moe's Southwest Grill                         3,121      78,025.00     6,502.08        $ 25.00       November-03      November-13
Dr John Launius                               2,880      63,360.00     5,280.00        $ 22.00       November-03      November-10
Carter Floors and Countertops                 2,240      51,520.00     4,293.33        $ 23.00       January-04       December-08
EB Games                                      1,500      34,500.00     2,875.00        $ 23.00       October-03       October-08
Great Clips                                   1,200      28,800,00     2,400.00        $ 24.00       November-03      October-09
Vacant                                        5,324     117,128.00     9,760.67        $ 22.00
Vacant                                        4,600      92,000.00     7,666.67        $ 20.00
Vacant                                        4,300      90,300.00     7,525.00        $ 21.00
Vacant                                        4,020      80,400.00     6,700.00        $ 20.00
Vacant                                        3,886      77,720.00     6,476.67        $ 20.00
Vacant                                        3,886      77,720.00     6,476.67        $ 20.00
Vacant                                        3,867      81,207.00     6,767.25        $ 21.00
Vacant                                        3,132      62,640.00     5,220.00        $ 20.00
Vacant                                        2,977      59,540.00     4,961.67        $ 20.00
Vacant                                        2,977      59,540.00     4,961.67        $ 20.00
Vacant                                        2,977      59,540.00     4,961.67        $ 20.00
Vacant                                        2,977      59,540.00     4,961.67        $ 20.00
Vacant                                        2,845      58,900.00     4,741.67        $ 20.00
Vacant                                        2,567      51,340.00     4,278.33        $ 20.00
Vacant                                        2,267      47,607.00     3,967.25        $ 21.00
Vacant                                        1,360      29,920.00     2,493.33        $ 22.00
                                                                           0.00

TOTALS                                      193,502   3,138,438.25
</Table><Page>

                                                                  Exhibit 10.208

                    ASSIGNMENT OF PURCHASE AND SALE AGREEMENT

     For good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the undersigned, INLAND REAL ESTATE ACQUISITIONS, INC., an
Illinois corporation, ("Assignor") hereby assigns to INLAND WESTERN FULLERTON
METROCENTER, L.L.C., a Delaware limited liability company, ("Assignee") all of
its right, title and interest in that certain Purchase and Sale Agreement and
Joint Escrow Instructions by and between INLAND REAL ESTATE ACQUISITIONS, INC.,
as Purchaser, and ANATON ASSOCIATES, a California limited partnership, as
Seller, executed by Purchaser on May 20, 2004 and executed by Seller on May 27,
2004, for purchase and sale of certain real property commonly known as Fullerton
Metrocenter (the "Property").

     By execution hereof by Assignee, Assignee hereby accepts the assignment and
assumes all of the obligations of Assignor under the Purchase Agreement.

     This Assignment is effective as of the 24th day of June, 2004.

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

                          By:   /s/ G. Joseph Cosenza
                             ---------------------------------------------------
                                G. Joseph Cosenza
                          Its:  President

                ASSIGNEE: INLAND WESTERN FULLERTON
                          METROCENTER, L.L.C., a Delaware limited
                          liability company

                          By:   Inland Western Retail Real Estate Trust, Inc.,
                                a Maryland corporation, its sole member

                          By:   /s/ Valerie Medina
                             ---------------------------------------------------
                             Valerie Medina
                             Assistant Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]