Document:

<Page>

                                                                  Exhibit 10.360

The Columns Shopping Center

                                   ASSIGNMENT

     This Assignment is made as of the 24th day of August 2004 by INLAND REAL
ESTATE ACQUISITIONS, INC., an Illinois corporation ("Assignor") to and for the
benefit of INLAND WESTERN JACKSON COLUMNS, L.L.C., a Delaware limited liability
company ("Assignee").

     Assignor does hereby sell, assign, transfer, set over and convey unto
Assignee all of its right, title and interest as Buyer under into that certain
Letter Agreement for the purchase and sale of a Shopping Center dated as of June
22, 2004, as amended and entered into by Jackson Property Associates, G.P., a
Georgia general partnership, as Seller, and Assignor, as Buyer (collectively,
the "Agreement"), for the sale and purchase of the property described by the
Agreement, located in Jackson, Tennessee.

     Assignor represents and warrants that it is the Buyer under the Agreement,
and that it has not sold, assigned, transferred, or encumbered such interest in
any way to any other person or entity. By acceptance hereof, Assignee accepts
the foregoing assignment and agrees, from and after the date hereof, to (i)
perform all of the obligations of Buyer under the Agreement, and (ii) indemnify,
defend, protect and hold Assignor harmless from and against all claims and
liabilities arising under the Agreement.

     IN WITNESS WHEREOF, Assignor and Assignee have executed this instrument as
of the date first written above.

                              ASSIGNOR:

                              INLAND REAL ESTATE ACQUISITIONS, INC.
                              an Illinois corporation

                              By:  \s\ [ILLEGIBLE]
                                 ------------------------------
                              Name:  [ILLEGIBLE]
                                   ------------------------------
                              As Its:  Sr VP
                                     ------------------------------

                              ASSIGNEE:

                              INLAND WESTERN JACKSON COLUMNS,
                              L.L.C., a Delaware limited liability company

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

                              By:  \s\ [ILLEGIBLE]
                                 ------------------------------
                              Name:  [ILLEGIBLE]
                                   ------------------------------
                              As Its:  authorized agent
                                     ------------------------------<Page>

                                                                  Exhibit 10.361

The Columns Shopping Center
Jackson, Tennessee
Amendment to Agreement

                             AMENDMENT TO AGREEMENT

     THIS AMENDMENT TO AGREEMENT (the "Amendment") is made and entered into as
of the 2nd day of August 2004, by and between JACKSON PROPERTY ASSOCIATES, G.P.
("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 Agreement having
a date of June 22, 2004 (the "Agreement"), for the sale and purchase of the
property commonly known as The Columns Shopping Center located in Jackson,
Tennessee, as legally described within 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.   The "Termination Date" as defined in Section 1 of the Agreement is
          amended by deleting the words "...on or before the thirtieth (30th)
          business day from the date of full execution hereof. . ." found in
          line 8 thereof and inserting the date of "...August 9, 2004 at 5:00
          p.m. Chicago time. . ." therein.
     2.   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 shall remain unmodified and in full
force and effect.

                         (SIGNATURES ON FOLLOWING PAGE)

<Page>

The Columns Shopping Center
Jackson, Tennessee
Amendment to Agreement

                                         Seller:

                                         Jackson Property Associates G.P.

                                         By: Jackson Management Associates, LLC

                                         By:  /s/ [ILLEGIBLE]
                                             -------------------------
                                         Name:  [ILLEGIBLE]
                                               -----------------------
                                         Title:  [ILLEGIBLE]
                                                ----------------------

                                         Purchaser:

                                         INLAND REAL ESTATE ACQUISITIONS, INC.,
                                         an Illinois corporation

                                         By:  /s/ [ILLEGIBLE]
                                             -------------------------
                                         Name:  [ILLEGIBLE]
                                               -----------------------
                                         Title:  SR. V.P.
                                                ----------------------

                                        2
<Page>

       Re:   Purchaser:   Inland Real Estate Acquisitions, Inc. or its designee
                          ("Purchaser")
             Seller:      Jackson Property Associates, G.P. ("Seller")
             Property:    The Columns Shopping Center
                          Jackson, Tennessee

       This letter represents Seller's offer to sell and Purchaser's agreement
to purchase (the "Agreement") Phase I, Phase II and Phase III of The Columns
Shopping Center with approximately 173,587 net rentable square feet, situated on
approximately 26.06 acres of land, located on Vann Drive, Jackson, Tennessee
(the "Property").

       The 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 transaction will be consummated on the following basis:

   1.  The total purchase price shall be $27,028,000.00 all cash, plus or minus
       prorations, WITH NO MORTGAGE CONTINGENCIES, $20,769,721 of which is to be
       paid at the First Closing (as hereinafter defined) (see Paragraphs 12 and
       13), less prorations as set forth herein. On the date hereof, Purchaser
       shall deposit with Chicago Title Insurance Company (attn: Nancy Castro,
       Assistant Vice President) 171 North Clark Street, Chicago Illinois 60601
       (telephone: 312-223-2709; facsimile: 312-223-2108) ("Escrowee") the sum
       of $300,000.00 (the "First Deposit"). In the event that Purchaser does
       not terminate this Agreement on or before the thirtieth (30th) business
       day from the date of full execution hereof (the "Termination Date"), the
       Deposit shall be non-refundable subject to satisfaction of the
       post-Termination Date conditions contained herein. Should the Purchaser
       provide written notice to Seller and Escrowee prior to the Termination
       Date of its intent to terminate this Agreement, the Deposit shall be
       promptly returned to the Purchaser; otherwise, the Deposit shall become
       immediately non-refundable (subject to satisfaction of the
       post-Termination Date conditions contained herein). Within five (5) days
       after the expiration of the Termination Date, Purchaser shall deposit an
       additional sum of $300,000.00 (the "Second Deposit") with Escrowee, which
       shall become immediately non-refundable (subject to satisfaction of the
       post-Termination Date conditions contained herein). The First Deposit and
       the Second Deposit shall remain in escrow with Escrowee at the First
       Closing and shall be applied against the Purchase Price at the Second
       Closing. Purchaser shall allocate the land, building and depreciable
       improvements prior to either the First Closing or the Second Closing (as
       hereinafter defined).

   2.  Seller and Purchaser hereby represent and warrant, each to the other,
       that there are no real estate brokerage commissions involved in this
       transaction and each party hereby respectively agrees to indemnify,
       defend and hold the other party harmless from and against the claim of
       any broker through either Seller or Purchaser, as the case may be. This
       representation and warranty shall survive the First Closing and the
       Second Closing.

<Page>

   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 A under leases covering the buildings and the rights to use all
       of common areas for the entire terms and option periods of each
       respective lease. Any monetary concessions (e.g., free rent periods,
       tenant allowances, etc.) given to any tenants that extend beyond the
       First Closing with respect to Phases I and III and the Second Closing
       with respect to Phase II shall be settled at closing by Seller giving a
       full cash credit to Purchaser for any and all of those concessions. All
       leasing or brokerage commissions due on account of any lease in effect as
       of the date of the First Closing with respect to Phases I and III and the
       Second Closing with respect to Phase II shall either be paid and
       discharged by Seller or credited to Purchaser.

   4.  Seller warrants and represents (TO THE BEST OF THE SELLER'S KNOWLEDGE),
       that the Property is or when it is delivered to the tenants will be free
       of violations, the interior and exterior structures are or will be in a
       good state of repair, free of leaks, structural problems and mold, and
       the Property is or will be 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.

   5.  Seller warrants and represents (TO THE BEST OF THE SELLER'S KNOWLEDGE),
       that during the term of the leases the tenants and guarantors, if
       applicable, are responsible for and pay all operating expenses relating
       to the Property on a prorata basis (subject to the terms of each specific
       lease), including but not limited to, real estate taxes, common area
       utilities, insurance and all common area maintenance to the parking lot
       and the like.

       After the Termination Date and prior to the First Closing with respect to
       Phases I and III and the Second Closing with respect to Phase II, Seller
       shall not enter into or extend any agreements or Property leases without
       Purchaser's approval which approval shall not be unreasonably withheld or
       delayed. A condition precedent to Purchaser's obligations hereunder is
       that any work presently in progress on the Property shall be completed by
       Seller prior to the First Closing with respect to Phases I and III and
       prior to the Second Closing with respect to Phase II.

   6.  It is understood that the Seller, prior to the First Closing or the
       Second Closing, as applicable, shall be liable and responsible at its
       sole cost and expense, to: (i) complete, prior to the First Closing, the
       construction of the 98,600 square foot shopping center comprising Phase I
       and the 30,000 Best Buy comprising Phase III, and complete, prior to the
       Second Closing, the construction of the 44,987 square foot addition to
       the shopping center comprising Phase II, to the extent the same is not
       completed as of the date hereof; and (ii) obtain final unconditional
       occupancy permits (subject to terms of each lease and local custom) (for
       each tenant space), which shall be issued from the City of Jackson,
       Tennessee and/or any required governmental agencies for Phases I and III
       prior to the First Closing and for Phase II prior to the Second Closing;
       and (iii) obtain a subdivision of (a) the Phase III portion of the
       Property from Phase IV prior to the First Closing; and
<Page>

       (b) the Phase I and Phase II portions of the Property from the Kohl's
       tract prior to the First Closing; and (iv) obtain a certificate for the
       property signed by the current project architect and current engineer
       that the construction of Phases I and III of the shopping center has been
       substantially completed prior to the First Closing and that the
       construction of Phase II of the shopping center has been substantially
       completed prior to the Second Closing, all in accordance with the plans
       and specifications as agreed to by the City of Jackson, Tennessee, and
       all applicable governmental rules, ordinances, regulations and
       requirements have been substantially complied with ("Substantial
       Completion"). 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.

       Said construction shall be in accordance with the requirements of the
       Property leases and shall be completed in total in accordance with all
       the plans and specifications as accepted by the City of Jackson,
       Tennessee for the shopping center. Subject to the terms of the escrow
       provision in Paragraph 14, below, a condition precedent to Purchaser's
       obligations hereunder is that each and every tenant in Phase I and Phase
       III (with respect to the First Closing) and Phase II (with respect to the
       Second Closing) of the shopping center (as described upon the site plan
       attached hereto as Exhibit B), guarantor or subtenant shall: (i) be
       subject to a signed lease, and (ii) the tenant shall have accepted its
       space and opened for business to the public with a fully-stocked store,
       and (iii) provide evidence to Purchaser that all tenant improvement
       allowances due for Phases I and III at the time of First Closing and for
       Phase II at the time of the Second Closing have been paid for by Seller,
       with Seller giving Purchaser credit at the First or Second Closing, as
       applicable, for any tenant improvement allowances to be paid to any
       tenants that were not due to the tenants at the time of said closing, and
       (iv) a certificate of occupancy or its equivalent occupancy permit issued
       by the local governmental authorities, for such tenant's respective
       demised premises, and (v) the tenant executes and delivers an acceptable
       estoppel certificate to Purchaser subject only to "punch list" items
       (collectively, the "Tenant Conditions"). Seller shall be solely liable
       for any and all "punch list" items for a period of one year from the date
       of the First Closing. All warranties will be assigned to Purchaser
       (including the roof warranties which shall be acknowledged by the roof
       material provider, at Seller's cost).

       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, which approval shall be given on or
       before the Termination Date or any such approval rights shall be deemed
       to be waived by Purchaser.

   7.  Not less than ten (10) days prior to First Closing, Seller shall furnish
       Purchaser with estoppel letters from Best Buy, Marshalls, Books A
       Million, Bed, Bath & Beyond, and Dress Barn, and Rack Room; and 70% of
       the other tenants in Phase I and III of the shopping center in the form
       required under each respective lease (in the absence of such form, in the
       form attached hereto as Exhibit C and made a part hereof); and a seller

<Page>

       estoppel for those tenants who have not provided an estoppel as set forth
       herein. In addition, not less than ten (10) days prior to the Second
       Closing, Seller shall furnish Purchaser with estoppel letters from Ross
       and Old Navy (the "Phase II Tenants") in the form required under each
       respective lease. Seller agrees to use commercially reasonable efforts to
       obtain estoppel letters from Home Depot and from Kohl's Department
       Stores, Inc. with respect to the existing declarations recorded against
       the Property; provided, however, that failure or refusal of Home Depot
       and/or Kohl's to provide said estoppels shall not constitute a default by
       Seller hereunder.

   8.  Seller is responsible for payment of any LEASING BROKERAGE FEES or
       commissions which are due any leasing brokers for the existing Property
       leases for Phases I and III as of the date of the First Closing and for
       Phase II as of the date of the Second Closing.

   9.  This Agreement is subject to Seller supplying to Purchaser prior to the
       First Closing a certificate of insurance from the Phases I and III
       tenants and prior to the Second Closing from the Phase II Tenants in the
       form required under each lease.

   10. Seller shall supply to Purchaser a copy of its existing environmental
       report. Any further environmental studies desired by Purchaser shall be
       performed at Purchaser's sole cost and expense.

   11. The above sale of the real estate shall be consummated by conveyance of a
       special warranty deed from Seller to Purchaser's designee, with the
       Seller paying any city, state, or county transfer taxes for the either
       the First Closing or the Second Closing, as the case may be, and Seller
       agrees to cooperate with Purchaser's lender, if any, and the money
       lender's escrow, at no cost to Seller.

   12. The First Closing, which shall include Phase I and Phase III, shall occur
       through Chicago Title & Trust Company, in Chicago, Illinois with Nancy
       Castro as Escrowee, fifteen (15) days following the expiration of the
       Termination Date, at which time title to the above Property shall be
       acceptable to Purchaser in its commercially reasonable discretion.
       Purchaser shall be responsible for the costs and expenses of the title
       commitment and issuance of its title policy (including all Purchaser
       required endorsements), except that Seller shall give to Purchaser at the
       First Closing a credit for the cost of the title commitment and the title
       premium based on the gross purchase price for Phases I and III of the
       Property, and Seller shall give to Purchaser at the Second Closing a
       credit for the cost of the title commitment and premium based on the
       gross purchase price for Phase II of the Property. All warranties and
       representations being materially true now and at the First Closing. Each
       party shall be paid in cash their respective credits, including, but not
       limited to, security deposits, rent and expenses, with a proration of
       real estate taxes based on the 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 or reimbursements; however,
       Seller shall not be precluded from seeking said past due amounts from any
       of the tenants after the First Closing or the Second Closing.

<Page>

   13. The Second Closing, which shall include all or a portion of Phase II
       owned by Seller, shall occur within ten (10) days after the date that
       Phase II Substantial Completion has occurred and Ross and Old Navy have
       satisfied the Tenant Conditions, but in no event later than March
       31, 2005. At the First Closing Purchaser shall fund $20,769,721 of the
       Purchase Price, however, the sum of $6,258,256 (the "Second Closing
       Consideration") shall be held by Buyer until the Second Closing, at which
       time the same shall be disbursed to Seller. By signing below, Inland
       Western Retail Real Estate Trust, Inc. agrees to execute a guaranty at
       the First Closing guaranteeing Purchaser's obligations to proceed to the
       Second Closing and purchase Phase II of the Property.

       Notwithstanding the foregoing, in the event that one Phase II Tenant
       satisfies the Tenant Conditions prior to the other Phase II Tenant, then
       Seller, at its sole option, may elect to subdivide Phase II of the
       Property so that Ross and Old Navy are separate parcels. If Seller so
       elects, then the Second Closing shall be split into two separate closings
       - one closing with respect to the Old Navy parcel (the "Old Navy
       Closing") and one closing with respect to the Ross parcel (the "Ross
       Closing"). The Old Navy Closing or the Ross Closing, whichever occurs
       first, shall take place fifteen (15) days after the Phase II portion of
       the Property has been subdivided and the Tenant Conditions with respect
       to that Phase II Tenant have been satisfied. The second half of the
       Second Closing shall take place fifteen (15) days after the remaining
       Phase II Tenant satisfies the Tenant Conditions. Purchaser shall pay to
       Seller $2,427,272 of the Second Closing Consideration at the Old Navy
       Closing and $3,830,984 of the Second Closing Consideration at the Ross
       Closing, less prorations as set forth herein. The Deposit shall be
       credited at the last closing of the Property. In the event the Second
       Closing is split as set forth in this paragraph 13, Seller shall give to
       Purchaser at the Old Navy Closing a credit for the cost of the title
       commitment and premium based on the gross purchase price for Old Navy and
       Seller shall give to Purchaser at the Ross Closing a credit for the cost
       of the title commitment and premium based on the gross purchase price for
       Ross.

   14. This Agreement is subject to Phase I and Phase III being 100% occupied at
       the time of the First Closing, with all tenants having satisfied the
       Tenant Conditions. In the event that it is less than 100% occupied and
       100% satisfaction of the tenant Conditions collected, but in no event
       less than 85% occupancy and 85% satisfaction of the Tenant Conditions,
       then the parties shall enter into a separate escrow agreement whereby the
       Seller shall escrow an amount equal to the rent and all reimbursable
       expenses for any vacancy and any tenant not then having satisfied the
       Tenant Conditions based on the rent roll attached hereto as Exhibit D.
       The amount of the escrow shall be equal to two years (the "Escrow
       Period") of these payments; provided, however, that in the event Rue 21
       or any national or regional tenant has either not yet opened for business
       or not yet begun to pay rent, then said escrow amount shall be equal to
       the rent and all reimbursable expenses for the time period from the date
       of the First Closing until the date that said rent is to be paid by the
       tenant per the lease. As an example, if 7,200 square feet were vacant or
       satisfying the Tenant Conditions at the First Closing and the rent for
       the space was $16.00 per square foot and the CAM, tax and insurance were
       an additional $2.50 per square foot, then the escrow would be equivalent
       to $18.50 x 7,200 square feet x 2 years,

<Page>

       or $266,400.00. Seller shall be responsible for leasing all space
       involved with the above escrow and shall be responsible for any leasing
       commissions for space not under lease, tenant improvements for space not
       under lease, and all other costs associated with placing a third party
       tenant into said space (this obligation of Seller expires upon the
       termination of the Escrow Period). Once a tenant meeting the agreed upon
       criteria set forth on Exhibit E is placed into said space and the Tenant
       Conditions are then satisfied, then the Seller shall be paid from the
       escrow any amount of funds unused for that space. With respect to any
       space that is vacant at the time of the First Closing, if said space has
       not been leased at the expiration of the Escrow Period, then Seller shall
       pay to Purchaser any leasing commissions due for said vacant space at
       $3.00 per square foot and the projected tenant improvements cost at
       $15.00 per square foot, within thirty (30) days after the expiration of
       the Escrow Period.

   15. Neither Seller (Landlord) or any tenant and guarantor shall be in default
       on any lease or agreement at either the First Closing or the Second
       Closing beyond all applicable grace periods, nor is there any threatened
       or pending litigation.

   16. Seller, if applicable, warrants and represents that he has paid all
       unemployment taxes to date.

   17. Prior to the First 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
       Agreement is subject to Purchaser's reasonable satisfaction, to be
       determined on or before the Termination Date, that all guarantees and
       warranties survive the First Closing and are assignable and transferable
       to any titleholder now and in the future.

   18. Fifteen (15) days prior to the First Closing, Seller (at Seller's cost)
       must provide a current Urban ALTA/ACSM spotted survey of Phases I and III
       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. Seller shall also provide
       to Purchaser a similar survey for Phase II at least fifteen (15) days
       prior to the Second Closing.

   19. Seller agrees that, at the First Closing, all work listed on Exhibit F
       attached hereto will be completed for all vacant space.

   20. 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.
<Page>

   21. Seller agrees to fully cooperate with KPMG (Purchaser's auditors), at no
       cost to Seller, in connection with KPMG's audit of the operations of the
       Property. Seller agrees to execute and deliver to KPMG an audit letter at
       the time the audit is performed.

   This Agreement is, of course, predicated upon the Purchaser's review and
written approval on or before the Termination Date 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.

   This Agreement may be executed in multiple counterparts which, when taken
together, shall constitute one and the same original. In addition, this
Agreement may be transmitted between the parties via facsimile, and signatures
transmitted via facsimile shall constitute original signatures and shall be
binding upon the parties.

   In order for this Agreement to be valid, it must be executed by both parties
no later than 4:00 p.m. Central Time on Tuesday, June 22, 2004.

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<Page>

   This Agreement is effective as of the date of full execution.

SELLER:                                  JACKSON PROPERTY ASSOCIATES G.P.

                                         By:  JACKSON MANAGEMENT ASSOCIATES, LLC

\s\ [ILLEGIBLE]                          By: \s\ [ILLEGIBLE]
--------------------------                  ---------------------------
Witness
                                         Its:  Chief Manager

                                         Date:        6/22/04
                                              -------------------------

PURCHASER:                               INLAND REAL ESTATE ACQUISITIONS,
                                         INC

\s\ [ILLEGIBLE]                          By: \s\ [ILLEGIBLE]
--------------------------                  ---------------------------
Witness
                                         Its: SR VP

                                         Date:        6/22/04
                                              -------------------------

INLAND WESTERN RETAIL REAL ESTATE TRUST, INC

By: \s\ [ILLEGIBLE]
   -----------------------------

Its: PRINCIPAL FINANCIAL OFFICER
    ----------------------------

Date:   6/22/04
     ---------------------------

<Page>

                                    EXHIBIT A

                                EXISTING TENANTS

<Table>
<Caption>
                                                                            RENT
                                     RENT PER    ANNUAL     MONTHLY     COMMENCEMENT
         TENANT            SQ.FT.     SQ.FT.      RENT       RENT           DATE
--------------------------------------------------------------------------------------
<S>                        <C>       <C>        <C>         <C>       <C>
Best Buy                    30,000   $  16.00     480,000    40,000   October 9, 2003
Marshalls                   28,000   $   7.75     217,000    18,083   October 9, 2003
Bed Bath & Beyond           20,000   $   9.75     195,000    16,250   November 7, 2003
Books A Million             12,500   $  10.75     134,375    11,198   October 9, 2003
Dress Barn                   7,700   $  13.35     102,795     8,566   October 10, 2003
Rack Room                    6,000   $  14.25      85,500     7,125     April 1,2004
Spoil Me Rotten              2,000   $  15.50      31.000     2,583    March 31 ,2004
Don Poncho Restaurant        4,000   $  15.00      60,000     5,000    April 21, 2004
Grass Monkey                 1,600   $  15.00      24,000     2,000    March 4, 2004
Wells Fargo                  2,400   $  15.50      37,200     3,100     May 24, 2004
Oreck Vacuum                 1,600   $  15.50      24,800     2,067   December 8, 2003
Quiznos                      1,600   $  18.00      28,800     2,400    March 26, 2004
Rue 21                       4,000   $  15.00      60,000     5,000     Not Open Yet
Shop Space                   7,200   $  16.00     115,200     9,600
                           -------              -------------------
  SUBTOTAL                 128,600              1,595,670   132,973

Old Navy                    14,800   $  12.60     186,480    15,540      New Lease
Ross                        30,187   $   9.75     294,323    24,527      New Lease
                           -------              -------------------
  SUBTOTAL                  44,987                480,803    40,067

  PROJECT TOTALS           173,587              2,076,473
</Table>

<Page>

                                    EXHIBIT B

                                    SITE PLAN

[FLOOR PLAN]

THE COLUMNS
MASTER PLAN

[ILLEGIBLE]

[GRAPHIC]

GBT REALLY CORPORATION

201 SUMMIT VIEW DRIVE, SUITE 110
Brentwood, Tennessee 37027
[ILLEGIBLE]

www.gbtrealty.com

[ILLEGIBLE]

MAXWELL JOHANSON MAHER

[ILLEGIBLE]

[GRAPHIC]
<Page>

                                    EXHIBIT C

                            FORM ESTOPPEL CERTIFICATE

To:    Inland Real Estate Acquisitions, Inc., and
       ___________________________________________
       and its lenders, successors and assigns ("Purchaser")
       2901 Butterfield Road
       Oak Brook, Illinois 60523
       Attention: Robert Brinkman

Re:    Shopping Center Lease dated ___________________________ (the "Lease"),
       between Jackson Property Associates, G.P., as "Landlord", and
       _________________________, as "Tenant", for Space Number ________ (the
       "Premises") at The Columns in Jackson, Tennessee (the "Property")

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

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

       b.   Commencement Date:                  ________________________________

       c.   Expiration Date:                    ________________________________

       d.   Current Annual Base Rent:

            Adjustment Date:                    ________________________________

            Rental Amount:                      ________________________________

       e.   Fixed or CPI Rent Increases:        ________________________________

       f.   Square Footage of Premises:         ________________________________

       g.   Security Deposit Paid to Landlord:  ________________________________

       h.   Renewal Options:                    _____Additional Terms for ______
                                                years at $__________ per year

       i.   Termination Options:

            Termination Date:                   ________________________________

            Fees Payable:                       ________________________________

<Page>

2.     Tenant further certifies to Purchaser that:

       a.   the Lease is presently in full force and effect and represents the
            entire agreement between Tenant and Landlord with respect to the
            Premises;

       b.   the Lease has not been assigned and the Premises have not been
            sublet by Tenant;

       c.   Tenant has accepted and is occupying the Premises, all construction
            required by the Lease has been completed and any payments, credits
            or abatements required to be given by Landlord to Tenant have been
            given;

       d.   Tenant is open for business or is operating its business at the
            Premises;

       e.   no installment of rent or other charges under the Lease other than
            current monthly rent has been paid more than 30 days in advance and
            Tenant is not in arrears on any rental payment or other charges;

       f.   Landlord has no obligation to segregate the security deposit or to
            pay interest thereon;

       g.   Landlord is not in default under the Lease and no event has occurred
            which, with the giving of notice or passage of time, or both, could
            result in a default by Landlord;

       h.   Tenant has no existing defenses, offsets, liens, claims or credits
            against the payment obligations under the Lease;

       i.   Tenant has not been granted any options or rights to terminate the
            Lease earlier than the Expiration Date (except as stated in
            paragraph 1(i));

       j.   Tenant has not been granted any options or rights of first refusal
            to purchase the Premises or the Property;

       k.   Tenant has not received notice of violation of any federal, state,
            county or municipal laws, regulations, ordinances, orders or
            directives relating to the use or condition of the Premises or the
            Property;

       1.   no hazardous wastes or toxic substances, as defined by all
            applicable federal, state or local statutes, rules or regulations
            have been disposed, stored or treated on or about the Premises or
            the Property by Tenant;

       m.   Tenant has not received any notice of a prior sale, transfer,
            assignment, pledge or other hypothecation of the Premises or the
            Lease or of the rents provided for therein;

       n.   Tenant has not filed, and is not currently the subject of any
            filing, voluntary or involuntary, for bankruptcy or reorganization
            under any applicable bankruptcy or creditors rights laws;

       o.   the Lease does not give the Tenant any operating exclusives for the
            Property; and

       p.   Rent has been paid through _______________.

<Page>

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

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

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

                                        Its:
                                           -----------------------

                                        Date:                    , 2004
                                             --------------------

<Page>

                                    EXHIBIT D

                                    RENT ROLL

<Table>
<Caption>
                             RENT                                          ROLL

      TENANT          SQUARE FEET    LEASE TERM      DATES          RENT        OPTIONS
<S>                        <C>         <C>                      <C>           <C>
       ROLL                30,187      10 years                 [ILLEGIBLE]   [ILLEGIBLE]

     BEST BUY              30,000      10 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

     MARSHALLS             28,000      10 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

BED BATH AND BEYOND        20,000      10 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

     OLD NAVY              14,800       5 years                 [ILLEGIBLE]   [ILLEGIBLE]

BOOKS - A - MILLION        12,500       5 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

    DRESS BARN              7,762       5 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

  ROCK ROOM SHOES           6,000       5 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

DON PANCHOS RESTAURANT      4,000       5 years                 [ILLEGIBLE]   [ILLEGIBLE]

    WELLS FARGO             2,400       5 years                 [ILLEGIBLE]   [ILLEGIBLE]

  SPOIL ME ROTTEN           2,000       5 years   [ILLEGIBLE]   [ILLEGIBLE]   no option

     QUIZZNOS         [ILLEGIBLE]      10 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

   ORECK VACUUMS      [ILLEGIBLE]       5 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]

   GRASS MONKEY       [ILLEGIBLE]       5 years   [ILLEGIBLE]   [ILLEGIBLE]   [ILLEGIBLE]
</Table>

<Page>

                                    EXHIBIT E

                                 TENANT CRITERIA

1.   TERM. The tenant agrees to enter into a lease for a term of at least three
     (3) years.

2.   PREMISES. The tenant agrees to enter into a lease for at least 1,600 square
     feet of space.

3.   MINIMUM ANNUAL RENT. The tenant pays at least the minimum annual rent set
     forth below:

     7,200 square feet of shop space -- $16.00 per square foot

4.   SECURITY DEPOSIT. The tenant agrees to pay a security deposit of at least
     $2,100, unless the tenant is a regional or national tenant, in which case
     no security deposit shall be required..

5.   EXCLUSIVES/USE RESTRICTIONS. The tenant meets all exclusive and restriction
     rights of any tenants.

6.   LEASE FORM. The tenant agrees to enter into the standard lease form used
     for other shop space in the shopping center, amended as required.

<Page>

                                    EXHIBIT F

                      WORK TO BE COMPLETED ON VACANT SPACE

1.   DESCRIPTION OF LANDLORD'S WORK:

     Landlord's Work shall be done in accordance with the specifications set
     forth below, shall be limited to the work set for the below and shall
     exclude all other work on the Premises or elsewhere.

A.   STRUCTURE:

1.   Frame: The building shall, at Landlord's option, be of steel frame,
     reinforced concrete or bearing wall construction. Governing building codes
     shall apply.
2.   Exterior Walls: Shall be of masonry or such other material or materials
     selected by Landlord.
3.   Roof: Shall be built-up roof or such other material or materials selected
     Landlord.
4.   Walls: Walls separating the premises from other storerooms shall be gypsum
     board. Fire walls will be provided in accordance with applicable code.
5.   Exits: As required by governing code.
6.   Doors:
          1.   Entry: Aluminum storefront single 3"-0" x 7'-0" aluminum doors.
          2.   Receiving: 3' - 0" x 7' - 0" hollow metal door with hollow metal
               frame (4"head)

     Hardware
          1.   Entry: Push/Pull plates; cylinder; key outside, thumb turn
               inside.
          2.   Receiving: Lock and deadbolt, lockguard, closet and chain,
               weather-stripping and threshold.

B.   STOREFRONT:

1.   Landlord shall provide the storefront in accordance with Landlord's master
     plan.
2.   Show windows, if required, shall be entirely furnished and installed by
     Tenant.

D.  INTERIOR:

1.   Landlord shall provide a concrete floor only (except for the rear 20')
     suitable for covering. Floor covering shall be furnished and installed by
     Tenant, with floor covering attached to the floor and becoming and
     remaining the property of the Landlord.
2.   Landlord shall provide drywall, taped, spackled and ready for painting on
     wall to 10'-0".

E.   PLUMBING:

Landlord shall furnish and install 3/4" water and sewer 4" service lines to the
Premises. Roughing in and installations of all Tenant's equipment shall be by
Tenant at Tenant's expense.

F.   HEATING, VENTILATING & AIR CONDITIONING:

1.   Landlord shall furnish and install roof top heating and cooling unit(s)
     sized to one ton per 350 s.f. of sales area.
2.   Electrical and gas to units are Tenant's expense.

G.   ELECTRICAL:

1.   Empty conduit for electrical and telephone services are provided to back
     wall per Landlord master plan.

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