Document:

<Page>

                                                                  Exhibit 10.188

                            NOTICE OF FINAL AGREEMENT
                           LOAN NOS. 753971 AND 753972

     THIS NOTICE OF FINAL AGREEMENT is made this 22nd day of June, 2004, and is
incorporated by and into and shall be deemed to amend and supplement any and all
documents constituting "Loan Agreements" as defined by Section 26.02 of the
Texas Business & Commerce Code, executed by and among INLAND WESTERN SAN ANTONIO
HUEBNER OAKS LIMITED PARTNERSHIP, an Illinois limited partnership ("BORROWER"),
INLAND WESTERN RETAIL REAL ESTATE TRUST, INC., a Maryland corporation
("Guarantor"), and PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation
("LENDER"), pertaining to the property located at 11745 IH-10, San Antonio,
Texas, and the loan in the stated aggregate principal amount of $48,000,000.00
evidenced by (i) Borrower's Secured Promissory Note 1 (Loan No. 753971) in the
principal amount of $31,723,000.00 and (ii) Borrower's Secured Promissory Note 2
(Loan No. 753972) in the principal amount of $16,277,000.00, each of even date
herewith executed by Borrower to Lender, and such term shall also include said
Secured Promissory Notes, as well as that Deed of Trust, Security Agreement and
Assignment of Rents, that Assignment of Lease and Rents, that Assignment of
Management Agreement and Subordination of Management Fees Agreement, that
Guaranty, and that Environmental Indemnity Agreement, each of even date herewith
from Borrower and/or Guarantor to Lender, but shall exclude the Commitment
issued by Lender.

     In addition to the covenants made in the Loan Agreements, Borrower and
Lender further covenant and agree as follows:

     1.   The rights and obligations of Borrower and Lender shall be determined
solely from the written Loan Agreements and any prior oral agreements between
Lender and Borrower are superseded by and merged into the Loan Agreements.

     2.   The Loan Agreements may not be varied by any oral agreements or
discussions that occur before, contemporaneously with, or subsequent to the
execution of the Loan Agreements.

     3.   The following Notice is provided pursuant to Section 26.02 of the
Texas Business & Commerce Code:

     THE WRITTEN LOAN AGREEMENTS REPRESENT THE FINAL AGREEMENTS BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

     THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                             SIGNATURE PAGES FOLLOW

<Page>

                          SIGNATURE PAGE OF BORROWER TO
                            NOTICE OF FINAL AGREEMENT

                            INLAND WESTERN SAN ANTONIO HUEBNER OAKS
                            LIMITED PARTNERSHIP, an Illinois limited partnership

                            By:  INLAND WESTERN SAN ANTONIO HUEBNER
                                 OAKS GP, L.L.C., a Delaware limited liability
                                 company, its General Partner

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

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

                                        2
<Page>

                         SIGNATURE PAGE OF GUARANTOR TO
                            NOTICE OF FINAL AGREEMENT

                                       INLAND WESTERN RETAIL REAL ESTATE
                                       TRUST, INC., a Maryland corporation

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

                                        3
<Page>

                           SIGNATURE PAGE OF LENDER TO
                            NOTICE OF FINAL AGREEMENT

                                  PRINCIPAL LIFE INSURANCE COMPANY, an
                                  Iowa corporation

                                  By:   PRINCIPAL REAL ESTATE
                                        INVESTORS, LLC, a Delaware limited
                                        liability company, its authorized
                                        signatory

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

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

                                        4<Page>

                                                                  Exhibit 10.189

                          SECOND AMENDMENT TO AGREEMENT

     THIS SECOND AMENDMENT TO AGREEMENT (the "Amendment") is made and entered
into as of the 18th day of June, 2004, by and between HENDON/JDN JOHNS CREEK
VILLAGE, L.L.C., a Georgia limited liability company ("Seller") and INLAND REAL
ESTATE ACQUISITIONS, INC. ("Buyer").

                              W I T N E S S E T H:

     WHEREAS, Seller and Buyer entered into that certain Lease of Intent having
a date of April 13, 2004, (the "Agreement") for the sale and purchase of the
property commonly known as Johns Creek Village Shopping Center located in
Duluth, Georgia, as described in the Agreement (the "Property"), and

     WHEREAS, Buyer and Seller entered into an Amendment to Agreement dated June
14, 2004, which extended the closing date to June 21, 2004, and

     WHEREAS, Buyer and Seller have mutually agreed to further amend certain
provisions of the Agreement.

     NOW THEREFORE, in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Buyer and Seller agree as follows:

     1.   In Section 1, line 2, delete "...closing 45 business days following
          acceptance this agreement," and insert "on or before June 23, 2004",
          therein.

     2.   In Section 1.2, line 2, delete "...45 business days following
          acceptance of this agreement..." and insert "on June 23, 2004" in its
          place.

     3.   This Amendment may be executed in one or more counterparts, each of
          which shall constitute an original and all of which taken together
          shall constitute one agreement. Each person executing this Amendment
          represents that such person has full authority and legal power to do
          so and bind the party on whose behalf he or she has executed this
          Amendment. Any counterpart to this Amendment may be executed by
          facsimile copy and shall be binding on the parties.

                         (SIGNATURES ON FOLLOWING PAGE)

<Page>

Except as modified herein, the Agreement is ratified by Buyer and Seller and
shall remain unmodified and in full force and effect.

                                    Seller:

                                    HENDON/ JDN JOHNS CREEK VILLAGE,
                                    L.L.C., a Georgia limited liability company

                                    By: /s/ Richard H. Carson
                                       -----------------------------------
                                    Name:     Richard H. Carson
                                         ---------------------------------
                                    Title:    Vice President
                                          --------------------------------

                                    Purchaser:

                                    INLAND REAL ESTATE ACQUISITIONS, INC.,
                                    an Illinois corporation

                                    By:   /s/ G. Joseph Cosenza
                                       -----------------------------------
                                    Name:     G. Joseph Cosenza
                                         ---------------------------------
                                    Title:    Vice Chairman
                                          --------------------------------

<Page>

                         AMENDMENT TO AGREEMENT

     THIS AMENDMENT TO AGREEMENT (the "Amendment") is made and entered into as
of the 11 day of June, 2004, by and between HENDON/ JDN JOHN'S CREEK VILLAGE,
L.L.C., A GEORGIA LIMITED LIABILITY COMPANY ("Seller") and INLAND REAL ESTATE
ACQUISITIONS, INC. ("Buyer").

                              W I T N E S S E T H:

     WHEREAS, Seller and Buyer entered into that certain Letter of Intent
having a date of April 13, 2004, (the "Agreement"), for the sale and purchase of
the property commonly known as John's Creek Village Shopping Center located in
Duluth, Georgia as described in the Agreement (the "Property").

     WHEREAS, Buyer and Seller have mutually agreed to amend certain provisions
of the Agreement.

     NOW THEREFORE, in consideration of the foregoing, and other good and '
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged; Buyer and Seller agree as follows:

     1.   In Section 1, line 2, delete "...closing 45 business days following
          acceptance of this agreement." and insert "on or before June 21,
          2004", therein.

     2.   In Section 12, line 2, delete "...45 business days following
          acceptance of this agreement..." and insert "on June 21, 2004" in its
          place.

     3.   This Amendment may be executed in one or more counterparts, each of
          which shall constitute an original and all of which taken together
          shall constitute one agreement. Each person executing this Amendment
          represents that such person has full authority and legal power to do
          so and bind the party on whose behalf he or she has executed this
          Amendment. Any counterpart to this Amendment may be executed by
          facsimile copy and shall be binding on the parties.

Except as modified herein, the Agreement is ratified by Buyer and Seller and
shall remain unmodified and in full force and effect.

                         (Signatures on following page)

<Page>

                                    Seller:

                                    HENDON/ JDN JOHN'S CREEK VILLAGE, L.L.C.
                                    a Georgia limited liability company

                                    By: /s/ Richard H. Carson
                                       -----------------------------------
                                    Name:     Richard H. Carson
                                         ---------------------------------
                                    Title:      Vice President
                                          --------------------------------

                                    Purchaser:

                                    INLAND REAL ESTATE ACQUISITIONS, INC.,
                                    an Illinois corporation

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

<Page>

                                                  REVISED
                                                  MARCH 24, 2004

Hendon Properties (Seller)
Attn: Charlie Hendon
Two Live Oak Center
3445 Peachtree Rd., Suite 465
Atlanta, GA 30326

        RE:  JOHNS CREEK VILLAGE SHOPPING CENTER
             DULUTH, GEORGIA

Dear Charlie:

     This letter represents this corporation's offer to purchase the Johns Creek
Crossing Shopping Center with APPROXIMATELY 191.475 net rentable square feet,
situated on approximately 20 acres of land, located at 11720 Medlock Bridge
Road, Duluth, GA 30097. (see Exhibit A attached)

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

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

     1.   The total purchase price shall be $42,502,746.00 all cash, plus or
          minus prorations, WITH NO MORTGAGE CONTINGENCIES, to be paid at
          CLOSING 45 BUSINESS DAYS following the acceptance of this agreement.
          (see Paragraphs 6, 12 & 17). 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 property is leased to the
          tenants described on Exhibit B on triple net leases covering the
          building and all of the land, parking areas, reciprocal easements and
          REA/OEA agreements (if any), for the entire terms and option periods.
          Any 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 property is 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 property is 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 property, nor are there any current or
          contemplated assessments.

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JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA                     PAGE 2
REVISED, MARCH 24, 2004

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

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

     6.   It is understood that the Seller, prior to Final payment, shall be
          liable and responsible at their sole cost and expense, to complete the
          construction of the APPROXIMATELY 191,475 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 FULTON COUNTY. Georgia and/or any
          required governmental agencies for the shopping center. 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.

          SELLER SHALL USE ITS COMMERCIALLY REASONABLE EFFORTS TO CAUSE any and
          all tenants and guarantors TO 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 center.

          Said construction shall be subject to Purchaser's written approval and
          shall be completed in total in accordance with all the plans and
          specifications as accepted by FULTON COUNTY, Georgia for the shopping
          center. Completion shall be deemed to have occurred after the Seller
          delivers to Purchaser a final unconditional certificate of occupancy
          for each of the buildings and a certificate for the property 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 FULTON
          COUNTY, Georgia, 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 property and shall
          also be liable for construction "call-backs", FOR THE LATER TO OCCUR
          OF ONE YEAR FROM THE INITIAL CLOSING OR THE COMPLETION OF ANY
          INDIVIDUAL BUILDING INCLUDING LANDLORD'S WORK FOR ANY TENANT SPACE.

          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, IN PURCHASER'S REASONABLE
          DISCRETION, from all tenants, guarantors, and parties to reciprocal
          and/or operating easement agreements, if applicable. PURCHASER
          ACKNOWLEDGES THAT CERTAIN ANCHOR TENANTS MAY HAVE ESTOPPEL FORMS
          ATTACHED TO THEIR RESPECTIVE LEASE AND PURCHASER SHALL ACCEPT SUCH
          TENANT ESTOPPELS.

     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.

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JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA                     PAGE 3
REVISED, MARCH 24, 2004

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

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

     12.  The closing shall occur through Chicago Title & Trust Company, in
          Chicago, Illinois with Nancy Castro as Escrowee, 45 business days
          following acceptance of this agreement, at which time title to the
          above property shall be marketable; i.e., free and clear of all liens,
          encroachments and encumbrances, and an ALTA form B owner's title
          policy with complete extended coverage and required endorsements,
          waiving off all NEW construction, including 3.1 zoning including
          parking and loading docks, and insuring all improvements as legally
          conforming uses and not as non-conforming or conditional uses, paid by
          Seller, shall be issued, with all warranties and representations being
          true now and at closing and surviving the closing, 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 an appraisal of
          the property prepared by an MAI or other qualified appraiser,
          acceptable to Purchaser or Purchaser's lender, if any, and shall
          deliver copies of such appraisal 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
          appraisal 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 property. This offer
          is subject to Purchaser's satisfaction that all guarantees and
          warranties survive the closing and are assignable and transferable to
          any titleholder now and in the future.

     17.  This offer is subject to the property being 100% occupied at the time
          of closing, with all tenants occupying their space, open for business,
          and paying full rent, including CAM, tax and insurance current, as
          shown on Exhibit B attached. This offer is subject to the property
          being 100% occupied at the time of closing, with all tenants occupying
          their space, open for

<Page>

JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA                     PAGE 4
REVISED, MARCH 24, 2004

          business, and paying full rent, including CAM, tax and insurance
          current, as shown on Exhibit A attached. In the event the property is
          less than 100%, than the Purchaser and Seller agree that 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), AND PLUS THE AMOUNT, IF ANY, OF
          ALL TENANT OBLIGATIONS TO PAY ANY ADDITIONAL COSTS OR REIMBURSEMENT
          FOR MANAGEMENT FEES, ADMINISTRATIVE FEES, ETC. (SEE EXHIBIT C) DIVIDED
          BY A BASE RENT DIVIDER of 7.78%.

          For purposes of these calculations, management fee shall be assumed to
          be 3% of gross collections (including reimburseables) and CAM shall be
          assumed to be $1.25 per square Foot (Exhibit C). The Seller shall have
          18 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 an insurance on a prorata basis. It shall be Seller's
          responsibility and sole cost and 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
          waive their right to the additional Earnout if the final Seller's
          notice has not been sent within 18 months after the Initial Closing
          date.

          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 such
          space, but in no event, following 18 months following the initial
          closing.

          At the initial Closing, Seller shall place in Purchaser's escrow, cash
          in the amount equal to $12.00 per square foot for tenant improvements
          and $3.00 per square foot for leasing commissions, times the remaining
          Earnout square feet of the property. This escrow WILL be CREDITED TO
          Seller AT EACH EARNOUT CLOSING. However, with regards to any vacant
          space never leased with the tenant accepting their space, opening for
          business and commencing full rent payments, including CAM, taxes and
          insurance on a prorata basis, the balance of the tenant improvements
          and leasing commissions shall be remain with Purchaser. ANY FUNDS
          REMAINING IN THE ESCROW ACCOUNT, AT SUCH TIME THE CENTER BECOMES 100%
          OCCUPIED, SHALL BE RETURNED TO SELLER.

          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 purchase price of
          $42,502,746.00 AND EARNOUT AMOUNTS SHALL BE ADJUSTED UP OR DOWN, BASED
          ON ACTUAL RENT AND LEASE OBLIGATIONS OF TENANTS, WHICH DO NOT QUALIFY
          AS OF THE INITIAL CLOSING DATE PURSUANT TO UNDERWRITING OUTLINED
          ABOVE.

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

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

<Page>

JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA                     PAGE 5
REVISED, MARCH 24, 2004

     20.  NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, THE
          PURCHASE SHALL BE STRUCTURED SUCH THAT PURCHASER SHALL ACQUIRE
          SELLER'S MEMBERSHIP INTERESTS IN HENDON/JDN JOHNS CREEK VILLAGE, LLC
          (THE ENTITY THAT OWNS THE ASSET) OR SUCH OTHER MUTUALLY AGREEABLE
          STRUCTURE WHICH ALLOWS SELLER TO QUALIFY FOR CAPITAL GAINS TREATMENT
          UNDER IRS GUIDELINES.

     This offer is, of course, predicated upon the Purchaser's review and
written approval of the existing leases, new leases, lease modifications (if
any), all tenant correspondence, REA/OEA agreements, tenants' and guarantors'
financial statements, sales figures, representations of income and expenses made
by Seller, site inspection, environmental, appraisal, etc., and at least one
year of audited operating statements on said property is required that qualify,
comply with and can be used in a public offering.

     If this offer is acceptable, please sign the original of this letter and
initial each page, keeping copies for your files and returning the original to
me by APRIL 13, 2004.

                                        Sincerely,

ACCEPTED:                               INLAND REAL ESTATE ACQUISITIONS, INC.
                                        or nominee
By:    /s/ [ILLEGIBLE]
      -----------------------------

Date:     4/13/03                       /s/ G. Joseph Cosenza
      -----------------------------     --------------------------------
                                        G. Joseph Cosenza
                                        Vice Chairman

<Page>

                                                                       Exhibit A

                                    [SITE PLAN]

<Page>

                                                                       Exhibit B

                               JOHNS CREEK VILLAGE
                        MGT. FEE/ADMIN FEE REIMBURSEMENT

<Table>
<Caption>
Vacancy?    SUITE              TENANT              SQ. FT.     RENT PSF      ANNUAL RENT     CAM (est.)   TAXES (est.)  INS. (est.)
-----------------------------------------------------------------------------------------------------------------------------------
   <S>       <C>     <C>                           <C>       <C>            <C>              <C>           <C>          <C>
             530     T. J. Maxx                     30,000   $       8.95   $      288,500   $      1.25   $     1.00   $       0.25
             520     Ross Dress For Less            30,187   $      10.75   $      324,510   $      1.25   $     1.00   $       0.25
             400     LA Fitness                     41,000   $      17.00   $      697,000   $      1.25   $     1.00   $       0.25
             55?     7,500 s.f. To Be Leased         7,560   $      14.00   $      105,000   $      1.25   $     1.00   $       0.25
   Y         510     America's Mattress              6,500   $      15.50   $      100,750   $      1.25   $     1.00   $       0.25
             540     Hibbitt Sports                  5,000   $      14.55   $       72,750   $      1.25   $     1.00   $       0.25
             560     7,500 s.f. To Be Leased         7,500   $      14.00   $      105,000   $      1.25   $     1.00   $       0.25
   Y         570     Florist                         1,600   $      18.00   $       28,800   $      1.25   $     1.00   $       0.25
   Y         580     End Cap (To Be Leased)          2,400   $      18.00   $       43,200   $      1.25   $     1.00   $       0.25
------------------------------------------------------------------------------------------------------------------------------------
                     Sub-Total                     131,687                  $    1,745,510
------------------------------------------------------------------------------------------------------------------------------------
   Y         155     Pro Line Billiards?             4,525   $      25.00   $      115,625   $      1.25   $     1.00   $       0.25
             162     T-Mobile                        1,500   $      34.00   $       51,000   $      1.25   $     1.00   $       0.25
             168     Starbucks                       1,665   $      33.95   $       56,527   $      1.25   $     1.00   $       0.25
   Y         166     Cold Stone Creamary             1,380   $      29.00   $       39,440   $      1.25   $     1.00   $       0.25
             164     Electronics Boutique            1,200   $      30.00   $       36,000   $      1.25   $     1.00   $       0.25
             135     Chipotie                        3,000   $      31.00   $       93,000   $      1.25   $     1.00   $       0.25
   Y         150     To Be Leased                    6,250   $      23.00   $      143,750   $      1.25   $     1.00   $       0.25
   Y         160     Portrait Innovations            2,375   $      27.00   $       64,125   $      1.25   $     1.00   $       0.25
   Y         140     Dr. Vision Works                2,400   $      27.00   $       64,800   $      1.25   $     1.00   $       0.25
   Y         145     To Be Leased                    2,000   $      30.00   $       60,000   $      1.25   $     1.00   $       0.25
------------------------------------------------------------------------------------------------------------------------------------
                     Sub-Total                      26,375                  $      724,267
------------------------------------------------------------------------------------------------------------------------------------
   Y         130     State Farm                      1,700   $      28.50   $       45,050   $      1.25   $     1.00   $       0.25
             125     Naxtal                          1,640   $      28.50   $       46,740   $      1.25   $     1.00   $       0.25
   Y         120     Dry Cleaner                     1,709   $      28.00   $       47,600   $      1.25   $     1.00   $       0.25
   Y         115     To Be Leased                    1,700   $      27.50   $       46,750   $      1.25   $     1.00   $       0.25
           100-110   Hollywood Video                 5,020   $      24.75   $      124,245   $      1.25   $     1.00   $       0.25
------------------------------------------------------------------------------------------------------------------------------------
                     Sub-Total                      11,760                  $      310,385
------------------------------------------------------------------------------------------------------------------------------------
           185-195   Lacus [ILLEGIBLE]               4,860   $      27.30   $      132,678   $      1.25   $     1.00   $       0.25
   Y         1?0     To Be Leased                    3,600   $      23.50   $       84,000   $      1.25   $     1.00   $       0.25
   Y         170     To Be Leased                    1,600   $      23.00   $       36,800   $      1.25   $     1.00   $       0.25
   Y         175     To Be Leased                    1,515   $      23.00   $       34,845   $      1.25   $     1.00   $       0.25
                                                                            $            -
                                                         -                  $            -
------------------------------------------------------------------------------------------------------------------------------------
                     Sub-Total                      11,575                  $      288,323
------------------------------------------------------------------------------------------------------------------------------------
                     IHOP - Ground Lease             5,143   $      1?.53   $       85,000   $      1.25   $     1.00   $       0.25
                     Ch [ILLEGIBLE] - Ground Lease   4,935   $      20.26   $      100,000   $      1.25   $     1.00   $       0.25
------------------------------------------------------------------------------------------------------------------------------------
                     TOTAL                         191,475                  $    3,254,085
------------------------------------------------------------------------------------------

<Caption>
 Vacancy?  SUITE        TENANT               TOTAL C/T/I  $ MGT. FEE  ADMIN. FEE% $ ADMIN. FEE   $ PAYMENT     VAC.       NON-VAC.
------------------------------------------------------------------------------------------------------------------------------------
   <S>      <C>    <C>                       <C>          <C>            <C>      <C>          <C>         <C>           <C>
            530    T. J. Maxx                $      2.50  $         -     0%      $        -             0
            520    Ross Dress For Less       $      2.50  $         -    10%      $ 3,773.38   $  3,773.38               $  3,733.38
            400    LA Fitness                $      2.50  $         -     5%      $ 4,100.00   $  4,100.00               $  4,100.00
            55?    7,500 s.f. To Be Leased   $      2.50  $  3,712.50    15%      $ 1,408.25   $  3,712.50               $  3,712.50
   Y        510    America's Mattress        $      2.50  $  3,510.00    15%      $ 1,218.75   $  3,510.00 $   3,510.00
            540    Hibbitt Sports            $      2.50  $         -    10%      $   625.00   $    625.00               $    625.00
            560    7,500 s.f. To Be Leased   $      2.50  $  3,712.50    15%      $ 1,406.25   $  3,712.50               $  3,712.50
   Y        570    Florist                   $      2.50  $    964.00    15%      $   300.00   $    984.00 $     984.00
   Y        580    End Cap (To Be Leased)    $      2.50  $  1,476.00    15%      $   450.00   $  1,476.00 $   1,476.00
-----------------------------------------------------------------------------------------------------------
                   Sub-Total                                                      $        -   $         -
-----------------------------------------------------------------------------------------------------------
   Y        155    Pro Line Billiards?       $      2.50  $  3,815.63    15%      $   867.12   $  3,815.?3 $   3,616.63
            162    T-Mobile                  $      2.50  $         -     5%      $    93.75   $     93.75               $     93.75
            168    Starbucks                 $      2.50  $         -    10%      $   208.13   $    208.13               $    208.13
   Y        166    Cold Stone Creamary       $      2.50  $  1,285.20    15%      $   255.00   $  1,285.20 $   1.285.20
            164    Electronics Boutique      $      2.50  $         -    10%      $   150.00   $    150.00               $    150.00
            135    Chipotie                  $      2.50  $         -    12%      $   450.00   $    450.00               $    450.00
   Y        150    To Be Leased              $      2.50  $  4,781.25    15%      $ 1,171.??   $  4,7?1.25 $   4,781.25
   Y        160    Portrait Innovations      $      2.50  $  2,101.88    15%      $   445.31   $  2,101.?? $   2,101.??
   Y        140    Dr. Vision Works          $      2.50  $  2,124.00    15%      $   450.00   $  2,124.00 $   2,124.00
   Y        145    To Be Leased              $      2.50  $  1,950.00    15%      $   375.00   $  1,950.00 $   1,950.00
                                                                                  $        -   $         -
-----------------------------------------------------------------------------------------------------------
                   Sub-Total                 $         -  $         -
-----------------------------------------------------------------------------------------------------------
   Y        130    State Farm                $      2.50  $  1,479.00    15%      $   318.75   $  1,479.00 $   1,479.00
            125    Naxtal                    $      2.50  $  1,525.20    15%      $   307.??   $  1,525.20               $  1,525.20
   Y        120    Dry Cleaner               $      2.50  $  1,555.50    15%      $   318.75   $  1,556.50 $   1,655.50
   Y        115    To Be Leased              $      2.50  $  1,530.00    15%      $   316.75   $  1,530.00 $   1,530.00
          100-110  Hollywood Video           $      2.50  $         -    10%      $   627.50   $    627.50               $    627.50
                                                                                  $        -   $         -
-----------------------------------------------------------------------------------------------------------
                   Sub-Total                                                      $        -   $         -
-----------------------------------------------------------------------------------------------------------
          185-195  Lacus [ILLEGIBLE]         $      2.50  $         -    10%      $   807.50   $    807.50               $    607.50
   Y        1?0    To Be Leased              $      2.50  $  2,808.00    15%      $   875.00   $  2,???.00 $   2,808.00
   Y        170    To Be Leased              $      2.50  $  1,224.00    15%      $   300.00   $  1,224.00 $   1,224.00
   Y        175    To Be Leased              $      2.50  $  1,158.95    15%      $   284.06   $  1,158.98 $   1,158.98
                                             $         -  $         -             $        -   $         -
                                             $         -  $         -             $        -   $         -
-----------------------------------------------------------------------------------------------------------
                   Sub-Total                                                      $        -   $         -
-----------------------------------------------------------------------------------------------------------
                   IHOP - Ground Lease       $      2.50  $         -    10%      $   642.88   $    542.88               $    642.??
                   Ch [ILLEGIBLE] - Ground
                   Lease                     $      2.50  $         -    10%      $   616.??   $    616.88               $    616.??
-----------------------------------------------------------------------------------------------------------------------------------
                   TOTAL                                                                       $ 52,628.63 $  31,783.43  $ 20,845.20
                                                                                               ------------------------------------
                                                                                                           $    103,313
                                                                                                           ------------
                                                                                                           $    135,096
                                                                                                                      5%
                                                                                                           ------------
                                                                                                           $      6,755
</Table>

                                     Page 1

<Page>

                                                                       Exhibit C

                                    Exhibit C
                            PURCHASE PRICE ALLOCATION

JOHNS CREEK VILLAGE - INLAND PURCHASE PRICE ALLOCATION
AS OF APRIL 12, 2004

<Table>
<Caption>
[ILLEGIBLE]            [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE]  [ILLEGIBLE]              [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE]   TOTAL'S
-----------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>         <C>         <C>          <C>                         <C>      <C>       <C>          <C>
T.J. [ILLEGIBLE]
(Suite 530)            30,000      $    8.95       288,500                                                                 288,500
Rose Dress For Less
(Suite 520)            30,187      $   10.75   $   324,510                                                                 324,510
LA [ILLEGIBLE] (Suite
400)                   41,000      $   17.00   $   697,000                                                                 697,000
                                                            To Be Leased                15,000   $ 14.00   $   210,000     210,000
[ILLEGIBLE] Source
(Suite 510)             8,500      $   15.50   $   100,750                                                                 100,750
                                                            [ILLEGIBLE] Sports           5,000   $ 14.53   $    72,750      72,750
                                                            Florist                      1,600   $ 18.00   $    28,800      28,800
                                                            To Be Leased (End Cap)       2,400   $ 18.00   $    43,200      43,200
-----------------------------------------------------------------------------------------------------------------------------------
Pro Line [ILLEGIBLE]
(Suite 165)                 4,625   $   25.00  $   115,625                                                                  115,625
T-Mobile (Suite 162)        1,500   $   34.00  $    51,000                                                                   51,000
[ILLEGIBLE]                 1,665   $   33.95  $    56,527                                                                   56,527
Cold Stone [ILLEGIBLE]
(A 166)                     1,380   $   29.00  $    39,440                                                                   39,440
Electronics Boutique
(A 164)                     1,200   $   30.00  $    36,000                                                                   36,000
[ILLEGIBLE] (A 135)         3,000   $   31.00  $    93,000                                                                   93,000
                                                            To Be Leased (Suite ?)       5,250   $ 23.00   $   143,750      143,750
Portrait Innovations
(Suite 100)                 2,375   $   27.00  $    64,125                                                                   64,125
Dr. Vision Works
(Suite 140)                 2,400   $   27.00  $    64,800                                                                   64,800
                                                            To Be Leased (Suite 145)     2,000   $ 30.00   $    60,000       60,000
                                                                                                                                  -
-----------------------------------------------------------------------------------------------------------------------------------
State Form (Suite 130)      1,700   $   26.50  $    45,050                                                                   45,050
Nextal (Suite 125)          1,640   $   28.50  $    46,740                                                                   46,740
Dry Cleaner (Suite 120)     1,700   $   20.00  $    47,600                                                                   47,600
                                                            To Be Leased                 1,700   $ 27.50   $    46,750       46,750
                                                            Hollywood Video (Suites
                                                            100,105,110)                 5,020   $ 24.75   $   124,245      124,245
                                                                                                                                  -
-----------------------------------------------------------------------------------------------------------------------------------
                                                            Lane Bryant (Suites
                                                            185,190,195)                 4,860   $ 27.30   $   132,678      132,678
                                                            To Be Leased (Suite ?).
                                                            Good Nutrition               3,600   $ 23.50   $    84,600       84,600
                                                            To Be Leased (Suite 170)     1,600   $ 23.00   $    36,800       36,800
                                                            To Be Leased (Suite 175)     1,315   $ 23.00   $    34,845       34,845
                                                                                                           $         -            -
                                                                                                                                  -
-----------------------------------------------------------------------------------------------------------------------------------
IHOP - Ground Lease         5,143       16.53       85,000                                                                   85,000
[ILLEGIBLE] - Ground
Lease                       4,935       20.25      100,000                                                                  100,000
-----------------------------------------------------------------------------------------------------------------------------------

TOTALS                          ?   $       ?  $         ?  TOTALS                           ?   $     ?   $         ?  $         ?
-----------------------------------------------------------------------------------------------------------------------------------

    REIMBURSEMENTS:                                             REIMBURSEMENTS:

CAM/TAXES/INSURANCE       140,930   $    2.50  $   352,325  CAM/TAXES/INSURANCE         50,545   $  2.50   $   128,383  $   478,688
MGT. RECAPTURE/                                             MGT. RECAPTURE/
ADMINISTRATIVE FEE        140,930        0.19  $    27,431  ADMINISTRATIVE FEES         50,545   $  0.50   $    25,197  $    52,628
-----------------------------------------------------------------------------------------------------------------------------------

    TOTAL REIMBURSEMENTS  140,930   $    2.69  $   379,756      TOTAL REIMBURSEMENTS    50,545   $  3.00   $   151,560  $   531,316
-----------------------------------------------------------------------------------------------------------------------------------

    GROSS POTENTIAL                                             GROSS POTENTIAL
    INCOME                140,930   $       ?  $         ?      INCOME                  50,545   $     ?   $         ?  $         ?
-----------------------------------------------------------------------------------------------------------------------------------
VACANCY (5% OF SMALL                                        VACANCY (5% OF SMALL SHOP
SHOP RENT)                 20,660   $   23.11  $    23,870  RENT)                       20,665     23.17   $    23,937  $    47,607
VACANCY (5% OF SMALL                                        VACANCY (5% OF SMALL SHOP
SHOP REIMB.)               20,660   $    0.16  $     3,376  REIMB.)                     20,665   $  0.16   $     3,379  $     6,765
-----------------------------------------------------------------------------------------------------------------------------------

EFFECTIVE GROSS INCOME          ?   $       ?  $         ?  EFFECTIVE GROSS INCOME           ?   $     ?   $         ?  $         ?
-----------------------------------------------------------------------------------------------------------------------------------

    OPERATING EXPENSES:                                         OPERATING EXPENSES:

MANAGEMENT(3%)            140,930   $   18.36  $    77,645  MANAGEMENT(3%)              50,545   $ 22.61   $    34,280  $   111,925
TAXES                     140,930   $    1.00  $   140,930  CAM                         50,545   $  1.00   $    50,545  $   191,475
INSURANCE                 140,930   $    0.25  $    35,233  TAXES                       50,545   $  0.25   $    12,636  $    47,869
CAM                       140,930   $    1.25  $   176,183  INSURANCE                   50,545   $  1.25   $    63,181  $   239,344
RESERVES                  130,852   $    0.10  $    13,085  RESERVES                    50,545   $  0.10   $     5,056  $    18,140
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES                  ?   $       ?  $         ?  TOTAL EXPENSES                   ?   $     ?   $         ?  $         ?
-----------------------------------------------------------------------------------------------------------------------------------

    NET OPERATING INCOME        ?   $       ?  $         ?      NET OPERATING INCOME         ?   $     ?   $         ?  $         ?
-----------------------------------------------------------------------------------------------------------------------------------

    INLAND'S DIVISOR                                            INLAND'S DIVISOR
    FACTOR:                                                     FACTOR:

GROSS MINIMUM RENT                             $ 2,235,667  GROSS MINIMUM RENT                             $ 1,018,418  $ 3,254,085
MGT. RECAPTURE/                                             MGT. RECAPTURE/
ADMINISTRATIVE FEES                            $    27,431  ADMINISTRATIVE FEES                            $    25,197  $    52,629
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL GROSS INCOME                             $ 2,263,098  TOTAL GROSS INCOME                             $ 1,043,615  $ 3,306,714
-----------------------------------------------------------------------------------------------------------------------------------

DIVIDED BY:                                           7.78% DIVIDED BY:                                           7.78%        7.78%

-----------------------------------------------------------------------------------------------------------------------------------
PURCHASE AMOUNT                                $         ?  PURCHASE AMOUNT                                $         ?  $         ?
-----------------------------------------------------------------------------------------------------------------------------------
</Table>

                                     Page 1

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"}]]