Document:

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                                                                  Exhibit 10.223

                                  MASTER LEASE
                                ESCROW AGREEMENT

     This MASTER LEASE ESCROW AGREEMENT is made and entered into as of the 1st
day of July, 2004, by and among PARADISE SHOPPES OF DALLAS, LTD., a Florida
limited partnership (hereinafter referred to as "Seller"), INLAND WESTERN DALLAS
PARADISE, L.L.C., a Delaware limited liability company (hereinafter referred to
as "Buyer"), and Chicago Title and Trust Company (hereinafter referred to as
"Escrow Agent") having as its address Attention: Nancy Castro, 171 North Clark
Street, Chicago, Illinois.

                              W I T N E S S E T H:

     WHEREAS, pursuant to that certain Agreement of Purchase and Sale of
Shopping Center dated as of the 4th day of June, 2004 (the "Contract"), Buyer
acquired on and as of the date hereof from Seller certain real property commonly
known as Paradise Shoppes of Dallas shopping center located in Dallas, Georgia,
as more particularly described by the Contract (the "Property"); and

     WHEREAS, Seller has agreed to deposit with Escrow Agent the sum of
Forty-Five Thousand Three Hundred Thirty-Nine and 21/100 Dollars ($45,339.21)
(the "Vacant Space Escrow Deposit") with respect to Seller's obligation to pay
rent and reimbursable expenses to Buyer for Property vacant spaces: B-1, B-6 and
C-11 not fulfilling the Tenant Conditions (as hereinafter defined) and as more
particularly described upon Exhibit A, attached hereto and made a part hereof
(collectively, the "Vacant Space") space at the Property; and

     WHEREAS, Seller has agreed to deposit with Escrow Agent the sum of [______]
and no/100 Dollars ($00.00) (the "Leased Space Escrow Deposit") with respect to
Seller's obligation to pay rent and reimbursable expenses to Buyer for the
Property tenant spaces under lease: N/A, either not yet fulfilling the Tenant
Conditions (and/or more than 30-days overdue in payment of rent) and as more
particularly described upon Exhibit A, (collectively, the "Leased Space not
Fulfilling Tenant Conditions"); and

     WHEREAS, Seller has agreed to deposit with Escrow Agent the sum of
Twenty-Six Thousand Four Hundred and no/100 Dollars ($26,400.00) (the "TI/LC
Escrow Deposit") with respect to Seller's obligation to pay for tenant
improvement allowances and leasing commissions for Vacant Space and as more
particularly described upon Exhibit A; and

     WHEREAS, Escrow Agent is willing to accept the Leased Space Escrow Deposit,
and the Vacant Space Escrow Deposit, and the TI/LC Escrow Deposit, and hold and
disburse same in accordance with the terms and conditions set forth below.

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     NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten Dollars ($10.00) in hand
paid to Escrow Agent, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

          1.   Seller hereby deposits with Escrow Agent, and Escrow Agent hereby
acknowledges receipt of the Leased Space Escrow Deposit, and the Vacant Space
Escrow Deposit, and the TI/LC Escrow Deposit. Escrow Agent hereby agrees to
deposit the Leased Space Escrow Deposit, and the Vacant Space Escrow Deposit,
and the TI/LC Escrow Deposit, into an interest bearing account with a bank
reasonably satisfactory to Buyer, Seller and Escrow Agent with interest accruing
for the benefit of Seller. The federal taxpayer identification of Seller is as
follows: 80-0034039.

          2.   LEASED SPACE ESCROW DEPOSIT. Escrow Agent shall retain the Leased
Space Escrow Deposit in the account, and shall cause the same to be paid in the
manner described herein. The Leased Space Escrow Deposit is attributable to the
Leased Space not Fulfilling Tenant Conditions. Buyer shall receive a prorated
credit (calculated in accordance with the allocations described in the
immediately following sentence) from the Leased Space Escrow Deposit on the date
of Closing (as defined in the Contract) for the rent and reimbursable expenses
attributable to the Leased Space not Fulfilling Tenant Conditions from the date
of Closing through the end of the month in which Closing occurs. Thereafter,
Buyer shall receive (and Escrow Agent is hereby authorized to pay to Buyer
without further direction from Seller) monthly payments, in advance, for rent
and reimbursable expenses, from the Leased Space Escrow Deposit, in the monthly
amounts described upon Exhibit A and attributable to each space so described
(prorated for any partial months) (collectively, the "Leased Space Monthly
Payment"). The Leased Space Monthly Payment shall respectively be made by Escrow
Agent to Buyer until such time as the respective tenants under Leased Space not
Fulfilling Tenant Conditions described upon Exhibit A have: (a) accepted its
premises, and (b) opened for business at the Property to the public, and (c)
commenced paying rent and other charges under its lease, and (d) delivered to
Buyer evidence that all leasing commissions and tenant improvement allowances
are fully paid, and (e) delivered a certificate of occupancy to Buyer for the
space (collectively, the "Tenant Conditions"), Buyer shall promptly notify
Seller and Escrow Agent of the date a tenant satisfies the Tenant Conditions.
The balance of the Leased Space Escrow Deposit remaining after satisfaction of
the Tenant Conditions for such space shall then be released to Seller upon the
joint direction of Seller and Buyer, with such disbursement to occur within two
(2) business days after Escrow Agent's receipt of notification from Buyer of the
tenant's satisfaction of Tenant Conditions. Any rent and reimbursable expenses
received by Buyer from any Leased Space not Fulfilling Tenant Conditions tenant
shall be promptly remitted by Buyer to Seller (to the extent Buyer has been paid
pursuant to the terms of this Agreement).

          3.   VACANT SPACE ESCROW DEPOSIT. Escrow Agent shall retain the Vacant
Space Escrow Deposit in the account, and shall cause the same to be paid in the
manner described herein. The Vacant Space Escrow Deposit is attributable to the
Vacant Space. Buyer shall receive a prorated credit (calculated in accordance
with the allocations described in the immediately following sentence) from the
Vacant Space Escrow Deposit

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on the date of Closing for the rent and reimbursable expenses attributable to
the Vacant Space from the date of Closing through the end of the month in which
Closing occurs. Thereafter, Buyer shall receive (and Escrow Agent is hereby
authorized to pay to Buyer without further direction from Seller) monthly
payments, in advance, for rent and reimbursable expenses, from the Vacant Space
Escrow Deposit, in the monthly amounts described upon Exhibit A and attributable
to each space so described (prorated for any partial months) (collectively, the
"Vacant Space Monthly Payment"). The Vacant Space Monthly Payment shall be made
by Escrow Agent to Buyer until such time as tenants under leases for the Vacant
Space have respectively satisfied the Tenant Conditions. Buyer shall promptly
notify Seller and Escrow Agent of the date any tenant satisfies the Tenant
Conditions. As the Vacant Space is leased during the 12-month period following
the date of Closing, with the Tenant Conditions having then been satisfied, the
balance of the Vacant Space Escrow Deposit attributable to each such leased
Vacant Space shall then be released to Seller upon the joint direction of Seller
and Buyer, with such disbursement to occur within two (2) business days after
Escrow Agent's receipt of notification from Buyer that Vacant Space is leased
with the Tenant Conditions having been satisfied. The balance of the Vacant
Space Escrow Deposit attributable to the Vacant Space not yet leased, if any,
remaining on the 1st day of the 2nd year following the date of Closing, shall be
released to Seller reduced by the following described sums which shall then be
payable to Buyer: any pending (and not yet paid by Escrow Agent) funds
disbursement requests made by Buyer in accordance with the terms of this
Agreement. Any rent and reimbursable expenses received by Buyer from any Vacant
Space tenant shall be promptly remitted by Buyer to Seller (to the extent Buyer
has been paid pursuant to the terms of this Agreement).

          4.   TENANT IMPROVEMENT ALLOWANCES AND LEASING COMMISSIONS DEPOSIT.
The TI/LC Escrow Deposit is applicable to the Vacant Space on the basis of the
product of Eight and no/100 Dollars ($8.00) as and for leasing/brokerage
commissions ("LC") and tenant improvement allowances ("TI"), multiplied by 2012
square feet of Vacant Space. That portion of the TI/LC Escrow Deposit
attributable to LC shall be released from the Escrow Deposit by Escrow Agent
upon the joint direction of Seller and Buyer accompanied by signed lien waivers
and invoices from the applicable real estate brokers. That portion of the TI/LC
Escrow Deposit attributable to TI shall be released by Escrow Agent upon the
joint direction of Seller and Buyer accompanied by the documentation required by
each lease, and in any event, no less documentation than copies of invoices and
mechanics lien waivers in the amount of each request shall accompany the draw
request. As each portion of the Vacant Space is leased to tenants during the
1-year period following the date of Closing, and the Tenant Conditions are
fulfilled as to such tenant(s), the amount of non-allocated TI/LC Escrow Deposit
attributable to each of such space(s) shall then be released to Seller upon the
joint direction of Seller and Buyer, with such disbursement to occur within two
(2) business days after Escrow Agent's receipt of notification from Buyer that
Vacant Space is leased with the Tenant Conditions having been satisfied. Any
non-allocated TI/LC Escrow Deposit remaining on the 1st day of the 2nd year
following the date of Closing, for any then Vacant Space, shall be released to
Buyer.

     5.   ESCROW ADMINISTRATION. The costs of administration of this Escrow
Agreement by Escrow Agent in the sum of Seven Hundred Fifty and no/100 Dollars

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($750.00) per year shall be shared equally by Seller and Buyer. This Escrow
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, principals, successors and assigns and shall be
governed and construed in accordance with the laws of the State of Florida. No
modification, amendment or waiver of the terms hereof shall be valid or
effective unless in writing and signed by all of the parties hereto. This Escrow
Agreement may be executed in multiple counterpart originals, each of which shall
be deemed to be and shall constitute an original. If there is any conflict
between the terms of this Escrow Agreement and the terms of the Contract, the
terms of this Escrow Agreement shall control.

          6.   NOTICES. All notices, requests, consents and other communications
hereunder shall be sent to each of the following parties and be in writing and
shall either be: (i) delivered by facsimile transmission, or (ii) personally
delivered, or (iii) sent by Federal Express or other overnight or same day
courier service providing a return receipt, (and shall be effective when
received, when refused or when the same cannot be delivered, as evidenced on the
return receipt) to the following addresses:

If to Seller:           Paradise Shoppes of Dallas, Ltd.
                        c/o Paradise Development Group, Inc.
                        2901 Rigsby Lane
                        Safety Harbor, Florida
                        Attention: Mr. Michael T. Wagner
                        Facsimile:   (727) 726-2337
                        Telephone:   (727) 726-1115

Copy to:                Forlizzo Law Group, P.A.,
                        2903 Rigsby Lane
                        Safety Harbor, Florida 34695
                        Attention: Robert A. Forlizzo, Esquire
                        Facsimile:   (727) 669-6929
                        Telephone:   (727) 669-0550

If to Buyer:            Inland Western Dallas Paradise, L.L.C.
                        2901 Butterfield Road
                        Oak Brook, Illinois 60523
                        Attention: Rob Barg
                        Facsimile:   (630) 218-4928

Copy to:                The Inland Group, Inc.
                        2901 Butterfield Road
                        Oak Brook, Illinois 60523
                        Attention: Robert Baum, General Counsel
                        Facsimile:   (630) 18-4900 and (630) 571-2360

If to Escrow Agent:     Ms. Nancy Castro
                        Chicago Title and Trust Company
                        171 North Clark Street

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                        Chicago, Illinois
                        Facsimile:   _______________
                        Telephone:   _______________

          7.   COUNTERPARTS. This Escrow Agreement may be executed in
counterparts and shall constitute an agreement binding on all parties
notwithstanding that all parties are not signatories of the original or the same
counterpart. Furthermore, the signatures from one counterpart may be attached to
another to constitute a fully executed original. The Escrow Agreement may be
executed by facsimile.

          8.   REPORTING. Escrow Agent agrees to deliver to Buyer and Seller, on
a monthly basis, a copy of the bank statement of account of the Escrow Deposit.
Such monthly statements shall be delivered to: Inland Retail Real Estate Trust,
Inc., 200 Waymont Court, Suite 126, Unit 10, Lake Mary, Florida 32746
(telephone: 407-688-6540; facsimile: 407-688-6543).

          9.   POTENTIAL ADJUSTMENT TO PURCHASE PRICE. Seller and Buyer shall
calculate an adjustment to the Purchase Price based upon the following described
formula:

          The Purchase Price shall be adjusted as follows:

          (i)    as of the date of this Agreement, calculate the total square
                 feet of Project Vacant Space and multiply that sum by the base
                 rental per square foot values, described on a space-by-space
                 basis upon the Rent Roll, to obtain the Project Vacant Space
                 base rent value (the "Vacant Space Base Rent Value"). The
                 Vacant Space Base Rent Value shall be calculated as to both the
                 aggregate Project Vacant Space as well as to Project Vacant
                 Space on a space-by-space basis; then

          (ii)   during the twelve (12) month term of this Master Lease Escrow
                 Agreement, as an individual unit(s) of Project Vacant Space is
                 leased, calculate the square feet of Project Vacant Space on a
                 space-by-space basis leased to tenants under Leases (from the
                 date of this Agreement to the date of Closing) which are then
                 open for business, operating and paying base rent and
                 reimbursable expenses per their respective Leases (the "Leased
                 Space"); and then multiply the Leased Space by the actual base
                 rent payable by such tenants under such Leases (on a
                 space-by-space basis) to obtain, on a space-by-space basis, the
                 Leased Space base rental value for each individual space (the
                 "Leased Space Base Rent Value"); then

          (iii)  subtract the Vacant Space Base Rent Value attributable to
                 Leased Space from the Leased Space Rent Value (on a
                 space-by-space basis), and divide the value so obtained by
                 .071, to obtain, on a space-by-space basis, the "Adjustment to
                 Purchase Price Value." If the Adjustment to Purchase Price
                 Value is a positive number, the amount will be added to the
                 Purchase Price and paid by Buyer to Seller at such time as the

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                 Vacant Space Escrow Deposit related to the individual space of
                 Leased Space is disbursed pursuant to Section 3, above.

          In calculating the Leased Space Base Rent Value contemplated by
     subparagraph (ii), above, there shall be included in such calculation any
     rental income received from tenants occupying individual tenant panels on
     any shopping center signage.

                    PLEASE SEE FOLLOWING PAGE FOR SIGNATURES

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     IN WITNESS WHEREOF, each of the parties hereto has caused this Escrow
Agreement to be signed and delivered as of the day and year first above written.

                              BUYER:

                              Inland Western Dallas Paradise, L.L.C., a Delaware
                              limited liability company

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

                              By: /s/ [ILLEGIBLE]
                                 --------------------------------
                              Name:
                                   ------------------------------
                              As Its: Agent
                                     ----------------------------

                              SELLER:

                              Paradise Shoppes of Dallas, Ltd.,
                              a Florida limited partnership

                              By: Paradise Development Group, Inc., a
                                  Florida corporation, its General Partner

                              By: /s/ Michael T. Wagner
                                 -------------------------------
                                  Michael T. Wagner
                                  Vice President

                              ESCROW AGENT:

                              Chicago Title and Trust Company

                              By:
                                 -------------------------------
                              Name:
                                   -----------------------------
                              As Its:
                                     ---------------------------<Page>

                                                                   Exhibit 10.69

                                                                   Inline/Inland

                                AGREEMENT OF SALE

       THIS AGREEMENT made this _______ day of January 2004, between KIMCO
BARCLAY PEORIA CROSSING, L.P., an Arizona Limited Partnership, with an office at
3333 New Hyde Park Road, Suite 100 (P. O. Box 5020), New Hyde Park, New York
11042 (hereinafter "Seller"), and INLAND REAL ESTATE ACQUISITIONS, INC., an
Illinois Corporation, with an office at 2901 Butterfield Road, Oak Brook,
Illinois 60523 (hereinafter, "Buyer").

       WHEREAS, Seller owns a shopping center commonly known as Peoria Crossing
located in Peoria, Arizona (the "Shopping Center") and Seller wishes to sell and
Buyer wishes to buy a portion of the Shopping Center;

       NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties agree as follows:

       1.     DEFINITIONS. The following expressions shall have the meanings set
forth below:

              1.1    "Real Estate" means the land described on EXHIBIT 1 and all
of the buildings and other improvements constructed thereon.

              1.2    "Space Lease(s)" means all lease(s), license(s),
concessions or other occupancy or use agreements, including all modifications,
addenda and supplements thereto and guarantees thereof, applicable to any part
of the Real Estate. All existing Space Leases as of the date hereof are listed
on attached EXHIBIT 2.

              1.3    "Property" means collectively all of Seller's rights and
interests in the Real Estate, the Space Leases and the other assets described in
ARTICLE 2 hereof.

              1.4    "Closing Date" means the date on which Closing occurs.
"Closing" means the event whereby title to the Property is actually conveyed by
Seller to Buyer.

              1.5    "Service Contracts" means all written agreements pursuant
to which goods, services or supplies are furnished on a recurring basis for the
operation of the Real Estate and are approved by Buyer during the Due Diligence
Period (as hereinafter defined). Copies of such Service Contracts are attached
as EXHIBIT 3.

              1.6    "Escrow Agent" means Chicago Title and Trust Company, 171
North Clark Street, Chicago, Illinois, Attn: Nancy Castro, Escrow Agent Chicago
Title and Trust Company may also be hereinafter referred to as the "Title
Company".

              1.7    "Due Diligence Period" means a period of time commencing on
the date a fully executed copy of this Agreement is received by Buyer in
accordance with Article 13 hereof and expiring at midnight, New York time, on
the 30th calendar day thereafter or the first business day after such 30th day
if such 30th day is not a business day.

              1.8    "Permitted Exceptions" means those certain title exceptions
set forth in EXHIBIT 6 attached hereto that are approved by Buyer in accordance
with the terms of Article 6 hereof.

              1.9    "Personal Property" means all personal property and
equipment (if any) owned by Seller and located on the Real Estate.

              1.10   "Deposit" means a deposit, to be paid by Buyer to Escrow
Agent upon the execution hereof, in the amount of FIVE HUNDRED THOUSAND
($500,000.00) DOLLARS, plus all interest earned thereon.

              1.11   "REA" means the certain Operation and Basement Agreement
                     dated December 12, 2000, between Target and Seller recorded
                     as document Number 2000-0955893 as amended Buyer
                     acknowledges receipt of a copy of the REA.

              1.12   "Environmental Report" means that certain Phase I
                     Environmental Assessment dated March 13, 2000 and prepared
                     by SPREDIER & ASSOCIATES. Buyer acknowledges receipt of a
                     copy of the Environment Report.

              1.13   "Development Agreement" shall mean that certain Amended and
                     Restated Development Agreement dated December 1, 2000
                     between Seller (as successor by assignment from Barclay
                     Holdings XVI, L.L.C. d/b/a Barclay Group) and the

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                     City of Peoria, Arizona dated December 1, 2000, and
                     recorded as document number 2000-0943910 on December
                     11, 2000.

       2.     SALE AND PURCHASE. In accordance with the provisions of this
Agreement, Seller agrees to Sell, convey, assign and transfer to Buyer, and
Buyer agrees to purchase and acquire from Seller, subject to the Permitted
Exceptions and Space Leases, all of Seller's right, title and interest in and
to: (a) the Real Estate, (b) the Space Leases, (c) any Personal Property, (d)
any land lying in the bed of any street, road or avenue, opened or proposed, in
front of or adjoining the Real Estate, (c) any strips or gores adjoining the
Real Estate, (f) all appurtenances and hereditaments appertaining to the Real
Estate (excluding any benefits or reimbursements provided for in the Development
Agreement) and (g) the right to use, in common with the Seller (or its
successors with respect to the remaining portion of the Shopping Center) the
name "Peoria Crossing Shopping Center" provided Buyer's use of same is done in a
commercially reasonable manner in connection with the first class operation of
the Property.

       3.     PURCHASE PRICE. The "Purchase Price" for the Property shall be
THIRTY SEVEN MILLION TWO HUNDRED SIXTY EIGHT THOUSAND ($37,268,000.00) DOLLARS
and shall be paid as follows:

              A.     (i)    Upon the execution of this Agreement Buyer shall pay
the Deposit to Escrow Agent by bank check to the order of Escrow Agent or wire
transfer of federal funds for immediate credit.

                     (ii)   The Deposit shall be invested by Escrow Agent in a
sound financial institution's money market fund or account which pays interest
or dividends, in Escrow Agent's name separate from its personal and business
accounts. All investment decisions shall be made by Buyer. If no Closing occurs,
all interest or dividends earned shall be paid to the party entitled to the
escrowed proceeds, which party shall pay all income taxes thereon. The parties
shall furnish Escrow Agent with their respective tax identification numbers. At
Closing, Escrow Agent shall pay the Deposit (together with all interest earned
thereon) to Seller; and the principal portion of the Deposit shall be a credit
against the Purchase Price (but no such credit shall be given for the interest
earned on such principal portion of the Deposit, if any, which shall be the
property of Buyer). All escrow fees, if any, charged by Escrow Agent shall be
equally shared by Seller and Buyer. Escrow Agent stall hold the Deposit as set
forth above unless either Seller or Buyer makes a written demand upon Escrow
Agent for the Deposit accompanied by an affidavit signed by the party making the
demand stating sufficient facts to show that said party is entitled to receive
the Deposit pursuant to the terms of this Agreement. Upon receipt of such
demand, Escrow Agent shall give ten (10) days written notice to the other party
of such demand and of Escrow Agent's intention to remit the Deposit to the party
making the demand on the stated date, together with a copy of the affidavit. If
Escrow Agent does not receive a written objection before the proposed date for
remitting the Deposit, Escrow Agent is hereby authorized to so remit. If,
however, Escrow Agent actually receives written objection from the other party
before the proposed date on which the Deposit is to be remitted, Escrow Agent
shall continue to hold the Deposit until otherwise directed by joint written
instructions from Seller and Buyer or until a final judgment of an appropriate
court. In the event of a dispute, Escrow Agent may place the Deposit with an
appropriate court and, after giving written notice of such action to the
parties, Escrow Agent shall have no further obligations with respect to the
Deposit. The parties acknowledge that Escrow Agent is acting as a stakeholder at
their request and for their convenience, that Escrow Agent shall not be deemed
to be the agent of either of the parties, and the Escrow Agent shall not be
liable to either of the parties for any act or omission on its part unless taken
or suffered in bad faith or in willful or negligent disregard of this Agreement.
Seller and Buyer shall jointly and severally indemnify and hold Escrow Agent
harmless from and against all costs, claims and expenses, including reasonable
attorney' fees, incurred in connection with the faithful performance of Escrow
Agent's duties hereunder. Escrow Agent acknowledges agreement to the provisions
of this Agreement applicable to it by signing on the signature page of this
Agreement. Notwithstanding the foregoing, Buyer shall have the right to deliver
a notice of termination of this Agreement to Escrow Agent and Seller on or prior
to the expiration of the Due Diligence Period and Escrow Agent shall be
authorized, immediately upon receipt of such notice and verification of Seller's
receipt of same, to return the Earnest Money to Buyer. Buyer agrees to return
all documents provided to Buyer by or on behalf of Seller to Seller within
fifteen (15) days of Tenant's delivery of the notice of termination to Escrow
Agent and Seller.

              B.     At Closing, and subject to the terms and provisions of this
Agreement, Buyer shall pay Seller the balance of the Purchase Price by wire
transfer of immediately available federal funds into a so-called "New York
Style" closing escrow to be established by the Escrow Agent. Seller shall
furnish Escrow Agent with wire transfer instructions prior to Closing.

              C.     Intentionally Deleted.

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              D.     In connection with any Personal Property included in the
sale, the parties agree that no part of the Purchase Price shall be deemed to
have been paid by Buyer on account thereof.

       4.     CONDITIONS PRIOR TO CLOSING; DUE DILIGENCE PERIOD.

              4.1    (A) Buyor shall at Closing accept the Property in AS IS
physical condition as exists on the date hereof, subject to reasonable wear and
tear between the date hereof and the Closing Date. Buyer acknowledges that Buyer
will have the Due Diligence Period to inspect the Shopping Center or cause an
inspection thereof to be made on Buyer's behalf and it is understood and agreed
that neither Seller nor any person acting or purporting to act for Seller has
made or now makes any representation as to the physical condition (latent or
patent or otherwise), income, expense, operation, legality of current rents, or
any other matter of thing affecting or relating to the Shopping Center except as
herein specifically set forth, Buyer hereby expressly acknowledges that except
as expressly set forth herein, no such representations have been made and Buyer
further agrees to take the Shopping Center "as is" as of the date hereof and
subject to normal use, wear, tear, and deterioration between now and Closing.
Buyer agrees that Seller is not liable or bound in any manner by any financial
or written statements, representations, real estate brokers' "set-ups", or
information pertaining to the Shopping Center furnished by any real estate
broker, agent, employee, trustee, servant or other person, unless the same are
Specifically set forth herein. It is understood and agreed that all
understandings and Agreements heretofore had between the parties are hereby
merged in this Agreement which alone fully and completely expresses their
agreement and that the same is entered into after full investigation, neither
party relying upon any statement or representation made by the other not
embodied in this Agreement.

              (B) SELLER'S REQUIRED PRE-CLOSING DELIVERIES

Seller shall, as soon as practicable after the date of this Agreement hut not
later than five (5) business days after the date of this Agreement, deliver to
Buyer the following (which are referred to herein as "Pre-Closing Deliveries"):
(a) copy of the Space Leases affecting the Property; (b) a certification from
Seller (pursuant to the terms of the Rent Roll (Exhibit 2) setting forth the
name of each tenant at the Property and the date of the Space Leases and any
modifications or amendments thereto, the amount of rent payable by each tenant
throughout the term of its respective Space Lease, any concessions granted to
the tenants, the amount of security deposits, if any, (or a certification that
Seller is not holding any security deposits), the expiration date of the Space
Leases, and the existence of any options to renew or extend the term of the
Space Leases or to purchase all or any part of the Property and such information
with respect to any subtenant if Seller has knowledge thereof; (c) a
certification by Seller that there are no employees at the Property; (d) a
certification by Seller that, other than as disclosed to Buyer, there are no
service agreements, maintenance contracts or other similar agreements affecting
the Property; (e) copies of the most recent tax bill for the Property, together
with copies of any notice of assessments received by Seller, or any other
information relative to taxes assessed against the Property; (f) copies, if any,
of any environmental reports, architectural drawings, warranties, guarantees,
plans and specs or any similar document in Seller's possession relating to the
Property; (g) copies of any insurance policies or certificates insuring the
Property, whether purchased by Seller or by the tenants under the Space Leases;
(h) copies of certificates of occupancy for each tenant at the Property and
copies of any building code violations received by Seller with respect to the
Property during the last two years and evidence reasonably acceptable to Buyer
that such violations have been corrected, or a certification from Seller that it
has not received any notice of building code violations; (i) the materials
described on Buyer's Due Diligence Checklist, attached hereto as Exhibit 12, and
made a part hereof; (j) as applicable (depending upon the number of years the
Property has been operating), an operating statement for the Property for the
two calendar years prior to the year of the date hereof, and monthly operating
statements for the Property for each month of the year of the date hereof. Such
statements shall include reasonable detail of all items of income and expense,
other than construction costs as well as all items of capital expenditures made
during the relevant periods, other than capital expenditures made in connection
with the initial construction of the Shopping Center.

              4.2    On and after the date hereof, Buyer shall have access to
the Property for the purpose of making engineering, survey or non-intrusive
Inspections and independent investigations; and Seller will on receipt of
reasonable prior written notice, provide Buyer with access to information within
its possession or control with respect to the Property, including (without
limitation) full and accurate copies of Space Leases, Service Contracts, title
information or instruments, and books and operating records of the Shopping
Center. Buyer agrees to defend, indemnify and hold Seller harmless from any
personal injury or property damage caused by Buyer in doing any testing,
inspections or survey and such obligation shall survive the Closing or sooner
termination of this Agreement. Buyer shall give Seller true, accurate and
complete copies of all written reports prepared by third parties resulting from
Buyer's inspections and investigations.

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              4.3    (a)    Buyer shall have the Due Diligence Period within
which to inspect and examine the Real Estate, the Space Leases and the Service
Contracts.

                     (b)    In the event that during the Due Diligence Period,
Buyer, in its sole judgment, and absolute discretion, determines that Buyer is
not satisfied with the condition of the Real Estate, the Property, the Space
Leases or the Service Contracts then, prior to the end of the Due Diligence
Period, Buyer shall have the right by giving written notice to Seller and Escrow
Agent to cancel and terminate this Agreement without liability except as set
forth in Sections 4.2 and 15.8. Upon receipt of such notice prior to the end of
the Due Diligence Period, Escrow Agent shall deliver the Deposit to Buyer. In
the event Buyer fails to give such notice prior to the end of the Due Diligence
Period, Buyer's right to cancel this Agreement pursuant to this Section 4 shall
lapse.

              4.4    Replat of Shopping Center and Real Estate. During the Due
Diligence Period Seller shall prepare a proposed replat of the Real Estate, from
the Shopping Center of which it is a part such that the Real Estate will be
comprised of a separate lot(s) for real estate taxes and other purposes (the
"Replat"). The Parties acknowledge that such Replat is subject to Target's
approval and then City of Peoria's approval (the "City"). On or before closing,
Seller shall either: (i) submit same for approval and recording with the City or
(ii) advise the City of the proposed Replat and of its intention of selling the
Real Estate to Buyer before the Replat has been submitted or accepted for
recording. Buyer acknowledges that the Closing may occur without such Replat
being recorded and/or approved by the City or other applicable government
authorities. In fee event the Replat is not completed (i,e. submitted, approved
by the City and recorded) as of the Closing, the Seller may convey and the Buyer
agrees to accept the transfer of the Real Estate based on a metes and bounds
description of such Real Estate (which Title Company will insure). Seller at its
sole cost and expense agrees to continue to use its diligent good faith efforts
to complete the Replat of the Real Estate after Closing and Buyer agrees to
cooperate with Seller to obtain same, which may include de minimus adjustments
to boundaries of the Real Estate to the extent required by the City.

              4.5    THE "BUYER DECLARATION". The OEA only provides for two (2)
Approving Parties as defined therein in as Target and Seller. Accordingly during
the Due Diligence Period Buyer and Seller shall negotiate an Agreement that will
provide for a process between Buyer and Seller for any approvals required by
Buyer under the OEA as it is the intention of the Parties that after Closing
Seller shall remain both the "Approving Party" of the Developer Tract and the
"Operator", and to ascertain Buyer's percentage of the Developers Tract for
purposes of calculating Buyer's share of Common Area Maintenance Costs as such
terms are defined in the OEA.

              4.6    KOHL'S AMENDMENT. The Space Lease with the tenant Kohl's
Department Stores, Inc. ("Kohl's") dated May 7, 2002 as amended ("Kohl's Lease")
provides that Landlord shall endeavor to obtain an amendment to the OEA to
provide that Kohl's may maintain the Kohl's Trust as such term is defined in the
Kohl's Lease. It shall be a condition of closing that Seller provide an
amendment to the Kohl's lease acknowledging Target will not consent to such an
amendment to OEA and such condition is deemed waived if Target does agree to so
amend. In addition the Kohl's lease provides that Kohl's has an option to lease
additional space referred to as the "Expansion Space". It shall be a condition
of closing that Seller obtain an amendment to the Kohl's lease to include the
Expansion Space into the Kohl's lease, acknowledging that Kohl's will pay for
any and all CAM, real estate taxes and insurance for such Expansion Space.

              4.7    "BUYER OPTION." The Kohl's lease provides that Kohl's may
expand its Building and build onto the Expansion Space. In the event Kohl's were
to exercise its option and build on the Expansion Space, the Kohl's Tract would
not contain enough additional parking spaces (the shortfall) to satisfy the
parking ratio requirements under the OEA which contains enough parking spaces to
make up the shortfall. Accordingly in the event Kohl's exercises its right to
expand into the Expansion Space Seller (or its successor in interest) agrees to
sell Parcel X as set forth on Exhibit _____ for One Hundred Twenty Five Thousand
Dollars $125,000.00 ("the Option Land"). At closing the parties shall enter into
an Option Agreement and record notice of Option Agreement against Parcel X.

       5.     ADJUSTMENTS AND PRORATIONS.

              5.1    Seller shall be entitled to all income produced from the
operation of the Property which is allocable to the period prior to the Closing
Date and shall be responsible for all expenses allocable to that period; and
Buyer shall be entitled to all income and responsible far all expenses allocable
to the period beginning at 12:01 A.M. on the Closing Date. At Closing, all items
of income and expense with respect to the Property shall be prorated in
accordance with the foregoing provisions and the rules for the specific items
set forth hereafter:

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                     5.1.1  Seller shall arrange for a billing under all
those Service Contracts for which fees are based on usage and with utility
companies for a billing for utilities, to include all utilities or service
used up to the Closing Date, and Seller shall pay the resultant bills. In the
event any of the Service Contracts set forth in EXHIBIT 3 cover periods
beyond the Closing Date the same shall be prorated on a per diem basis.

                     5.1.2  Real estate taxes, general, special and/or
betterment assessments and personal property taxes shall be prorated for those
taxes which are due and payable as of the Closing Date. In the event that as of
the Closing Date the actual tax bills for the tax year or years in question are
not available and the amount of taxes to be prorated as aforesaid cannot be
ascertained, then rates, millages and assessed valuation of the previous year,
with known changes, shall be used; and after the Closing occurs and when the
actual amount of taxes for the year or years in question shall be determinable,
such taxes will be re-prorated between the parties to reflect the actual amount
of such taxes.

                     5.1.3  Rentals and other payments (other than "percentage
rent" and common area maintenance charges which are dealt with in SECTION 5.1.4
and SECTION 5.1.6) which are payable pursuant to Space Leases shall be prorated
on a per diem basis as and when collected (subject to the provisions of Section
5.3). Buyer shall not be obligated to make any payment or give any credit to
Seller on account of or by reason of any rental or other payments which are
unpaid as of the Closing Date, but shall be required to turn over Seller's share
of the same within ten (10) days if, as and when received by Buyer after the
Closing; likewise, Seller agrees to turn over Buyer's share of any payments
received from tenants applicable to any period from and after the date of
Closing within ten (10) days of Seller's receipt of same; this provision shall
survive Closing.

                     5.1.4  Percentage rent; if any, payable under each Space
Lease shall be prorated with respect to the lease year thereunder in which
Closing occurs on a per diem basis as and when collected. Any percentage rent
collected by Buyer including any percentage rent which is delinquent and
pertaining to (i) an entire lease year or accounting period of a tenant under a
Space Lease which ends on a date prior to the Closing Date, or (ii) that portion
of a lease year or accounting period of such tenant covering a period prior to
the Closing Date where such lease year or accounting period begins prior to the
Closing Date and ends thereafter shall in both cases be paid to Seller within
ten (10) days of receipt by Buyer; and if any tenant's Space Lease provides for
offsets or deductions against percentage rent, then such offsets or deductions
shall be prorated in the same manner as the percentage rent itself is prorated.
This provision shall survive Closing.

                     5.1.5  Gas, water, electricity, heat, fuel, sewer and other
utilities charges to which SECTION 5.1.1 cannot be applied, and the governmental
licenses, permits and inspection fees and operating expenses relating to the
Shopping Center (expressly excluding therefrom, however, such expenses relating
to the initial construction of the Shopping Center), shall be prorated on a per
diem basis.

                     5.1.6  Common area maintenance expenses and charges shall
be prorated. Seller shall be responsible for all common area expenses and
charges incurred prior to the Closing Date, and Buyer shall be responsible for
the same accruing on and subsequent to the Closing Date. All common area expense
payments made by each tenant and such charges paid under its Space Lease for the
entire lease year during which the Closing occurs, including end-of-year
adjustments, if any, shall be prorated between Seller and Buyer in the following
manner: Not later than three (3) days prior to Closing, Seller shall deliver to
Buyer, with regard to each Shopping Center tenant required to pay common area
charges ("CAM Charges") under its lease, a detailed computation showing all CAM
Charge expenses incurred by Seller for the period from the beginning of each
such tenant's then current billing period for CAM Charges (e.g., calendar year,
lease year, etc.) through the Closing Date, any CAM estimated payments or
charges collected by Seller relating to such tenant (hereinafter "CAM
Estimates"), and a bill for the tenant's pro rata share of CAM Charges (i.e.,
for CAM charges through the Closing Date net of any such CAM Estimates held by
Seller), together with all invoices and other evidence documenting such CAM
Charges in detail required by such tenant's lease. Buyer shall send any such
bills to tenants promptly following Closing, in which event such tenant shall
pay any amount shown due directly to Seller, and except as otherwise stated in
Section 5.3.3 below Buyer shall have no responsibility to collect same. However,
if any tenant rightfully refuses to pay such bill for CAM Charges due through
the Closing Date, then Buyer shall resubmit such bill to any such tenant at the
same time as Buyer next submits Buyer's own bill to any such tenant; and any
payment thereafter made by any such tenant on account of CAM Charges shall
belong to and be forwarded within ten (10) days of its receipt to Seller until
Seller's bill is paid in full.

                            Any CAM Estimates for any tenant shall be retained
by Seller up to the amount of the pre-Closing CAM Charges payable by such tenant
as evidenced by such bills and

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computations delivered by Seller at Closing, and Buyer shall receive a credit
for any excess CAM Estimates collected by Seller.

                     5.1.7  All prepaid rentals, other prepaid payments (other
than monthly real estate tax estimates or installments), security deposits paid
pursuant to Space Leases, electric, gas, sewer and water deposits deposited with
Seller by tenants, (including any accrued interest required under any Space
Lease on all of the foregoing, unless Seller is entitled to retain the benefit
thereof) under any Space Leases, license agreements or concession agreements
relating to the Property, shall all belong to Buyer and all shall be assigned
and delivered to Buyer at Closing, whereupon Seller shall be released from all
liability with respect thereto. At Seller's option, Buyer shall receive a cash
credit in the amount of all Security Deposits to be delivered to Buyer at
Closing, and Seller may retain same.

                     5.1.8  Buyer shall not be responsible for any charges,
salaries, vacation pay or fringe benefits of employees of Seller prior to or
following the Closing and none of the foregoing shall be prorated.

              5.2    All prorations and payments to be made under the foregoing
provisions shall be made on the basis of a written statement or statements
delivered to Buyer by Seller and approved by Buyer. In the event any prorations,
apportionments or computation shall prove to be incorrect for any reason, then
either party shall be entitled to an adjustment to correct the same, provided
that it makes written demand on the one from who it is entitled to such
adjustment within two (2) years after the erroneous payment or computation was
made; this provision shall survive Closing.

              5.3    All accounts receivable flowing from the Property shall be
treated as follows:

                     5.3.1  Buyer and Seller agree to treat all base or minimum
rental payments received from a tenant as applicable to base or minimum rent
which was owed by that tenant, if any, first for the month prior to the month in
which Closing occurs and next for the month in which Closing occurs until the
base or minimum rental amount due to Seller for such periods have been
collected. In the event that there remains any unpaid base or minimum rent for a
period prior to such periods, all payments of base or minimum rent received from
such tenant shall be applied to sums owed Buyer before any part thereof shall be
treated as belonging to Seller. In the event that there remains any unpaid
tenant receivable other than base or minimum rent (including without limitation
any tax, CAM, insurance or percentage rent payments) for any period prior to
Closing, all payments received from any tenant in arrears (whether base or
minimum rent or any other amount) shall be applied first to any such sums owed
Buyer from such tenant before any part thereof shall be treated as belonging to
Seller.

                     5.3.2  In the event that any tenant of Seller or Buyer
shall hereafter apply or shall have heretofore applied for relief under the
provisions of any bankruptcy or similar laws for the protection of debtors, the
provisions of SECTION 5.3.1 shall not apply, and the parties shall have the
right to seek collection of their respective accounts, their entitlements being
determined by the Closing and the other provisions of this Agreement. Neither
party shall have the right to enter into any transactions that purport to
compromise claims belonging to the other, without the other party's prior
written consent.

                     5.3.3  If at the Closing Date any tenants owe Seller any
money (i.e. reimbursements to Seller for payment of liens or violations on the
Property that were created by tenant(s) but that Seller is required hereunder to
satisfy in order to effectuate the sale of the Property), Seller shall have the
right, subsequent to the Closing, to collect such sums directly from the
tenants, including bringing lawsuits against the tenants (at Seller's sole
expense) for such collection (except that Seller is prohibited from bringing a
lawsuit against any tenant(s) to collect rent arrears; instead Buyer agrees to
use commercially reasonable efforts to collect such arrears on Seller's behalf);
provided, however, Seller agrees that any such legal action or collection shall
not include any disturbance of the possession, use or occupancy of the tenants
or any right to evict the tenants, whether pursuant to the lease provisions or
otherwise, and Buyer shall at Seller's expense join in any lawsuit and/or also
participate or cooperate with Seller in its collection attempts. Buyer will (at
Seller's expense) join in such a lawsuit or action only if the same does not
include or require disturbance of the possession of any tenants.

                     5.3.4  In the event Seller has granted rent concessions to
tenants under space lease(s) that would extend beyond the Closing Date, Buyer
shall receive credit for same.

              5.4    The provisions of this Article 5 will survive Closing.

       6.     TITLE AND SURVEY.

              6.1    Seller shall convey and Buyer shall accept, subject to the
right of Buyer to review and approve all title matters, documents and plats of
record in regard to the condition of title to

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the Property, title such as the Title Company will be willing to approve and
insure subject only to Permitted Exceptions as provided for in this Agreement.
Buyer acknowledges that it has heretofore received copies of Seller's existing
title insurance policy for the Real Estate (the "Existing Title Policy") and of
Seller's existing survey of the Real Estate (the "Existing Survey"). Promptly
following the execution of this Agreement, Buyer may (if it so elects) obtain
(at Buyer's sole expense) updates of the Existing Survey to the certification
standards described upon the Surveyor's certification attached hereto as Exhibit
13 and made a part hereof (such updated survey hereinafter referred to as the
"Updated Survey"); if Buyer does obtain such an Updated Survey, Buyer shall
cause it to be certified to Seller and Buyer shall promptly furnish Seller and
the Title Company with a copy thereof. Promptly following the execution of this
Agreement, Buyer shall also (at Buyer's sole expense) obtain a commitment for
ALTA Form B Fee Title Insurance (the "Title Commitment"); and Buyer shall
promptly cause the Title Company to furnish Seller with true accurate and
complete copies thereof (including true, accurate and complete copies of all
underlying title exception documents referenced therein). Not later than the
expiration of the Due Diligence Period, Buyer shall give Seller written notice
("Buyer's Title/Survey Notice") of any title exceptions which are contained in
the Title Commitment and/or the Survey which are not Permitted Exceptions.
Failure by Buyer to give Buyer's Title/Survey Notice (or to object to any matter
referenced in the Title Commitment) to Seller on or before said date shall
constitute Buyer's final and irrevocable approval of the condition of title (and
to any such unobjected to matter) in and to the Real Estate. If Buyer's
Title/Survey Notice shall be timely given Seller shall have a period of fifteen
(15) days following Seller's receipt of Buyer's Title/Survey Notice, to commence
to remove, correct, cure or satisfy (provided Seller does in fact elect to so
remove, correct, cure or satisfy) any title exceptions that were identified in
Buyer's Title/Survey Notice as not being Permitted Exceptions, it being
nevertheless agreed that Seller shall have no obligation to undertake any action
or to incur any expense in order to effectuate any such removal, correction,
cure or satisfaction (except that notwithstanding the foregoing Seller shall be
required to remove or discharge any fee mortgages or deeds of trust, as well as
any other liens in an ascertainable dollar amount ). In the event that Seller
elects not to attempt to remove, correct, cure or satisfy the matter raised in
Buyer's Title/Survey Notice, or if having elected to do so, does not within
thirty (30) days thereafter, (or such additional time as is reasonably necessary
(not to exceed an additional fifteen (15) days without Buyer's written consent)
to remove, correct, cure or satisfy the matter(s) so raised using commercially
reasonable good faith efforts) effectuate any such removal, correction, cure or
satisfaction as aforesaid (hereinafter called "title correction"), Buyer shall
have the right at its sole option either (a) to terminate this Agreement, in
which event the Deposit shall be returned to Buyer and neither party shall
thereafter have any further liability hereunder, or (b) to accept such title as
is disclosed by the Title Commitment and/or Survey without title correction and
without Survey correction and without any reduction to the Purchase Price,
thereby waiving any rights against Seller with respect thereto. Said election
shall be made by Buyer within three (3) days following Buyer's receipt of
written notification by Seller that Seller has not effectuated (or has elected
not to effectuate) title correction. In the event that Seller (even though under
no duty to do so) shall undertake title correction and/or Survey correction as
aforesaid, and shall be successful, this Agreement shall continue in full force
and effect and Buyer shall close the transaction contemplated hereby in
accordance with the terms hereof. In the event that Seller shall only be
partially successful in obtaining title and/or Survey correction, Buyer shall
have the same alternative rights as Buyer would have in the event Seller had
declined to seek title and/or Survey correction, (as set forth above). Buyer
shall make its election within three (3) days after Buyer's receipt of written
notice from Seller to Buyer of the extent to which title and/or the Survey has
been corrected.

              6.2    If at the Closing Date there may be any liens or
encumbrances which render title unmarketable or otherwise are not permitted
title exceptions hereunder, and which Seller is obligated or desires to pay and
discharge, Seller may use any portion of the balance of the Purchase Price to
satisfy the same, provided Seller shall simultaneously either deliver to Buyer
at the Closing instruments in recordable form and sufficient to satisfy such
liens and encumbrances of record together with the cost of recording or filing
said instruments; or provided that Seller has made arrangements with the title
company in advance of Closing, Seller will deposit with said company sufficient
monies, acceptable to and required by it to insure obtaining and the recording
of such satisfactions and the issuance of title insurance to Buyer either free
of any such liens and encumbrances, or with insurance against enforcement of
same out of the insured premises. The existence of any such liens and
encumbrances shall not be deemed objections to title, if Seller shall comply
with the foregoing requirements. Unpaid liens for taxes, water charges, sewer
rents and assessments which are the obligation of Seller to satisfy and
discharge shall be objections to title, and thus the amount thereof, plus
interest and penalties thereon, shall be deducted from the Purchase Price to be
paid hereunder and allowed to Buyer, subject to the provisions for apportionment
of taxes, water charges and sewer rents contained herein. Unpaid franchise tax
of any entity in the chain of title to which such tax is applicable, or estate,
income or other taxes which may be liens against the Property as of the Closing
Date shall not be an objection to title, provided the title company agrees to
insure against the collection of said taxes from the Property and in such event
if required by the title company, Seller agrees to deposit at Closing with the
title company an amount deemed reasonable by it to secure the payment of such
unpaid franchise tax, or other tax.

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              6.3    In the event that Seller is unable to convey title in
accordance with the terms of this Agreement, or if any representation of Seller
herein is untrue in a material respect on the Closing Date and Seller does not
correct same (it being understood Seller will be entitled to a reasonable
adjournment of Closing for such purpose, not to exceed fifteen (15) days), the
sole responsibility of Seller will be to refund (or cause to be refunded by the
Escrow Agent) to Buyer any amount paid on account of the Purchase Price; upon
the making of such refund, this Agreement shall be deemed canceled, neither
party shall have any further claim against the other by reason of this
Agreement, except that Buyer shall remain liable on its obligations under
Sections 4.2 and 15.8.

              6.4    All costs of obtaining the Title Commitment, the policy of
title insurance to issue at Closing (in form subject to Buyer's sole discretion,
and agreed to prior to the expiration of the Due Diligence Period) with premium
up to the amount of the Purchase Price the costs of any excess coverage or
endorsements includes Zoning 3.1; Survey; Access, Usury, Location, Tax ID,
Contiguity, EPA, Comprehensive and Doing Business shall be borne by Buyer (the
"Title Policy") and Survey shall be borne by Buyer, expressly excluding
therefrom, however, the costs to release any monetary encumbrance affecting the
Property and any title curative endorsements which shall be borne by Seller.

       7.     DAMAGE, DESTRUCTION OR REQUIRED ALTERATION.

                     7.1 Prior to Closing, in the event of any damage to or
destruction of all or part of the Real Estate (notice of which shall be given to
Buyer by Seller as soon as practicable following its occurrence), then Seller
shall have the right (but not the obligation) to adjourn the Closing Date for up
to sixty (60) days in order to repair or replace such damage or destruction,
except that if the cost of such repair or replacement exceeds ten percent of the
Purchase Price, then in any such case (i) Buyer shall have the right to
terminate this Agreement by giving Seller written notice of its intention to do
so, such notice by Buyer to Seller to be given not later than three (3) days
after Buyer shall have received the notice from Seller of such aforesaid
occurrence, (in which event the Deposit shall forthwith be returned to Buyer,
whereupon this Agreement shall be null and void and of no further force or
effect whatsoever, except that Buyer shall remain liable on its obligations
under Sections 4.2 and 15.8); or (ii) if Buyer elects not to (or does not have
the right to) terminate this Agreement, this Agreement shall continue in full
force and effect except that at Closing Buyer shall receive an abatement of the
Purchase Price in an amount equal to Seller's reasonable good faith estimate of
the amount required to repair and restore all unrepaired damage (and Seller
shall retain all rights to collect insurance proceeds for such loss). Buyer may
elect to have its architect provide a good faith estimate of the amount required
to repair and restore all unrepaired damage. If Seller's estimate disagrees with
Buyer's architect's estimate, the parties shall select another architect to make
a final determination of the amount required to repair and restore all
unrepaired damage and both parties shall be bound by the third architect's
determination. The party whose architect differs most from the third architect's
determination shall pay the third architect's fee.

                     7.2(a) In the event that any governmental authority having
jurisdiction of all or part of the Real Estate has notified Seller before the
Closing that some alteration of or addition to the Real Estate is required to be
made by law, rule or regulation (notice of which shall be given to Buyer by
Seller as soon as practicable after its receipt) or otherwise requires a cure
of a violation, then (subject to the provisions of Section 7.2(b)) Seller shall
have the right (but not the obligation) to undertake such alteration or addition
or cure; provided, however, that if the cost of such alteration or addition or
cure shall exceed the sum of one (1%) percent of the Purchase Price, then in
such event Seller may either elect to pay the entire cost and cure the same
before the Closing or may decline to undertake the same, in which event Buyer
shall have the option, exercisable within three (3) days following notice from
Seller of the requirement and Seller's refusal to comply therewith, (i) to
terminate this Agreement by giving Seller notice thereof (in which event the
Deposit shall forthwith be returned to Buyer, whereupon the Agreement shall be
null and void and of no further force or effect whatsoever, except that Buyer
shall remain liable on its obligations under Sections 4.2 and 15.8); or (ii) if
such notice of termination is not timely given, to proceed with the Closing, in
which event the Purchase Price shall be reduced by Seller's reasonable good
faith estimate of the cost to cure, up to the maximum sum of one percent of the
Purchase Price. Buyer may elect to have its engineer provide a good faith
estimate of the cost to cure. If Seller's estimate disagrees with Buyer's
architect's estimate, the parties shall select a another engineer to make a
final determination of the cost to cure and both parties shall be bound by the
third engineer's determination. The party whose engineer differs most from the
third engineer's determination shall pay the third engineer's fee.

                     (b)    Notwithstanding the foregoing provisions of
Section 7.2(a), Seller may elect but shall have no obligation to cure or pay
for, any violation which either (i) is first placed (i.e., notice first given
to Seller or first placed of record) after the date of this Agreement, or (ii)
is the

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<Page>

responsibility of a Shopping Center tenant to cure or discharge pursuant to its
Space Lease. In the event Seller elects to cure or pay for such violation(s),
Seller shall have a period of fifteen (15) days after receipt of notice of the
violation to commence to cure or pay for same, and shall proceed with diligence
to cure same, however, if Seller elects to cure a violation, and Seller
reasonably believe that the Closing Date (as hereinafter defined) will need to
be extended more than thirty (30) days to effectuate the cure, then Seller shall
not commence to cure the violation then Buyer may elect to (i) complete the
purchase without any adjustment in the Purchase Price or (ii) terminate the
Agreement in such event, unless Buyer agrees to the required extension. In the
event Seller elects not to cure or pay for such violation, the sole
responsibility of Seller will be to refund (or cause to be refunded by the
Escrow Agent) to Buyer any amount paid on account of the Purchase Price; upon
the making of such refund, this Agreement shall be deemed cancelled, neither
party shall have any further claim against the other by reason of this
Agreement, except that Buyer shall remain liable on its obligations under
Sections 4.2 and 15.8.

       8.     EMINENT DOMAIN. In the event that any eminent domain proceedings
shall be commenced prior to the Closing affecting (i) any of the parking area(s)
within the Real Estate or any access roadway serving the Real Estate that is not
replaced by an access roadway in a comparable location with respect to the Real
Estate; or (ii) which is of such a nature as would permit any tenant occupying
leased premises to cancel its Space Lease, Buyer shall have the right to
terminate this Agreement, by written notice given to Seller within three (3)
days after the event, (in which case the Deposit shall forthwith be returned to
Buyer, whereupon the Agreement shall be null and void and of no further force or
effect whatsoever). In any case wherein Buyer has the right to terminate this
Agreement pursuant to this Section 8 and Buyer elects not to terminate, or in
any case wherein Buyer does not have the right to terminate, Buyer and Seller
shall consummate Closing on the Closing Date, without any reduction to or
abatement of the Purchase Price, and all theretofore unpaid condemnation awards
shall belong to Buyer.

       9.     NO ASSIGNMENT. Buyer shall not have the right to assign this
Agreement or its rights under this Agreement without obtaining in each instance
Seller's prior written consent. Notwithstanding the foregoing, Buyer shall have
the right, without Seller's consent, to assign its entire right, title and
interest in and to this Agreement, expressly including the Deposit, to any
entity controlling, controlled by, or under common control with Buyer or Inland
Real Estate Trust, Inc., a Maryland corporation, (an "Affiliate"); provided
that, not less than three (3) business days prior to Closing, Seller receives an
executed assignment and assumption agreement, in a commercially reasonable form,
which expressly assigns the Deposit and in which such assignee expressly assumes
performance of this Agreement for the benefit of Seller. No such assignment or
designation shall relieve or release Buyer from any obligations under this
Agreement (whether arising pre- or post-closing), and Buyer shall remain jointly
and severally liable for all of same together with such assignee.

       10.    COVENANTS AND REPRESENTATIONS. As of the date hereof, and to the
best of Seller's knowledge, Seller covenants, warrants and represents to Buyer
the following:

              10.1   Seller has obtained any consents from partners and/or
shareholders required to permit the transactions contemplated by this Agreement
including the sale of the Property to Buyer.

              10.2   There is no pending or threatened litigation affecting the
Property brought by or against Seller that would materially adversely affect
Buyer except as set forth in EXHIBIT 7 attached hereto and made a part hereof.
If Seller is served with process or receives notice that litigation relating to
the Property has been commenced against it, Seller shall promptly notify Buyer.
The provisions of this Section shall not apply to any litigation relating to the
property involving personal injury or property damage(s) covered by insurance.

              10.3   The Space Leases described in EXHIBIT 2 comprise all the
Space Leases presently existing, and same have not been materially amended or
modified except (if at all) as may be set forth in Exhibit 2. Seller has neither
given nor received any outstanding, uncured notice of default to or from any
Space Lease tenant. Following a date which is five (5) business days prior to
the expiration of the Due Diligence Period (the "Cut Off Date"), and prior to
Closing, Seller will not, without the prior written consent of Buyer(which Buyer
agrees not to reasonably withhold or delay), cancel (except for default by a
tenant) or materially amend any Space Lease, or enter into any new Space Lease
or any Service Contract affecting the Property not cancelable on 30 days notice.
On or prior to the Cut Off Date, Seller may take any of the foregoing actions
without Buyer's consent, provided it delivers a copy of any new documentation
evidencing same to Buyer not later than three (3) business days prior to the
expiration of the Due Diligence Period.

              10.4   Except as otherwise expressly provided herein, there are no
contracts or agreements affecting the Property other than the Service Contracts,
Space Leases and Permitted Exceptions; and there are no on-site employees or
hired persons in connection with the management,

                                       9

<Page>

operation or maintenance of the Property; and Buyer shall have no obligation,
liability or responsibility with respect to charges, salaries, vacation pay,
fringe benefits or like items subsequent to Closing, nor with any management or
employment agreements with respect to the Property.

              10.5   The signatories to this Agreement on behalf of Seller have
the power and authority to enter into this Agreement and to bind Seller to the
provisions hereof.

              10.6   As of the date hereof: (i) to Scott Archer's knowledge
Seller is not aware of and has receive no building code violation notices with
respect to the Property (other than notices of violations which have been
removed or corrected); and (ii) to Scott Archer's knowledge Seller is not aware
of and has received no notices of any action or governmental proceeding in
connection with eminent domain, or for a zoning change, which would affect the
Property; and (iii) to Scott Archer's knowledge Seller is not aware of any
structural problems in the improvements constructed upon the Property and the
exterior structures are in good condition and repair.

              10.7   Seller represents that there are no payment or performance
obligations outstanding of Seller under the Development Agreement and that there
are no such other like unrecorded development agreements.

       11.    THE CLOSING.

              11.1   The Closing shall he held at the Title Company's offices
(at the address set forth above) at 9:00 A.M. on the Closing Date. The Closing
Date shall be ten (10) business days after the expiration of the Due Diligence
Period.

              11.2   At Closing, Buyer shall pay the Purchase Price as adjusted
in accordance with the provisions of this Agreement; and Buyer shall execute and
deliver such other instruments as Seller may reasonably request in connection
with or to consummate the transactions contemplated by this Agreement.

              11.3   (A)    At Closing, Seller shall deliver to Buyer the
following:

              (a)    A special warranty deed in favor of Buyer for the Real
Estate in proper recordable form, duly executed and acknowledged by Seller.

              (b)    A F.I.R.P.T.A. affidavit.

              (c)    It shall be a condition precedent to Buyer's obligation to
remit the remainder of the Purchase Price to the Title Company on the Closing
Date and effectuate the transaction contemplated herein that on or before the
third (3rd) business day prior to the Closing Date, Buyer shall have received an
estoppel certificate from each tenant under a Space Lease who occupies more than
eight thousand (8,000) square feet (hereinafter "Anchor Tenant"), as well as
from seventy (70%) percent of the tenants occupying less than eight thousand
(8,000) square feet (each such tenant hereinafter referred to as a "Non-Anchor
Tenant") (collectively such Non-Anchor Tenants hereinafter referred to as the
"Minimum Threshold"), each such estoppel to be dated not more than 30 days prior
to the Closing Date, in either the form required by its Space Lease, or
otherwise in the form attached hereto as Exhibit 10, and made a part hereof, as
well as Seller's estoppel in the form of Exhibit 10 for any tenant (other than
an Anchor Tenant and so long as the Minimum Threshold is met) not delivering an
estoppel as required to achieve one hundred percent (100%) estoppel delivery for
the Property. If Seller is unable to obtain any such required estoppel from a
tenant prior to Closing, Seller shall deliver its own estoppel in the form
attached as Exhibit 10 (provided, however, Buyer shall not be obligated to
accept Seller's estoppel for any Anchor Tenant nor for more than thirty (30%)
percent of the Non-Anchor Tenants at the Property), which shall survive Closing
(but if post-Closing Seller delivers any such tenant estoppel, Seller shall be
relieved from responsibility under any Seller estoppel it delivered regarding
all matters confirmed by such tenant estoppel). If Seller fails to deliver any
such required estoppel, Seller shall have no liability by reason thereof
provided, however that Seller shall not be required to deliver its own estoppel
containing an assertion that Seller in good faith believes to be untrue, and
Buyer's sole right shall be to terminate this Agreement and to obtain a refund
of the Deposit as set forth in Section 14.3. If any estoppel certificate is
dated earlier than forty (40) days prior to the Closing Date, in lieu of
requiring Seller to obtain a new estoppel from the subject tenant(s), which
shall be required of Seller if any estoppel certificate is dated earlier than
sixty (60) days prior to the Closing Date, Buyer agrees that Seller may deliver,
at Closing, its representation that to the best of Seller's knowledge, the facts
in said estoppel remain true in all material respects as of the Closing Date.

              (d) Seller shall use its commercially reasonable good faith
efforts to obtain, prior to the expiration of the Due Diligence Period, an
estoppel certificate from each party to, or affected by any

                                      10

<Page>

declaration, association, reciprocal easement, or like agreement affecting the
Property (hereinafter "REA estoppel"). Seller will request that the estoppel be
in a form substantially similar to the form attached hereto as Exhibit 11 and
made a part hereof. In the alternative, within five (5) days of the date this
Agreement is fully executed by Seller and Buyer, Seller shall provide Buyer with
the necessary information for each REA party such that during the Due Diligence
Period, Buyer may request the REA estoppel from the REA parties directly. In the
event Seller and Buyer are unable to obtain these estoppels despite Seller's
commercially reasonable good faith efforts prior to the expiration of the Due
Diligence Period, Seller may deliver and Buyer may accept (although nothing
contained herein shall require Buyer to accept), its own estoppel in the form
attached as Exhibit 11, which shall survive Closing (but if post-Closing Seller
delivers any such REA estoppel, Seller shall be relieved from responsibility
under any Seller estoppel it delivered regarding all matters confirmed by such
"REA" estoppel).

              (e) It shall be a condition precedent to Buyer's obligation to
remit the remainder of the Purchase Price to the Title Company on the Closing
Date and effectuate the transaction contemplated herein that on or before the
third (3rd) business day prior to the Closing Date, Buyer shall have received an
assignment of all warranties and guaranties, if available, for materials and
workmanship benefiting the Property, including an acknowledgment by the material
and/or service provider of the acceptance of the assignment where required by
the terms of the warranty and/or guaranty, with all fees and costs of such
assignment (and inspection, if required) (not to exceed One Thousand Dollars
($1,000.00)) being paid at the sole cost and expense of Seller; any such costs
or fees in excess of One Thousand Dollars ($1,000.00) being shared equally
between the parties hereto.

                     (B)    At Closing, Seller and Buyer shall each execute and
deliver to the other the following:

              (a)    An Assignment and Assumption Agreement for the Space Leases
              in the form of EXHIBIT 4 attached hereto.

              (b)    An Assignment and Assumption Agreement for the Service
              Contracts, in the form of EXHIBIT 5 attached hereto.

              (c)    Notices to tenants, in the form attached hereto as Exhibit
              14, and made a part hereof, notifying them of the sale and (if
              applicable) the transfer of their security deposit to Buyer.

              (d)    A Master Lease for a term expiring on the earlier of (i)
              twelve (12) months or (ii) such date as Seller leases the
              remaining vacant space to achieve 100% Lease-up of the Rent Roll.
              However subject to the terms of the immediately following
              sentence, notwithstanding the rent rate per square foot set forth
              in the Rent Roll for the vacant space in the event Seller leases a
              portion of said vacant space at a per square foot rate that is
              greater than provided for on the Rent Roll, then it shall have the
              right to lease other vacant space at a leaser rate per square foot
              than as shown on the Rent Roll up to the excess rent so achieved.
              Lease-up of the Property shall in no event yield an average Fixed
              Rent and Reimbursements amount that is less than the sum of Fixed
              Rent and Reimbursements per the Rent Roll. The Master Lease shall
              be in the form of Exhibit 8 attached hereto and shall incorporate
              that portion of the Property vacant space for which a bona fide
              Space Lease(s) has not been executed as of the date of Closing
              with the "Tenant Conditions" (as hereinafter defined) having been
              satisfied. For the purposes hereof, the Tenant Conditions for any
              Property vacant space gross leasable area are hereby defined as
              (i) a signed lease, and (ii) with Tenant either paying full rent
              and reimbursements or the all conditions precedent to Rent
              Commencement Date (as defined in such tenant lease) shall have
              occurred or been satisfied and (iii) with all the leasing
              commissions and tenant improvement allowances either paid for by
              Seller or credited to Buyer and (iv) with a certificate of
              occupancy or its equivalent occupancy permit issued by the local
              governmental authorities, for such tenant's respective demised
              premises. If a bona fide Space Lease for the Vacant Space or any
              portion thereof with the Tenant Conditions satisfied is executed
              prior to the Closing Date, the parties shall either not enter into
              a Seller Lease or the applicable provisions thereof (including but
              not limited to the annual base rent) shall be adjusted accordingly
              to reflect that portion of the Vacant Space that is leased and
              thus released and not covered by the Master Lease. It is the
              intent of the parties that the Master Lease shall be for all
              Property vacant space notwithstanding the foregoing in calculating
              the sums due under the Master Lease same shall be reduced by
              Thirty Eight Thousand and 00/100 ($38,000). Seller acknowledges
              and agrees that it shall be responsible for placing all vacant
              space in Vanilla Box condition however, it may be satisfied by
              second generation space in "as is" condition such that a tenant
              has already occupied same, and needn't be in "new" condition.

                                      11

<Page>

              (e)    The Buyer Declaration.

              11.4   Each party shall pay its own legal fees and travel and
lodging expenses in connection with this transaction. Seller shall pay for all
transfer taxes and the parties shall each pay 1/2 of the documentary stamps or
recording charges for transfer of title to the Real Estate and the "New York
Style" closing escrow fees charged by the Title Company.

              11.5   Buyer also agrees to cooperate with Seller to permit the
conveyance of the Property to be consummated as a part of a transaction intended
by Seller to qualify as a tax-free exchange under Section 1031 of the Internal
Revenue Code and in conjunction therewith to execute such documents as Seller
may reasonably request (such cooperation may include, without limitation,
accepting a conveyance from a party other than Seller and paying the Purchase
Price to a party other than Seller). In no event, however, shall (a) Buyer bear
any expense associated with the exchange transaction, (b) Buyer be obligated to
take title to Seller's exchange property, (c) the consummation of such tax-free
exchange materially delay the conveyance to Buyer of the Property, (d) Buyer
have any liability to Seller or any other party for the qualification of the
exchange transaction for tax-free exchange treatment under Section 1031 of the
Internal Revenue Code or under any other provision and (e) the consummation of
such tax free exchange relieve Seller of any of its obligations hereunder.

              11.6   Buyer acknowledges and agrees that any and all sales tax
inducements and "Rebate of Costs" as provided for in the Development Agreement,
some of which may be allocated for Improvement located on the Real Estate,
belong to Seller.

       12.    BROKERS.

              Each party represents and warrants to the other that it dealt with
no broker other than Kimco Exchange Corporation (the "Broker") in connection
with this transaction. Seller shall pay Broker pursuant to a separate agreement.
Each party agrees to defend, indemnify and hold the other harmless from and
against any and all loss, liability and expense, including reasonable attorney's
fees, that the indemnitee may incur arising by reason of the above
representation by the indemnitor being false. The provisions of this Section 12
shall survive Closing.

       13.    NOTICES.    All notices, demands, requests, consents, approvals or
other communications (for the purpose of this Section collectively called
"Notices") required or permitted to be given hereunder or which are given with
respect to this Agreement shall be valid only if in writing and sent by
registered or certified United States mail, return receipt requested, postage
prepaid, or delivered by Federal Express or UPS courier service, addressed as
follows:

              To Seller:           8383 Wilshire Boulevard
                                   Suite 950
                                   Beverly Hills, CA 90211
                                   Attn: Jerald Friedman
                                   Phone: (323) 866-3519
                                   Fax: (323) 866-3511

                                   with a copy to:

                                   3333 New Hyde Park Road
                                   Suite 100
                                   New Hyde Park, New York 11042
                                   Attn: Barbara E. Briamonte, Esq.
                                   Phone: (516) 869-7157
                                   Fax: (516) 869-7201

              and a copy to:       Barclay Group
                                   15974 N. 77th Street
                                   Suite 100
                                   Scottsdale, AZ 85260
                                   Attn: Scott Archer
                                   Phone: (480) 596-9399
                                   Fax: (480) 596-6366

       To Buyer:                   Inland Real Estate Acquisitions, Inc.
                                   2901 Butterfield Road Oakbrook, IL 60523
                                   Phone: (630) 218-4948

                                      12

<Page>

                                   Fax: (630) 218-4935
                                   Attention: G. Joseph Cosenza

                                   with a copy to:

                                   The Inland Group, Inc.
                                   2901 Butterfield Road
                                   Oak Brook, IL 60523
                                   Attn: Robert Baum, General Counsel
                                   Facsimile Nos: (630) 218-4900
x                                  Copy via facsimile:
                                   Charles R. Benvenuto (630) 571-2360

              To Escrow Agent:     CHICAGO TITLE & TRUST COMPANY
                                   171 North Clark Street
                                   Chicago, Illinois 60601
                                   Attn: Nancy Castro, Escrow Agent
                                   Phone: (312)223-2709
                                   Fax: (312) 223-2108

or such other address as such party shall hereafter have specified by Notice
given by the same means. Any Notice shall be deemed given when delivered to the
carrier delivering same, delivery charges prepaid, and properly sealed and
addressed. Any Notice may also be given by telecopier to the following numbers:
Seller (516) 869-7201, Buyer (843) 852-3675, (630) 218-4935, and
(630) 218-4900;, and Escrow Agent (312) 223-2108, Attn: Nancy Castro, provided
that a "hard copy" of such notice is sent within one (1) business day after such
telecopier transmission in the manner above set forth; and in the case of notice
by telecopier (with confirmation sent as aforesaid), notice shall be deemed
given upon electronic confirmation of receipt.

       14.    DEFAULTS.

              14.1   If Closing does not take place because of Buyer's default
the Deposit shall be retained by Seller as agreed upon liquidated damages as
Seller's sole remedy for such default, and thereupon this Agreement shall be
null and void and of no further force or effect whatsoever (except that Buyer
shall remain liable on its obligations under Sections 4.2 and 15.8). The parties
hereto expressly agree that Seller's actual damages in the event of a default by
Buyer would be extremely difficult or impractical to ascertain and that the
amount of the Deposit represents the parties' reasonable estimate of such
damages.

              14.2   If Closing does not occur due to Seller's willful default
and refusal to close despite Buyer's willingness to do so (such willingness
includes waiver by Buyer of any uncured title objection properly made by Buyer
under Section 6.1 or material breach of representation or warranty by Seller)
(such willful default and refusal being hereinafter referred to as a "Seller
Default"), then Buyer, as its sole and exclusive right and remedy as a result of
such Seller Default, may elect to either (i) cancel this Agreement, in which
event the Deposit shall be returned to Buyer, Seller shall be liable for any
title and survey costs, as well as environmental site assessment, appraisal and
legal fees theretofore incurred by Buyer (however Seller shall not be obligated
to reimburse Buyer more than Twenty-Five Thousand Dollars ($25,000.00) in the
aggregate for such environmental site assessment, appraisal and legal fees), and
thereupon no party shall have any further right or obligation hereunder (except
that Buyer shall remain liable on its obligations under Sections 4.2 and 15.8),
or (ii) Buyer may enforce specific performance of this Agreement without any
reduction or abatement of the Purchase Price, together with the right of Buyer
to collect its reasonable attorney's fees and costs of suit, subject to the
limitation on Landlord's reimbursement of same described above.

              14.3   Subject to the provisions of Article 14.1 and 14.2 above,
if Closing should not occur for any reason whatsoever other than a default by
Buyer or a Seller Default (including without limitation by reason of a material
breach of representation or warranty of Seller or an uncured title objection
properly made by Buyer under Section 6.1, or a failure to deliver any tenant
estoppel required hereunder) which Buyer is not willing to waive, then in such
event this Agreement shall be and be deemed cancelled, the Deposit shall be
returned to Buyer, and thereupon Buyer shall have no other right, by way of
damages or otherwise, against Seller notwithstanding the existence of any
failure or breach of representation, warranty, covenant, title, provision of
estoppel or other Closing condition (provided that Buyer will remain liable on
its obligations under Sections 4.2 and 15.8).

       15.    MISCELLANEOUS.

                                      13

<Page>

              15.1   The representations, warranties and covenants contained in
Article 10 of this Agreement shall survive delivery of the deed for a period of
twelve (12) months. Other than the survival of such representations, warranties
and covenants, the acceptance of the deed by Buyer shall be conclusive evidence
of the performance by Seller of all of the provisions of this Agreement to be
performed by Seller.

              15.2   This Agreement (including the Exhibits attached hereto)
contains the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior or contemporaneous understandings, if
any, with respect thereto.

              15.3   This Agreement may not be canceled, modified, changed or
supplemented, nor may any obligation hereunder be waived, except by written
instrument signed by the party to be charged or by its agent duly authorized in
writing.

              15.4   The parties do not intend to confer any benefit hereunder
on any person, firm or corporation other than the parties hereto and their
respective successors or assigns.

              15.5   "TIME IS OF THE ESSENCE" with respect to all provisions of
this Agreement, with the sole exception that each of Buyer and Seller shall be
entitled to a single adjournment (not to exceed two (2) business days in any
event) of the Closing Date.

              15.6   This Agreement shall extend to and be binding upon the
legal representatives, heirs, executors, administrators and, subject to the
provisions of this Agreement, the permitted assigns of the parties hereto.

              15.7   Intentionally Deleted.

              15.8   Buyer represents and warrants that it will keep all
information and/or reports and/or documents obtained from Seller or its agents
(including without limitation the rent and other terms of the Space Leases), or
related to or connected with the Property (including without limitation the
existence of this Agreement and the Purchase Price) strictly confidential and
will not disclose any such information to any person or entity (except for
Buyer's attorneys, consultants and advisors and except as required by law;
provided that any such parties similarly agree to treat such material
confidentially), without the prior written consent of Seller. In amplification
and not in limitation of the foregoing, Buyer may not make any public disclosure
of the existence or terms of this Agreement prior to Closing.

              15.9   This Agreement shall be governed by, interpreted under, and
construed and enforced in accordance with, the laws of the State wherein the
Property is located. This Agreement shall be construed in accordance with its
plain meaning and without reference to any maxim or rule of interpretation
providing that a writing should be construed against the party responsible for
the drafting thereof.

              15.10  This Agreement shall not be recorded or filed in the public
records of any jurisdiction by either party and any attempt to do so may be
treated by the other party as a breach of this Agreement.

              15.11  This Agreement may be executed in one or more counterparts,
each of which when so executed and delivered shall be deemed an original.

       16.  Conditions Precedent to Buyer's Obligation.

            In addition to the conditions precedent described in Article
            11.3(A) (c), (d) & (e), Buyer's obligation to remit the remainder
            of the Purchase Price to the Title Company on the Closing Date and
            effectuate the transaction contemplated hereunder is subject to
            and contingent upon the following:

              (a)   The Title Company's issuing or committing to issue the
                    Title Policy insuring that fee simple title to the
                    Property is vested in Buyer as required in Article 6
                    hereof;

              (b)   The completeness, truth and accuracy in all material
                    respects and to the best of Scott Archer's knowledge of
                    the Rent Roll, and any certifications, schedules,
                    covenants and statements prepared and executed by Seller
                    as part of the Pre-Closing Deliveries, the completeness
                    in all material respects and to the best of Seller's
                    knowledge of the Space Leases delivered by Seller as
                    part of the Pre-Closing Deliveries, the completeness,
                    truth and accuracy in all material respects and to the
                    best of Seller's knowledge as of Closing, of the
                    representations and warranties of

                                      14

<Page>

                    Seller contained in Section 10 hereof, and the
                    performance by Seller, to the extent possible by the
                    date of Closing, of the covenants contained in Section
                    10 hereof. It shall be a condition to Buyer's obligation
                    to close with respect to the Property that, at the
                    Closing, Seller shall deliver to Buyer a Certificate
                    that shall confirm, to the best of Seller's knowledge,
                    the truth and accuracy in all material respects, as of
                    Closing, of Seller's representations contained in this
                    Agreement, and the representations contained in such
                    certificate, as well as any continuing obligations of
                    Seller hereunder, shall survive the Closing for a period
                    of twelve (12) months; and

              (c)   That as of the date of closing: (i) neither Seller, as
                    landlord under the Space Leases, nor any tenant
                    thereunder, shall be in material default under the terms
                    of any Space Lease and (ii) and eighty-five percent
                    (85%) of the Property gross leasable area being leased
                    to tenants with the Tenant Conditions satisfied.

                       [SEE SIGNATURE BLOCKS ON NEXT PAGE]

                                      15

<Page>

      IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of
the day and year first above written.

                                   BUYER: INLAND REAL ESTATE
                                       ACQUISITIONS, INC.

WITNESSES:

---------------------              By: /s/ [ILLEGIBLE]
                                      ------------------------------
                                      Name: [ILLEGIBLE]
                                      Title: President
---------------------                 Date of Execution:  1-7-04
                                                        ------------

                                   SELLER: KIMCO BARCLAY PEORIA CROSSING, L.P.

                                   BY: KIMCO PEORIA 476, INC.
                                       its general partner

WITNESSES:

[ILLEGIBLE]
---------------------              By:/s/ BRUCE M. KAUDERER
                                      ------------------------------
                                      Name: BRUCE M. KAUDERER
[ILLEGIBLE]                           Title: Vice President
---------------------                 Date of Execution:
                                                        ------------

                                   Escrow Agent signs to confirm its agreement
                                   with the provisions of Section 3(A)(ii)
                                   hereof:

WITNESSES:                         ESCROW AGENT: CHICAGO TITLE & TRUST
                                                 COMPANY

---------------------              By:
                                      ------------------------------
                                      Name: Nancy Castro
                                      Title:
---------------------                 Date of Execution:
                                                        ------------

                                      16

<Page>

                              SCHEDULE OF EXHIBITS

       1.     Real Estate

       2.     Space Leases

       3.     Service Contracts

       4.     Assignment and Assumption Agreement - Space Leases

       5.     Assignment and Assumption Agreement - Service Contracts

       6.     Permitted Exceptions

       7.     Schedule of Litigation

       8.     Form of Master Lease

       9.     Site Plan of Vacant Space

       10.    Form of Tenant and Guarantor Estoppel

       11.    Form of REA estoppel

       12.    Due Diligence Checklist

       13.    Surveyor's Certification

       14.    Tenant Notice Letter

       15.    Intentionally Deleted

                                      17

<Page>

                                    EXHIBIT 1

                                   REAL ESTATE

                                   [TO FOLLOW]

                                  See Site Plan

                                      18

<Page>

                                                               Job No.: 81566014
                                                                  Date: 11/18/03

                                   DESCRIPTION
                                      LOT 1
                                PEORIA CROSSINGS

A portion of the Southeast Quarter of Section 33, Township 3 North, Range 1 East
of the Gila & Salt River Base & Meridian, Maricopa County, Arizona, more
particularly described as follows:

COMMENCING at the Southeast corner of said Section 33;
Thence S.88 DEG. 40'25"W., a distance of 1992.52 feet along the South line of
the Southeast Quarter of said Section 33;
Thence departing said South line N.00 DEG. 00'00"E., a distance of 65.02 feet to
the POINT OF BEGINNING;
Thence S.88 DEG. 40'25"W., a distance of 106:88 feet along a line 65.00 feet
North of and parallel to the South line of said Section 33;
Thence N.00 DEG. 00'00"E., a distance of 69.11 feet to a Point on a Curve, the
central point bears N.88 DEG. 30'02"E., a distance of 392.02 feet from said
Point on a Curve;
Thence Northeasterly along said curve being concave to the Southeast, through a
central angle of 26 DEG. 55'20", having an arc length of 184.20 feet;
Thence departing said curve N.59 DEG. 21'32"W., a distance of 261.62 feet;
Thence S.00 DEG. 00'54"W., a distance of 385.34 feet;
Thence S.88 DEG. 40'25"W., a distance of 34.98 feet;
Thence N.00 DEG. 00'54"E., a distance of 350.09 feet;
Thence S.88 DEG. 40'25"W., a distance of 276.30 feet;
Thence N.25 DEG. 06'59"E., a distance of 560.69 feet;
Thence N.42 DEG. 41'49"E., a distance of 422.86 feet;
Thence S.90 DEG. 00'00"E., a distance of 224.79 feet;
Thence S.00 DEG. 00'00"W., a distance of 321.72 feet;
Thence S.90 DEG. 00'00"E., a distance of 83.84 feet;
Thence S.00 DEG. 00'00"W., a distance of 416.56 feet to a Point on a Curve, the
central point bears S.07 DEG. 59'33"E., a distance of 359.24 feet from said
Point on a Curve;
Thence Easterly along said curve being concave to the South, through a central
angle of 04 DEG. 11'44", having an arc length of 2631 feet;
Thence departing said curve S.90 DEG. 00'00"E., a distance of 4.10 feet;
Thence S.00 DEG. 00'00"W., a distance of 16.62 feet;
Thence S.84 DEG. 27'36"W., a distance of 15.37 feet;
Thence S.79 DEG. 05'53"W., a distance of 38.73 feet;
Thence S.74 DEG. 10'14"W., a distance of 19.46 feet;
Thence S.68 DEG. 08'00"W., a distance of 34.11 feet;
Thence S.61 DEG. 11'42"W,, a distance of 29.63 feet;
Thence S.53 DEG. 26'55"W., a distance of 55.73 feet;

<Page>

Thence S.45 DEG. 01'39"W., a distance of 74.58 feet;
Thence S.40 DEG. 30'40"W., a distance of 27.55 feet;
Thence S.22 DEG. 51'42"W., a distance of 17.45 feet;
Thence S.28 DEG. 12'57"W., a distance of 13.61 feet;
Thence S.00 DEG. 00'00"W., a distance of 226.31 feet to the POINT OF BEGINNING;

Said Lot containing 523,102 square feet or 12.01 acres more or less and being
subject to any easements, restrictions or rights-of way of record or otherwise.

<Page>

[GRAPHIC]

<Page>

                                                               Job No.: 81505020
                                                                  Date: 11/18/03

                                   DESCRIPTION
                                      LOT 3
                                PEORIA CROSSINGS

A portion of the Southeast Quarter of Section 33, Township 3 North, Range 1 East
of the Gila & Salt River Base & Meridian, Maricopa County, Arizona, more
particularly described as follows:

COMMENCING at the Southeast corner of said Section 33;
Thence N.00 DEG. 01'24"W., a distance of 1323.31 feet along the East line of the
Southeast Quarter of said Section 33;
Thence departing said East line S.88 DEG. 32'54"W., a distance of 637.28 feet
along the North line of the South Half of said Southeast Quarter to the POINT OF
BEGINNING;
Thence S.01 DEG. 27'06"E., a distance of 132.38 feet;
Thence S.00 DEG. 00'00"W., a distance of 161.80 feet;
Thence N.90 DEG. 00'00"W., a distance of 138.00 feet;
Thence S.00 DEG. 00'00"W., a distance of 158.54 feet;
Thence S.14 DEG. 35'09"E., a distance of 82.29 feet;
Thence S.11 DEG. 14'19"E., a distance of 82.16 feet;
Thence S.26 DEG. 58'12"E., a distance of 31.05 feet;
Thence S.00 DEG. 00'06"W., a distance of 378.67 feet to a Point on a Curve, the
central point bears S.60 DEG. 10'44"W., a distance of 265.03 feet from said
Point on a Curve;
Thence Northwesterly along said curve being concave to the Southwest, through a
central angle of 29 DEG. 59'36", having an arc length of 138.74 feet to a Point
on a Curve, the central point bears S.29 DEG. 57'19"W., a distance of 395.51
feet from said Point on a Curve;
Thence Northwesterly along said curve being concave to the Southwest, through a
central angle of 3l DEG. 48'26", having an arc length of 219.56 feet;
Thence departing said curve N.90 DEG. 00'00"W., a distance of 110.54 feet;
Thence N.00 DEG. 00'00"E., a distance of 400.19 feet;
Thence S.90 DEG. 00'00"E., a distance of 46.35 feet;
Thence N.00 DEG. 00'01"W., a distance of 303.00 feet;
Thence N.01 DEG. 23'23"W., a distance of 154.56 feet;
Thence N.88 DEG. 32'54"E., a distance of 458.88 feet along said North line of
the South Half of said Southeast Quarter to the POINT OF BEGINNING.

Said Lot containing 363,336 square feet or 8.34 acres more or less and being
subject to any easements, restrictions or rights-of-way of record or otherwise..

<Page>

[GRAPHIC]

<Page>

                                                               Job No.: 81505020
                                                                  Date: 12/16/03

                                   DESCRIPTION
                                KOHL'S EXPANSION
                                PEORIA CROSSINGS

A portion of the Southeast Quarter of Section 33, Township 3 North, Range 1 East
of the Gila & Salt River Base & Meridian, Maricopa County, Arizona, more
particularly described as follows:

COMMENCING at the Southeast corner of said Section 33;
Thence N.00 DEG. 0l'24"W., a distance of 1323.31 feet along the East line of the
Southeast Quarter of said Section 33;
Thence departing said East line S.88 DEG. 32'54"W., a distance of 691.94 feet
along the North line of the South Half of said Southeast Quarter;
Thence departing said North line S.00 DEG. 00'00"W., a distance of 162.75 feet
to the POINT OF BEGINNING;
Thence continuing S.00 DEG. 00'00"W., a distance of 250.00 feet;
Thence N.90 DEG. 00'00"W., a distance of 80.00 feet;
Thence N.00 DEG. 00'00"E., a distance of 250.00 feet;
Thence S.90 DEG. 00'00"E., a distance of 80.00 feet to the POINT OF BEGINNING.

Said Expansion containing 20,000 square feet or 0.459 acres more or less and
being subject to any easements, restrictions or rights-of-way of record or
otherwise.

<Page>

                                    EXHIBIT 2

                                  SPACE LEASES

<Page>

                                    EXHIBIT 2
                                  SPACE LEASES

<Table>
<Caption>
                                                                                       1ST AMENDMENT 2ND AMENDMENT
                                                                                         DATE (IF       DATE (IF   OTHER DOCUMENTS
BUILDING               TENANT                         BUSINESS NAME      DATE OF LEASE  APPLICABLE)   APPLICABLE)  (IF APPLICABLE)*
-----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>                                       <C>                     <C>           <C>            <C>        <C>
Major A  Petco Animal Supplies, Inc.               Petco                   02/07/02                                Letter Agreement
                                                                                                                   re: square
                                                                                                                   footage dated
                                                                                                                   02/11/03

Major B  Michaels Stores, Inc.                     Michaels                no date                                 Notice of Rent
                                                                                                                   Commencement
                                                                                                                   dated 11/02/02;
                                                                                                                   Letter Agreement
                                                                                                                   dated 05/22/02

Major C  Ross Stores, Inc.                         Ross Dress For Less     08/09/02                                Acknowledgement
                                                                                                                   of Commencement
                                                                                                                   dated 06/24/03;
                                                                                                                   Memorandum of
                                                                                                                   Lease dated
                                                                                                                   08/13/02

Major D  Brown Group Retail, Inc.                  Famous Footwear         12/14/01

Major E  The Dress Barn, Inc.                      Dress Barn              09/04/02

Major F  Anna's Linen Company                      Anna's Linens           04/02/03

Major L  Kohl's Department Stores, Inc.            Kohl's                   May-02                                 Memorandum of
                                                                                                                   Lease dated
                                                                                                                   May 7, 2002

Pad G    2 B Wireless, Inc.                        Voice Stream Wireless   12/04/01

Pad G    Electronics Boutique of America, Inc.     EB Games                03/05/02                                Commencement
                                                                                                                   Date Agreement
                                                                                                                   dated 08/07/03

Pad G    Motherlode, Inc.                          M.E.E. Music            01/30/03                                Guaranty dated
                                                                                                                   01/30/03

Pad G    Shear Quality, Inc.                       Great Clips             06/25/01      04/28/03

Pad G    Sleep America, Inc.                       Sleep America           07/20/01      10/28/02

Pad K    Arizona Grande Cibo, Inc.                 Sarpino's Pizzeria      11/08/02      08/13/03                  Guaranty dated
                                                                                                                   11/08/02

Pad K    Cold Stone Creamery
         Leasing Company, Inc.                     Cold Stone Creamery     03/13/02      07/08/03       11/01/03   Guaranty dated
                                                                                                                   03/13/02

Pad K    Dung Duy Ha and Huong T. Duong            Nail Salon              10/01/03

Pad K    Jeffrey A. Glazier and Lena C. Glazier    It's A Grind             draft

Pad K    KSV Enterprises, LLC                      Quizno's                01/08/02                                Lessor Agreement
                                                                                                                   dated 01/08/02
Pad K    Panda Express, Inc.                       Panda Express            10/02

Pad K    Supercuts, Inc.                           Supercuts               01/21/03

Shops A  Claire's Boutiques, Inc.                  Claire's                11/07/02

Shops A  Payless Shoesource, Inc.                  Payless ShoeSource      09/23/03

Shops A  Sally Beauty Company, Inc.                Sally Beauty Supplies   04/11/02
</Table>

<Page>

                                    EXHIBIT 3

                                SERVICE CONTRACTS

                                      20

<Page>

                                    EXHIBIT 3

                                SERVICE CONTRACTS

FIRE MONITORING, LEASE AND MAINTENANCE
Protection Systems
2430 S. 20th Street, Suite A
Phoenix, Arizona B5034
Phone: 602-275-8334

MONTHLY LIGHTING INSPECTIONS
GB Maintenance
6112 W. Julie Drive
Glendale, Arizona 85308
Phone: 623-537-3929

MONTHLY LANDSCAPING
ABM Landscape Services
2632 W. Medtronic Way
Tempe, Arizona 85281

MONTHLY DAYPORTER AND PARKING LOT SWEEPING
Pro-Sweep, LLC
P.O. Box 41901
Mesa, Arizona B5274-1901
Phone: 480-464-8050

MONTHLY SECURITY GUARD SERVICES
Alpha Security
6245 N. 35th Avenue
Phoenix, Arizona 85017
Phone: 602-544-1442

TRASH SERVICE
Waste Management of Arizona
1580 E. Elwood Street
Phoenix, Arizona 85040
Phone: 602-268-2222

<Page>

                                    EXHIBIT 4

                       ASSIGNMENT AND ASSUMPTION OF LEASES

       THIS ASSIGNMENT, made this _____ day of _______________, 2002 by and
between KIMCOBARCLAY PEORIA CROSSING, LIMITED PARTNERSHIP, an Arizona limited
Partnership, ("Assignor") and INLANDREAL ESTATE ACQUISITIONS, INC., an Illinois
Corporation ("Assignee").

                              W I T N E S S E T H:

       Assignor is landlord under all those certain leases described on Exhibit
"A" attached hereto and made a part hereof ("Leases") relating to the property
described on Exhibit "B" attached hereto and made a part hereof.

       Assignor desires to assign to Assignee, and Assignee desires to accept
the assignment from Assignor of all of Assignor's right, title and interest in
and to the Leases.

       NOW, THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the parties hereto, intending to be legally bound hereby,
covenant and agree as follows:

       1.     Assignor hereby transfers, assigns and sets over unto Assignee all
of Assignor's right, title and interest in and to the Leases, including, without
limitation, all of Assignor's right, title and interest in and to the security
deposits listed on SCHEDULE A attached hereto and incorporated herein. Assignor
agrees to, and hereby does, indemnify, save and hold Assignee harmless of, from
and against any and all loss, cost, expense, liability, damages, actions, causes
of action, demands or claims arising out of or in connection with the
obligations of landlord under the Leases arising or accruing prior to the date
hereof (including without limitation any that relate to the security deposits
pursuant to Leases).

       2.     Assignee hereby accepts the foregoing assignment and assumes all
of Assignor's obligations under the Leases arising from and after the date
hereof.

       3.     Assignee agrees to, and hereby does, indemnify, save and hold
Assignor harmless of, from and against any and all loss, cost, expense,
liability, damages, actions, causes of action, demands or claims arising out of
or in connection with the obligations of landlord under the Leases arising from
and after the date hereof (including without limitation any that relate to the
security deposits assigned and transferred to Assignee hereby).

       4.     The provisions of this Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns.

       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed the day and year first above written.

                           ASSIGNOR:
                           KIMCO BARCLAY PEORIA CROSSING, L.P.

                           BY: Kimco Peoria 476, Inc., its general partner

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

                           ASSIGNEE:
                           INLAND REAL ESTATE ACQUISITIONS, an
                           Illinois Corporation

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

                                      21

<Page>

                                   EXHIBIT "A"

                                   [TO FOLLOW]

                                      22

<Page>

                                   EXHIBIT "B"

                                   [TO FOLLOW]

                                      23

<Page>

                                    EXHIBIT 5

                 ASSIGNMENT AND ASSUMPTION OF SERVICE CONTRACTS

              THIS ASSIGNMENT, made this ____ day of _____________, 2002 by and
between KIMCOBARCLAY PEORIA CROSSING, LIMITED PARTNERSHIP, an Arizona Limited
Partnership, ("Assignor") and INLANDREAL ESTATE ACQUISITIONS, INC., an Illinois
Corporation ("Assignee"),

                              W I T N E S S E T H:

       Assignor is the owner of the property described on Exhibit "A" attached
hereto and made a part hereof ("Premises"). Assignor desires to assign to
Assignee, and Assignee desires to accept the assignment from Assignor of all of
Assignor's right, title and interest in and to those certain service contracts
relating to the Premises described on Exhibit "B" attached hereto and made a
part hereof ("Service Contracts").

       NOW, THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the parties hereto, intending to be legally bound hereby,
covenant and agree as follows:

       1.     Assignor hereby grants, transfers and assigns to Assignee, its
successors and assigns, all of the right, title and interest of the Assignor in
and to the Service Contacts. Assignor hereby indemnifies and agrees to defend
and hold Assignee harmless from and against all damages, claims, liabilities,
costs and expenses (including reasonable attorneys' fees) arising out of or
relating to the Service Contracts that accrue prior to the date hereof.

       2.     Assignee hereby accepts said assignment and assumes all of the
Assignor's duties and obligations arising out of the Service Contracts from and
after the date hereof. Assignee hereby indemnifies and agrees to defend and hold
Assignor harmless from and against all damages, claims, liabilities, costs and
expenses (including reasonable attorneys' fees) arising out of or relating to
the Service Contracts from and after the date hereof.

       3.     The provisions hereof shall be binding upon and inure to the
benefit of the parties hereto and their respective Successors and assigns,

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

                            ASSIGNOR:
                            KMCO BARCLAY PEORIA CROSSING, L.P.

                            BY: Kimco Peoria 476, Inc., its general partner

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

                            ASSIGNEE:
                            INLAND REAL ESTATE ACQUISITIONS, an
                            Illinois Corporation

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

                                      24

<Page>

                                   EXHIBIT "A"

                                   [TO FOLLOW]

                                      25

<Page>

                                   EXHIBIT "B"

                                   [TO FOLLOW]

                                      26

<Page>

                                    EXHIBIT 6

                              PERMITTED EXCEPTIONS

       1.  See Schedule 6A attached hereto and made a part hereof.

       2.  Laws and governmental regulations that affect the use and maintenance
of the Shopping Center.

       3.  Rights, if any, of any utility company to construct and/or maintain
lines, pipes, wires, cables, poles, conduits and distribution boxes and
equipment in, over, under, and/or upon the Real Estate or any portion thereof.

       4.  Current (tax year 2003-2004) Real Estate Taxes and assessments,
subject to apportionment as hereinafter set forth.

       5.  Rights, if any, of tenants under Space Leases.

       6.  The Service Contracts assumed by Buyer and approved by Buyer during
the Due Diligence Period.

       7.  Any and all other covenants, easements, reservations, agreements and
other matters, if any, of record as of the date of this Agreement; provided same
do not prohibit the maintenance of the Real Estate or the existing use thereof.
Should a dispute arise as to whether any of such matters prohibit the
maintenance or existing use of the Real Estate, Buyer agrees that same shall
not constitute a title objection if the title company shall affirmatively insure
that they do not prohibit such maintenance or existing use of the Real Estate.

       8.  Any matter than an accurate survey may show.

       9.  The REA

       10. The Grant of Easement to be executed by El Khazen Enterprises LLC
("Khazen") and Seller as provided for in the Agreement between Khazen and
Northern Loop Properties Limited Partnership; Sellers predecessor in interest
dated January 13, 1999 and recorded as Document Number 99-0117577 in the
Official Records of Maricopa County.

                                      27

<Page>

                                  EXHIBIT "6-A"

               (Schedule "B" from Seller's Existing Title Policy)

                                      28

<Page>

                                    EXHIBIT 7

                             SCHEDULE OF LITIGATION

                                   [TO FOLLOW]

                                      29

<Page>

                                    EXHIBIT 8

                              FORM OF MASTER LEASE
                                  MASTER LEASE

                                ESCROW AGREEMENT

       This ESCROW AGREEMENT is made and entered into as of _________, 2003, by
and among Kimco Peoria Crossing, L.P., an Arizona Limited Partnership
("Seller"), and Inland Southeast, L.L.C., a Delaware limited liability company
("Purchaser"), and CHICAGO TITLE INSURANCE COMPANY (hereinafter referred to as
"Escrow Agent") having as its address - attention: Nancy Castro, Division II,
171 North Clark Street, Chicago, Illinois 60601.

                                   WITNESSETH:

       WHEREAS, pursuant to that certain Agreement of Sale, dated as of
_____________ (the "Contract"), Purchaser acquired on and as of the date hereof
from Seller a portion of that certain real properTy known as Peoria Crossing
shopping center located in Peoria, Arizona (the "Property"); and

       WHEREAS, Seller has agreed to deposit with Escrow Agent the sum of
____________________________ and _____ Dollars ($____________) (the "Master
Lease Deposit") with respect to Seller's obligation to pay certain lease
commissions, landlord's share of tenant build out, free rent periods, and rent
payable to Purchaser, and other charges, for the Vacant Space (as defined
below), and as itemized on EXHIBIT A attached hereto and made a part hereof by
this reference (the "Deposit Breakdown"); and

       WHEREAS, the Master Lease Deposit is hereafter sometimes referred to as
the Escrow Deposit.

       WHEREAS, Escrow Agent is willing to accept the Escrow Deposit and hold
and disburse same in accordance with the terms and conditions set forth below.

       NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten Dollars ($10.00) in hand
paid to Escrow Agent, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

       1.  Seller hereby deposits with Escrow Agent, and Escrow Agent hereby
acknowledges receipt of the Master Lease Deposit. Escrow Agent hereby agrees to
deposit the Escrow Deposit into an interest bearing account with a bank, savings
and loan institution, money market account, or other depository reasonably
satisfactory to Purchaser, Seller and Escrow Agent, with interest accruing for
the benefit of Seller. The federal taxpayer identification of Seller is as
follows: 86-1011402 and the FEIN of Seller's general partner is 86-1011235.

       2.  Escrow Agent shall retain the Escrow Deposit in the account, and
shall cause the same to be disbursed therefrom as follows:

              (i)    Subject to the terms hereof, the Escrow Deposit shall be
held and disbursed by Escrow Agent and used to fund to Purchaser the items set
forth on the Deposit Breakdown.

              (ii)   For purposes hereof, the term "Vacant Space" shall mean the
_________ square feet of tenant floor area at the Property that, as of the date
of Closing, for which the Tenant Conditions as hereinafter defined are not
satisfied. For the purposes hereof, the Tenant Conditions for any Property
vacant space gross leasable area are hereby defined as (i) a signed lease,
and (ii) with Tenant either paying full rent and reimburscments or the all
conditions precedent to Rent Commencement Date (as defined in such tenant lease)
shall have occurred or been satisfied and (iii) with all the leasing commissions
and tenant improvement allowances either paid for by Seller or credited to Buyer
and (iv) with a certificate of occupancy or its equivalent occupancy permit
issued by the local governmental authorities, for such tenant's respective
demised premises. Purchaser shall receive a prorated credit from the Master
Lease Deposit on the date of Closing (as defined in the Contract) for the rent
and reimbursable expenses attributable to the Vacant Space from the date of
Closing through the end of the month in which Closing occurs in accordance with
the terms of Exhibit "A" attached hereto and made a part hereof. However as
noted on Exhibit A such total shall be reduced by Thirty Eight Thousand Dollars
and 00/100 ($38,000), Thereafter, through the date upon which all Tenant
Conditions are satisfied with respect to all or any portion of the Vacant Space,
Escrow Agent shall pay to Purchaser (and Escrow Agent is hereby authorized to
pay to Purchaser without further direction from Seller) from the Master Lease
Deposit, on the first day of each month, the amount of rent and other
reimburseable expenses and

                                      30

<Page>

other charges (in accordance with the terms of Exhibit A) which would be due on
a monthly basis from tenants of the Vacant Space as if the Tenant Conditions
were satisfied (prorated for any partial month) (the "Master Lease Deposit
Monthly Payment"). The Master Lease Deposit Monthly payment shall be made by
Escrow Agent to Purchaser until such time as the respective tenant(s) for the
Vacant Space, and Seller, have satisfied the Tenant Conditions. Purchaser shall
promptly notify Seller and Escrow Agent of the date any tenant satisfies its
Tenant Conditions. The Vacant Space may be subdivided and leased to more than
one tenant in Seller's commercially reasonable discretion. As all or any portion
of the Vacant Space is leased during the 12-month period following the date of
Closing, with the Tenant Conditions having then been satisfied for such Vacant
Space so leased, the balance of the Master Lease Deposit remaining to the end of
the Escrow Term (as hereinafter defined)(measured as the number of days
remaining from the date the Tenant Conditions for such leased portion of the
Vacant Spaces are met through the last day of the Escrow Term), attributable to
rent, reimbursable expenses, taxes, other charges and Excess Leasing Costs
(defined as those costs stated on Exhibit "A" for such expense less the actual
cost incurred for such expense) for such leased portion of the Vacant Space,
shall be released to Seller upon the joint direction of Seller and Purchaser.
The approval of a disbursement requested by either party will be deemed approved
if the non-requesting party does not object to the disbursement request within
five (5)-business days of receipt of such request. That portion of the Master
Lease Deposit attributable to tenant improvement allowances, free rent, and
broker or consultant fees and commissions (collectively, the "Leasing Costs"),
shall be released for payment (either to Seller or third parties, as the case
may be) upon presentment of the required lien waivers and related documentation
required by any governing lease or commission agreement. The balance of the
Master Lease Deposit attributable to the Leasing Costs, if any, after
satisfaction of the Tenant Conditions with respect to all or any portion of the
Vacant Space within the 12-month period following the date of Closing, shall be
released to Seller in accordance with the terms of Exhibit A. However, if the
Tenant Conditions have not been satisfied within 12-months of the date of
Closing for any portion of the Vacant Space to achieve the Lease-up Deficiency
as defined in 11(B)(d) of the Agreement of Sale on the fast day of the
nineteenth month after date of Closing, all remaining sums then remaining of the
Master Lease Deposit attributable to such Leasing Costs (to the portion of
vacant space necessary to achieve the Lease-up Deficiency) shall be released to
Purchaser. Purchaser shall promptly notify Seller and Escrow Agent of the date
any tenant opens for business as provided under any lease. Any interest on the
Escrow Deposit shall be the property of Seller and in all events shall be
disbursed to Seller no later than the final disbursement made pursuant hereto.
The term of this Escrow Agreement (the "Escrow Term") shall be from the date
hereof until the first to occur of: (a) 12-months from the date of Closing; or
(b) such date as Seller leases sufficient portion of the vacant space to achieve
Lease-up of the Property equal to One Hundred (100%) percent.

              (iii)  In the event either party objects to the disbursement of
the Escrow Deposit, the Escrow Agent shall have the right, at its option, either
(a) to hold the Escrow Deposit in escrow pending resolution of such objection by
mutual agreement of the parties or by judicial resolution of same or (b) to
disburse the Escrow Deposit into the court having jurisdiction over such
objection. After any disbursement of the Escrow Deposit under the terms of this
Escrow Agreement, Escrow Agent's duties and obligations hereunder shall cease.
In the event of any dispute regarding disbursement of the Escrow Deposit, the
party ultimately receiving the Escrow Deposit after resolution of such dispute
shall be entitled to receive from the other party all the prevailing party's
costs and expenses incurred in connection with the resolution of such dispute
including, without limitation, all court costs and reasonable attorney's fees.

       3.  This Escrow Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, principals, successors and
assigns and shall be governed and construed in accordance with the laws of the
State of Arizona. No modification, amendment or waiver of the terms hereof shall
be valid or effective unless in writing and signed by all of the parties hereto.
This Escrow Agreement may be executed in multiple counterpart Originals, each of
which shall be deemed to be and shall constitute an original. This Escrow
Agreemcnt constitutes the entire agreement between the parties hereto with
respect to this Escrow, and it supersedes all prior understandings or agreements
of the parties with respect thereto.

       4.  NOTICES. All notices, requests, consents and other communications
hereunder shall be sent to each of the following parties and be in writing and
shall be personally delivered, sent by Federal Express or other overnight or
same day courier service providing a return receipt, to the following addresses:

If to Purchaser:

                        Inland Real Estate Acquisitions, Inc.
                        2901 Butterfield Road
                        Oakbrook, IL 60523
                        Attention: G. Joseph Cosenza

                                      31

<Page>

                             with a copy to:

                        The Inland Group, Inc.
                        2901 Butterfield Road\
                        Oak Brook, IL 60523
                        Attn: Robert Baurn, General Counsel
                        Facsimile: (630) 218-4900

                             with a copy to:      Mr. Charles J. Benvenuto, Esq.
                        2901 Buttcrfield Road, 3rd Floor
                        Oak Brook, Illinois 60523
                        Telephone: 630-571-2331
                        Facsimile: 630-571-2360

If to Seller:           8383 Wilshire Boulevard
                        Suite 950
                        Beverly Hills, CA 90211
                        Attn: Jerald Friedman
                        Phone: (323) 866-3500
                        Fax: (323)866-3511

with a copy to:

                        3333 New Hyde Park Road
                        Suite 100
                        New Hyde Park, New York 11042
                        Attn: Barbara E. Briamonte, Esq.
                        Phone: (516) 869-7216
                        Fax: {516) 869-7199

       5.  COUNTERPARTS. This Escrow Agreement may be executed in counterparts
and shall constitute an agreement binding on all parties notwithstanding that
all parties are not signatories of the original or the same counterpart.
Furthermore, the signatures from one counterpart may be attached to another to
constitute a fully executed original. The Escrow Agreement may be executed by
facsimile.

       6.  SELLER'S FORM LEASE AND LEASING PARAMETERS. Purchaser has approved of
Seller's form tenant lease and agrees to reasonably approve of variations
negotiated in good faith by Seller with prospective tenants in the ordinary
course of business. Seller and Purchaser further agree that attached hereto as
Exhibit B, and made a part hereof, is the agreed-to Leasing Parameters
applicable to the lease-up of the Vacant Space. Purchaser shall be obligated to
accept a prospective tenant and its prospective lease so long as the terms of
this paragraph 6 and Exhibit B are adhered-to. Notwithstanding the foregoing, in
the event there is a conflict between an actual lease approved by Purchaser and
the terms of the Leasing Parameters, the actual, approved lease shall control in
regard to Seller's adherence to the Leasing Parameters.

                                      32

<Page>

       IN WITNESS WHEREOF, each of the parties hereto has caused this Escrow
Agreement to be signed and delivered as of the day and year first above written.

                             PURCHASER:

                                   INIAND SOUTHEAST, L.L.C.,
                                   a Delaware limited liability company

                                   By: Inland Retail Real Estate
                                       Limited Partnership, an Illinois limited
                                       partnership, member

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

                                   By:
                                      ------------------------------
                                   Name:
                                        ----------------------------
                                   As Its:
                                          -------------------------

                                      33

<Page>

                                 SELLER:

                                 KIMCO PEORIA CROSSING, L.P.
                                 an Arizona limited partnership

                                 By:Kimco Peoria 476, Inc., its general partner

                                 By:
                                    -------------------------
                                 Name:
                                      -----------------------
                                 As Its:
                                        ---------------------

                              ESCROW AGENT:

                              CHICAGO TITLE INSURANCE COMPANY

                              By:
                                 -------------------------------------
                              Nancy Castro, Senior Escrow Officer

                                      34

<Page>

                                    EXHIBIT A

Rent per square foot for Vacant Space as set forth on the Rent Roll
for twelve (12) months (Escrow Term)... $________ $_______per month

Reimbursable expenses (CAM, insurance)
at $______psf of Vacant Space, for
twelve (12) months ......................$_________  $_______per month

Real Estate Taxes at $_____psf of Vacant
Space, for twelve (12) months.......... $________  $_______per month

Tenant Improvements:  (a) $___psf for vacant space

Leasing Commissions at $4.00 psf - total: $________
                                              $_________

Seller Vacancy Credit            ($38,000.00)
To be a credit to Seller and a reduction in amount calculated above as total
escrow

Note: As the Tenant Conditions are met for any part of the Vacant Space, rent,
CAM and real estate tax deposits into the Escrow shall be released to Seller at
the rate of $_______psf of Vacant Space for the period (if any) remaining to the
end of the Escrow Term, measured as the number of days remaining from the date
the Tenant Conditions for any part of the Vacant Space are met through the last
day of the Escrow Term. In the event the Tenant Conditions are not met for any
part of the Vacant Space necessary to achieve the Lease-up Deficiency Income
Threshold within the Escrow Term, the amount of Tenant Improvements deposit and
Leasing Commissions deposit then remaining in the Escrow and attributable to
such Vacant Space, shall be released to Purchaser upon the expiration of the
Escrow Term.

                                      35

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                                   -EXHIBIT B-
                               LEASING PARAMETERS

   1.     The proposed use shall be a use typically found in retail centers of
     this type.

   2.     The proposed use does not violate any exclusions existing in any other
     tenant's lease or covenants existing in any other documents of record.

   3.     The lease is for an original term of not less than 5 years, nor more
     than 10 years.

   4.     No concessions shall be provided to the tenant which would be at
     Purchaser's expense.

   5.     All leases shall be prepared substantially in accordance with the
     small shop tenant lease form approved by Purchaser (the "SST Lease") during
     the Due Diligence Period subject to commercially reasonable variances and
     prevailing market parameters.

   6.     The proposed tenant has retail and/or business and/or management
     operating experience including, but not limited to, eighteen months in the
     type of business to be operated at the leased premises. In the absence of
     three years experience, the prospective tenant must be an approved
     franchise or a recognized regional or national franchiser.

   7.     The proposed tenant and/or lease guarantor has an aggregate net worth
     of at least two years of the total aggregate annualized rent, including all
     expenses, for any tenant of the leased premises up to 7,000 square feet.

   8.     Said leases shall average comparable revenue at least 2% increases per
     year or 7.5% aggregate increase over the 5 year term over the primary term
     of the lease as current space leases.

   9.     The tenant's lease will not include rent reductions or early
     termination clauses of any kind (excluding typical casualty/condemnation
     provisions and landlord not reconstructing the demised premises, and as
     otherwise described by the SST Lease).

   10.    In addition to tenant's base rent, the leases will include
     reimbursement for taxes, insurance and common area maintenance, including
     either a 10% administrative charge for CAM or no less than a 4% management
     fee for all tenancies or as otherwise described by the SST Lease.

   11.    Purchaser shall act in a commercially reasonable manner and in good
     faith during its review and determination of the credit worthiness of any
     tenant and/or guarantor. Also, Purchaser agrees to respond to Seller
     deliveries of tenant/guarantor credit information within 5 business days
     after its receipt by Purchaser, otherwise said tenant/guarantor credit
     worthiness shall be deemed approved by Purchaser.

   12.    The lease renewals, if any, will not be less than the primary term
     amounts without tenant improvements, free rent, or leasing commissions paid
     for by Purchaser.

   13.    No lease shall contain representations or warranties in regard to the
     condition of any demised premises, each being delivered in its as-is,
     where-is condition, subject to the terms of the SST Lease.

   14.    Purchaser shall act in a commercially reasonable manner and in good
     faith during its review and approval of a proposed lease pursuant to this
     Master Lease. Also, Purchaser agrees to respond to Seller deliveries of
     leases for approval and/or execution within ten (10) business days after
     its receipt by Purchaser, otherwise said lease shall be deemed approved.

               If Purchaser fails to execute the lease (after having had the
opportunity to review same as provided herein) in said time period then same
shall be treated as a completed lease and Seller shall be given credit for
Leasing such vacant space pursuant to the terms contained therein and Tenant
Conditions shall be satisfied.

                                      36

<Page>

                                    EXHIBIT 9

                            SITE PLAN OF VACANT SPACE

                                      37

<Page>

                                    EXHIBIT 9

[GRAPHIC]

<Page>

                                   EXHIBIT 10

                                    EXHIBIT C

                   Tenant Estoppel Certificate Form - General

     To:

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

Re:  Lease Agreement dated______________ and amended________________ ("Lease"),
     between as "Landlord", and___________________________________, as "Tenant",
     guaranteed by ("Guarantor") for leased premises known as (the "Premises")
     of the property commonly known as (the "Property").

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

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

     b.   Commencement Date

     c.   Expiration Date

     d.   Current Annual Base Rent

                                               ADJUSTMENT DATE    RENTAL AMOUNT

     e.   Fixed or CPI Rent Increases          _______________   _____________

     f.   Square Footage of Premises

     g.   Security Deposit Paid to Landlord

     h.   Renewal Options                      _____Additional Terms for
                                               ________ years at $______per year

     i.   Termination Options                  Termination Date ___________
                                               Fees Payable ______________

2.   Tenant further certifies to Purchaser that:

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

                                      38

<Page>

     h.   Tenant has no existing defenses, offsets, liens, claims or credits
          against the payment obligations under the Lease;
     i.   Tenant has not been granted any options or rights to terminate the
          Lease earlier than the Expiration Date (except as stated in paragraph
          1(i));
     j.   Tenant has not been granted any options or rights of first refusal to
          purchase the Premises or the Property;
     k.   Tenant has not received notice of violation of any federal, state,
          county or municipal laws, regulations, ordinances, orders or
          directives relating to the use or condition of the Premises or the
          Property;
     l.   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________, 2003.

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

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

                                      39

<Page>

                         GUARANTOR ESTOPPEL CERTIFICATE

Date:_______________, 2003

     To: ___________

     Inland Real Estate Acquisitions, Inc., and
     Inland Southeast________, L.L.C. (insert Inland nominee entity),
     and its lenders, successors and assigns ("Purchaser")
     2901 Butterfield Road
     Oak Brook, Illinois 60521
     Attention: Robert Brinkman

    Re: Guaranty Agreement dated __________ ("Guaranty of Lease") pertaining to
    that certain lease dated ___________________________________________ between
    as Landlord and _________________________ as Tenant for leased premises
    known as __________________________________ (the "Premises") located at the
    property commonly known as _______________________________ (the "Property").

     1.   Guarantor certifies to Lender and Purchaser that: (a) the Guaranty of
          Lease has been properly executed by Guarantor and is presently in full
          force and effect without amendment or modification except as noted
          above; (b) Guarantor has no existing defenses, offsets, liens, claims
          or credits against the obligations under the Guaranty of Lease.

     2.   This certification is made with the knowledge that Purchaser is about
          to acquire title to the Property and a lender is about to provide
          Landlord with financing which shall be secured by a deed of trust (or
          mortgage), security agreement and assignment of rents, leases and
          contracts upon the Property. Guarantor further acknowledges and agrees
          that Purchaser and its lender and their respective successors and
          assigns shall have the right to rely on the information contained in
          this Certificate.

     3.   The undersigned is authorized to execute this Guarantor Estoppel
          Certificate on behalf of Guarantor.

                                               [GUARANTOR]

                                               By:

                                      40

<Page>

                                   EXHIBIT 11
                             REA ESTOPPEL STATEMENT

     The undersigned ______________, a ______ corporation ("____"), is a party
to the _________________ (REA) recorded on ________ ____, ____ in Book _____,
Page______ of the Public Records of _____ County, _____ (the "REA"), between and
among _____, _____________, a ___________ ("Developer"), and ________________,
a ________ (corporation) ("____"), with respect to the _________________
Shopping Center in _______, ______ (the "Shopping Center"). _________ has been
advised that Developer is in process of selling Developer's interest in the
Shopping Center to INLAND (entity) having a notice address of 2901 Butterfield
Road, Oak Brook, Illinois 60523, Attention: Vice Chairman (together with its
lender, and successors and assigns, collectively referred to herein as
"Purchaser"). _________ hereby states to Purchaser as follows (without
undertaking any investigation to verify the accuracy of the statements made):

     1.   The REA has not been amended and is in full force and effect.

     2.   The REA is presently in full force and effect according to its terms.

     3.   ______ has neither given nor received any notice of default with
respect to the REA. To the best of ________'s knowledge (whereby knowledge shall
be limited to the party signing this REA Estoppel Agreement on behalf of
________), neither _________ nor any other party is in default under the REA.

     4.   As provided under Section ___ of the _______________REA, ________
acknowledges and agrees that, upon its acquisition of Developer's interest in
the Shopping Center, Purchaser shall be entitled to all of the benefits, rights,
privileges and burdens of the Developer under the REA.

     5.   The gross leasable area of the _________ store is __________________.

     6.   ________'s last contribution for common area maintenance costs and
expenses was for the month of _______, 2003 in the amount of $_______________.

     This Statement does not (a) constitute a waiver of any rights ___________
may have under the REA, or (b) modify, alter, or change any of the terms or
conditions of the REA.

     No officer or employee signing this Statement on behalf of ________ shall
have any liability as a result of having given this statement.

     The statements contained in this Statement are not affirmative
representations, warranties, covenants or waivers, and _______ shall not be
liable to Developer, Purchaser or any third party on account of any information
herein contained, notwithstanding the failure, for any reason, to disclose
and/or correct relevant information. Notwithstanding the preceding sentence,
________ shall be estopped from asserting any claim or defense against Purchaser
to the extent such claim or assertion is based upon facts, now known to the
person(s) signing below on behalf of __________, which are contrary to those
contained herein, if Purchaser has acted in reasonable reliance upon such
statements without knowledge of facts to the contrary. This Statement is given
solely for Purchaser's information and may not be relied upon by anyone other
than Purchaser, or in connection with any transaction other than the transaction
described above. Capitalized terms used in this Statement, unless otherwise
defined, will have the meanings ascribed to such terms in the REA.

     Dated as of ___________________, 2003.

                                          -----------------------
                                          A _______ (CORPORATION)

                                      41

<Page>

                                               By:
                                                  --------------------
                                               As Its:

                                   EXHIBIT 12
                         INLAND SOUTHERN MANAGEMENT LLC
                          FINAL DUE DILIGENCE CHECKLIST

A.   FINANCIAL INFORMATION

     1. Copy of leases and any guarantees

     2. Current Rent Roll

     3. Prior five full years operating statements

     4. Prior year's general ledger statement

     5. Last three years' bills for:

               a.   Real estate taxes

               b.   Insurance
                    1) Liability
                    2) Property

               c.   Reconciliation's for CAM/taxes/insurance

               Statement of current monthly amounts paid by tenants for
                   CAM/tax/insurance plus a year-to-date balance of amounts paid
                   by each tenant

     6. Base rent collected in previous five calendar year period by tenant

     7. Physical occupancy for the last five calender years prior to purchase

     8. Receivables status/aging report

     9. Tenant sales reports for last three years

     10. Tenant financial statements

     11. Lease expirations - next three years

B.   EXPENSE INFORMATION

     1. Twelve months of consecutive utility bills

               a.   Water
               b.   Gas
               c.   Electric
               d.   Telephone & dedicated lines

     2.   Copies of all service agreements, contracts or any leases that
          encumber the property

          a.   Fire/burglar alarm
               1) Start date_____________________
               2) Ending date____________________

                                      42

<Page>

               3) Notice period__________________
               4) Cancelable or not______________

          b.   Antenna cable/satellite dish
               1) Start date_____________________
               2) Ending date____________________
               3) Notice period__________________
               4) Cancelable or not______________

          c.   Cleaning
               1) Start date_____________________
               2) Ending date____________________
               3) Notice period__________________
               4) Cancelable or not______________

          d.   Exterminating
               1) Start date_____________________
               2) Ending date____________________
               3) Notice period__________________
               4) Cancelable or not______________

          e.   Landscaping
               1) Start date_____________________
               2) Ending date____________________
               3) Notice period__________________
               4) Cancelable or not______________

          f.   Scavenger
               1) Start date_____________________
               2) Ending date____________________
               3) Notice period__________________
               4) Cancelable or not______________

          g.   Security service
               1) Start date_____________________
               2) Ending date____________________
               3) Notice period__________________
               4) Cancelable or not______________

          h.   Snow removal
               1) Start date_____________________
               2) Ending date____________________
               3) Notice period__________________
               4) Cancelable or not

          i.   Towing
               1} Start date__
               2) Ending date_____
               3) Notice period___
               4) Cancelable or not_

          j.   Union contracts
               1) Start date__
               2) Ending date_______
               3) Notice period_____
               4) Cancelable or not_

          k.   Elevator
               1) Start date__
               2) Ending date_______
               3) Notice period_____
               4) Cancelable or not_

          l.   Uniform rental
               1) Start date__

                                      43

<Page>

               2) Ending date_______
               3} Notice period_____
               4) Cancelable or not_

          m.   Water softeners
               1) Start date_
               2) Ending date_______
               3) Notice period_____
               4) Cancelable or not_

          n.   Leasing
               1) Start date_
               2) Ending date_______
               3) Notice period_____
               4) Cancelable or not_

          o.   Management
               1) Start date_
               2) Ending date_______
               3) Notice period_____
               4) Cancelable or not_

          p.   Advertising
               1) Start date_
               2) Ending date_______
               3) Notice period_____
               4) Cancelable or not_

          q.   Tax reduction legal fees
               1} Start date_
               2) Ending date_______
               3) Notice period_____
               4) Cancelable or not_

          r.     Any other service contracts or leases not cancelable in 90 days
          1) Start date__________________________
          2) Ending date_________________________
          3} Notice period_______________________
          4) Cancelable or not___________________

       3. Copies of all warranties which benefit the initial construction of the
       improvements upon the Property (e.g., HVAC, roof and parking lot)

C. ENVIRONMENTAL REPORTS

     1.   Phase I

     2.   Other

D. STAFFING

     1.   Itemized by position and salary

E. SITE INSPECTIONS

     1.   Inspection report

     2.   Photo attached

F. MISCELLANEOUS

     1.   Code violations

          a. Current and outstanding
          b. Last 24 months, with compliance

                                      44

<Page>

          c. Contact municipalities as to other problems

       2. Easement/encumbrances: restrictive easement agreements/operating
       easement agreements

          a. Warranties
          b. Current tenant contact list
          c. Certificates of insurance from tenants
          d. Certificates of Occupancy for each tenant space

                                      45

<Page>

                                   EXHIBIT 13
                            SURVEYOR'S CERTIFICATION

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

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

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

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

                                      46

<Page>

                                   EXHIBIT 14
                                  TENANT LETTER
                              (Landlord Letterhead)

                   (Landlord or management company Letterhead)

______ __, 2003

Insert Tenant Name
Insert Tenant Address

     Re:  The lease dated _____________ (collectively, with any and all
          amendments thereto, the "Lease") between _________________ as tenant
          ("Tenant") and ___________________, ____________ as landlord
          ("Landlord") for property located at the ________________ Shopping
          Center, _____, ______ (the "Property")

Dear Tenant:

     Please be advised that the Property, subject to the above-referenced Lease,
has been sold as of ______ __, 2003 to Inland Southeast ______________, L.L.C.
Inland Southeast _______________, L.L.C. has hired Inland Mid-Atlantic
Management Corp. as its managing agent for the Property. Effective immediately,
all rent payments pursuant to the Lease should be made payable to Inland
Mid-Atlantic Management Corp. and sent to the following address:

     Inland Mid-Atlantic Management Corp.
     P.O. Box 403089
     Atlanta, GA 30384-3089

     In addition, all notices and other communications provided by Tenant under
the Lease should be sent to Inland Southeast ___________, L.L.C. at the
following address:

     Inland Mid-Atlantic Management Corp.
     c/o Inland Southeast ___________, L.L.C.
     Attn: Ms. Laura Sabatino
     200 East Woodlawn Road
     Charlotte, NC 28217
     Telephone: 704-527-4555

     In addition, please contact your insurance agent to have a certificate
forwarded, naming as additional insured: (i) Inland Mid-Atlantic Management
Corp., and (ii) Inland Southeast __________, L.L.C. Thank you for your time and
attention to this matter.

                                    Very truly yours,

                                    (Landlord or management company)

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

cc:  Inland Southeast_______, L.L.C.

                                      47

<Page>

                              INTENTIONALLY DELETED

                                      48

<Page>

[INLAND(R) LOGO]

INLAND REAL ESTATE ACQUISITIONS, INC.
2801 Butterfield Road
Oak Brook, IL 30523
Phone: (830) 216-4948 Fax 4935
www.inlandgroup.com                          REVISED NOVEMBER 14, 2003

VIA: rjames@kimcorealty.com
AND FEDERAL EXPRESS

Kimco Realty (Seller)
Attn: Robert James, Director of Real Estate
280 Park Avenue, 38th  Floor
New York, NY 10017

     Re:  PEORIA CROSSINGS SHOPPING CENTER
          GLENDALE, ARIZONA

Dear Rob:

     This non-binding letter of intent represents this corporation's offer to
purchase the Peoria Crossing Shopping Center with 125,049 net rentable square
feet, situated on approximately 15.34 acres of land, located at 9350 W. Northern
Ave., Glendale, AZ 83505 (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 $25,500,000.00 all cash, plus or
          minus prorations, WITH NO MORTGAGE CONTINGENCIES, to be paid at
          CLOSING ON JANUARY 5, 2004.

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

     2.   There are no real estate brokerage commissions involved in this
          transaction, other than a 1% commission, paid by seller to Kimco
          Exchange Place Corp.

     2.   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 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.

     3.   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.

     4.   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 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.

<Page>

                                                                          PAGE 2

PEORIA CROSSINGS, GLENDALE, ARIZONA
REVISED NOVEMBER 14, 2003

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

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

     6.   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.

     7.   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.

     8.   It is understood that Seller has in its possession Level 1
          Environmental Reports which Seller will supply to Purchaser 10 days
          prior to closing.

     9.   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.

     10.  The closing shall occur through Chicago Title & Trust Company, in
          Chicago, Illinois with Nancy Castro as Escrowee, 30 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 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 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. At closing, no credit will be
          given to Sellers for any past due, unpaid or delinquent rents.

     11.  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, CAM, real estate taxes and insurance current. In
          the event that it is less than 100% occupied and 100% gross rent
          collected, the Seller shall GUARANTEE an amount equal to the rent and
          all reimbursable expenses for any vacancy and any tenant not paying
          full rent current based on the attached rent roll. The amount of the
          GUARANTEE shall be equal to ONE YEAR of these payments. Seller shall
          be responsible for leasing all space involved with the above escrow
          and shall be responsible for all leasing commissions, tenant
          improvements and all other costs associated with placing a third party
          tenant into said space. Once a tenant acceptable to Purchaser is
          placed into said space and is paying full rent current, then the
          Seller shall be relieved from the guarantee for that space. SELLER'S
          GUARANTEE FOR THE VACANCIES SHALL BE REDUCED BY $38,000.00.

<Page>

                                                                          PAGE 3

PEORIA CROSSINGS, GLENDALE, ARIZONA
REVISED NOVEMBER 14, 2003

     13.  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.

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

     15.  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.

     16.  Fifteen (15) days prior to closing, Seller must provide the title as
          stated above and at Purchaser's cost, 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.

     17.  Seller agrees that prior to closing it shall put all vacant spaces
          into rentable condition and ready for a new tenant to occupy
          immediately in accordance with all applicable laws, codes, etc.,
          including all requirements for a certificate of occupancy for said
          space.

     18.  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 available books and available records of the
          property.

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

     It is understood and agreed that this non-binding letter of intent is an
understanding of the price and general terms of the transaction and is
absolutely subject to a more detailed contract which shall incorporate the
general terms herein and once fully executed by both parties, will represent a
binding contract.

     If acceptable, please sign the original of this non-binding letter and
initial each page, keeping copies for your files and returning the original to
me by NOVEMBER 14, 2003.

                                    Sincerely,

ACCEPTED:                           INLAND REAL ESTATE ACQUISITIONS, INC.
                                    or nominee
By:    /s/ [ILLEGIBLE]
      --------------------------
Date:  11-17-03                     /s/ G. Joseph Cosenza
      --------------------------    ---------------------------------
                                    G. Joseph Cosenza
                                    Vice Chairman

<Page>

                                    EXHIBIT A
<Table>
<S>                                                                     <C>
[KIMCO EXCHANGE PLACE  LOGO]                                                              FOR MORE INFORMATION CONTACT:
KIMCO EXCHANGE PLACE IS A SUBSIDIARY OF KIMCO REALTY CORPORATION.                 Robert James, Director of Real Estate
                                                                        280 Park Avenue, 38th Floor, New York, NY 10017
                                                                                                 rjames@kimcorealty.com
                                                                                    Phone 212-972-7457 Fax 212-972-7498
                                                                                             www.kimcoexchangeplace.com
</Table>

                            1031 EXCHANGE OPPORTUNITY

[GRAPHIC]

 This information has been obtained from sources deemed reliable, however Kimco
  does not guarantee, warranty or represent its accuracy. It is the Purchaser's
  responsibility to independently confirm the accuracy and completeness of the
                          information contained herein.

<Page>

                                    EXHIBIT B

<Table>
<Caption>
                                                                                                    LEASE               LEASE
                                                 ANNUAL            MONTHLY         RENT          COMMENCEMENT         EXPIRATION
            TENANTS                 S.F.        BASE RENT         BASE RENT         PSF             DATE                 DATE
----------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>        <C>                  <C>            <C>              <C>                 <C>
SHADOW ANCHORED BY TARGET &
KOHL'S
Ross Shoes                         30,187      301,870.00         25,155.83      $  10.00          February-03         January-13
Michael's                          23,753      261,283.00         21,773.58      $  11.00           March-02           February-12
Petco                              15,216      216,067.00         18,005.58      $  14.20          November-02         October-12
Famous Footwear                    10,030      162,988.00         13,582.33      $  16.25          February-02         January-08
Dress Bam                           8,000      140,000.00         11,666.67      $  17.50            July-03             June-13
Payless Shoes                       4,042       80,840.00          6,736.67      $  20.00          February-03         January-13
EB Games                            1,500       37,500.00          3,125.00      $  25.00          February-03         January-08
Cold Stone Creamery                 1,400       36,400.00          3,033.33      $  26.00            June-03             May-08
Quizno's                            1,400       38,500.00          3,208.33      $  27.50            June-03             May-13
Sally Beauty Supply                 1,200       26,400.00          2,200.00      $  22.00           March-03           February-08
Anna's Linens                       8,000      112,000.00          9,333.33      $  14.00          October-03         September-13
Sleep America                       4,500      112,500.00          9,375.00      $  25.00           April-03            March-08
Panda Express                       2,205       59,535.00          4,961.25      $  27.00            July-03             June-13
COFFEE SHOP (PENDING) SIGNED        1,500       42,000.00          3,500.00      $  28.00          NOVEMBER-03         OCTOBER-13
Motherlode                          1,412       36,712.00          3,059.33      $  26.00            June-03             May-08
Great Clips                         1,405       35,125.00          2,927.08      $  25.00         September-03          August-08
Claire's Boutique                   1,269       30,456.00                        $  24.00           March-03           February-08
SUPERCUTS SIGNED                    1,202       33,656.00          2,804.67      $  28.00          JANUARY-04          DECEMBER-08
Sarpino's Pizzeria                  1,200       31,200.00          2,600.00      $  26.00           August-03            July-08
Voice Stream                        1,200       32,400.00          2,700.00      $  27.00           March-03           February-08
VACANT                              4,428      110,700.00          9,225.00      $  25.00
TOTALS                            125,049    1,938,132.00
</Table>

<Page>

<Table>
<S>                                                                    <C>
                                                                                         FOR MORE INFORMATION, CONTACT:
[KIMCO EXCHANGE PLACE LOGO]                                                      Robert James, Director of Real Estate
                                                                       280 Park Avenue, 38th Floor, New York, NY 10017
                                                                                                rjames@kimcorealty.com
KIMCO EXCHANGE PLACE IS A SUBSIDIARY OF KIMCO REALTY CORPORATION.                  Phone 212-972-7457 Fax 212-972-7496
                                                                                            www.kimcoexchangeplace.com
</Table>

<Table>
<S>                                                                             <C>
                            1031 EXCHANGE OPPORTUNITY

[ROSS DRESS FOR LESS LOGO]      [MICHAELS THE ARTS AND CRAFTS STORE* LOGO]      [PETCO WHERE THE PETS GO. LOGO]

                        PEORIA CROSSINGS SHOPPING CENTER

     ANCHORED BY ROSS STORES, MICHAELS, PETCO, DRESS BARN & FAMOUS FOOTWEAR

[DRESSBARN LOGO]             TARGET & KOHL'S (SHADOWS)                          [PAYLESS SHOESOURCE* LOGO]

   NWC 91ST AVE & NORTHERN AGUA FRIA FWY LOOP 101, PEORIA (PHOENIX), AZ 85345

[SLEEP AMERICA LOGO]        ANNA'S LINENS DISCOUNT BED                     [FAMOUS FOOTWEAR LOGO]
                          & BATH AND WINDOWS, TOO! LOGO]
</Table>

PROPERTY SUMMARY:
The newly constructed Peoria Crossings Shopping Center will contain
approximately 552,893 square feet on 68 acres when fully developed. It is
currently anchored by Target and Kohl's (shadows) and is conveniently located
off the Northern Agua Fria Freeway Loop 101 in Peoria (Phoenix), AZ. Loop 101
connects the West Valley to the I-10 and I-17 Freeways. Total GLA for this sale
is 125,049 square feet, located on 15.34 acres. Tenants included in this sale
are Ross Stores, Michaels, Petco, Famous Footwear, Anna's Linens, Dress Barn,
Sleep America, Payless Shoe, Panda Express, Seattle's Best Coffee, EB Games,
Cold Stone Creamery, Quizno's, Claire's Boutiques, Super Cuts, Sally Beauty
Supply, T-Mobile and Sarpino's Pizza. The strong mix of national tenants
provides a regional draw. Peoria Crossings is situated just one mile north of
the future Phoenix Coyotes and Arizona Cardinals arena. Average daily traffic
count is 95,456: Loop 101-62,258; Northern Avenue - 20,509 and 91st Avenue -
12,689. The population within a 3 mile radius has grown by 73% between 1990 and
2002.

PRICE AND CAP:
We offer this property at $27,716,000 which is a 7.0% cap rate on rent of
$1,940,152.

[GRAPHIC]

 This information has been obtained from sources deemed reliable, however Kimco
  does not guarantee, warranty or represent its accuracy. It is the Purchaser's
  responsibility to independently confirm the accuracy and completeness of the
                          information contained herein.

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