<Page>
Exhibit 10.189
SECOND AMENDMENT TO AGREEMENT
THIS SECOND AMENDMENT TO AGREEMENT (the "Amendment") is made and entered
into as of the 18th day of June, 2004, by and between HENDON/JDN JOHNS CREEK
VILLAGE, L.L.C., a Georgia limited liability company ("Seller") and INLAND REAL
ESTATE ACQUISITIONS, INC. ("Buyer").
W I T N E S S E T H:
WHEREAS, Seller and Buyer entered into that certain Lease of Intent having
a date of April 13, 2004, (the "Agreement") for the sale and purchase of the
property commonly known as Johns Creek Village Shopping Center located in
Duluth, Georgia, as described in the Agreement (the "Property"), and
WHEREAS, Buyer and Seller entered into an Amendment to Agreement dated June
14, 2004, which extended the closing date to June 21, 2004, and
WHEREAS, Buyer and Seller have mutually agreed to further amend certain
provisions of the Agreement.
NOW THEREFORE, in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Buyer and Seller agree as follows:
1. In Section 1, line 2, delete "...closing 45 business days following
acceptance this agreement," and insert "on or before June 23, 2004",
therein.
2. In Section 1.2, line 2, delete "...45 business days following
acceptance of this agreement..." and insert "on June 23, 2004" in its
place.
3. This Amendment may be executed in one or more counterparts, each of
which shall constitute an original and all of which taken together
shall constitute one agreement. Each person executing this Amendment
represents that such person has full authority and legal power to do
so and bind the party on whose behalf he or she has executed this
Amendment. Any counterpart to this Amendment may be executed by
facsimile copy and shall be binding on the parties.
(SIGNATURES ON FOLLOWING PAGE)
<Page>
Except as modified herein, the Agreement is ratified by Buyer and Seller and
shall remain unmodified and in full force and effect.
Seller:
HENDON/ JDN JOHNS CREEK VILLAGE,
L.L.C., a Georgia limited liability company
By: /s/ Richard H. Carson
-----------------------------------
Name: Richard H. Carson
---------------------------------
Title: Vice President
--------------------------------
Purchaser:
INLAND REAL ESTATE ACQUISITIONS, INC.,
an Illinois corporation
By: /s/ G. Joseph Cosenza
-----------------------------------
Name: G. Joseph Cosenza
---------------------------------
Title: Vice Chairman
--------------------------------
<Page>
AMENDMENT TO AGREEMENT
THIS AMENDMENT TO AGREEMENT (the "Amendment") is made and entered into as
of the 11 day of June, 2004, by and between HENDON/ JDN JOHN'S CREEK VILLAGE,
L.L.C., A GEORGIA LIMITED LIABILITY COMPANY ("Seller") and INLAND REAL ESTATE
ACQUISITIONS, INC. ("Buyer").
W I T N E S S E T H:
WHEREAS, Seller and Buyer entered into that certain Letter of Intent
having a date of April 13, 2004, (the "Agreement"), for the sale and purchase of
the property commonly known as John's Creek Village Shopping Center located in
Duluth, Georgia as described in the Agreement (the "Property").
WHEREAS, Buyer and Seller have mutually agreed to amend certain provisions
of the Agreement.
NOW THEREFORE, in consideration of the foregoing, and other good and '
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged; Buyer and Seller agree as follows:
1. In Section 1, line 2, delete "...closing 45 business days following
acceptance of this agreement." and insert "on or before June 21,
2004", therein.
2. In Section 12, line 2, delete "...45 business days following
acceptance of this agreement..." and insert "on June 21, 2004" in its
place.
3. This Amendment may be executed in one or more counterparts, each of
which shall constitute an original and all of which taken together
shall constitute one agreement. Each person executing this Amendment
represents that such person has full authority and legal power to do
so and bind the party on whose behalf he or she has executed this
Amendment. Any counterpart to this Amendment may be executed by
facsimile copy and shall be binding on the parties.
Except as modified herein, the Agreement is ratified by Buyer and Seller and
shall remain unmodified and in full force and effect.
(Signatures on following page)
<Page>
Seller:
HENDON/ JDN JOHN'S CREEK VILLAGE, L.L.C.
a Georgia limited liability company
By: /s/ Richard H. Carson
-----------------------------------
Name: Richard H. Carson
---------------------------------
Title: Vice President
--------------------------------
Purchaser:
INLAND REAL ESTATE ACQUISITIONS, INC.,
an Illinois corporation
By: /s/ G. Joseph Cosenza
-----------------------------------
Name: G. Joseph Cosenza
---------------------------------
Title: President
--------------------------------
<Page>
REVISED
MARCH 24, 2004
Hendon Properties (Seller)
Attn: Charlie Hendon
Two Live Oak Center
3445 Peachtree Rd., Suite 465
Atlanta, GA 30326
RE: JOHNS CREEK VILLAGE SHOPPING CENTER
DULUTH, GEORGIA
Dear Charlie:
This letter represents this corporation's offer to purchase the Johns Creek
Crossing Shopping Center with APPROXIMATELY 191.475 net rentable square feet,
situated on approximately 20 acres of land, located at 11720 Medlock Bridge
Road, Duluth, GA 30097. (see Exhibit A attached)
The above property shall include all the land and buildings and common
facilities, as well as all personalty within the buildings and common areas,
supplies, landscaping equipment, and any other items presently used on the site
and belonging to owner, and all intangible rights relating to the property.
This corporation or its nominee will consummate this transaction on the
following basis:
1. The total purchase price shall be $42,502,746.00 all cash, plus or
minus prorations, WITH NO MORTGAGE CONTINGENCIES, to be paid at
CLOSING 45 BUSINESS DAYS following the acceptance of this agreement.
(see Paragraphs 6, 12 & 17). Purchaser shall allocate the land,
building and depreciable improvements prior to closing.
2. There are no real estate brokerage commissions involved in this
transaction.
3. Seller represents and warrants (TO THE BEST OF THE SELLER'S
KNOWLEDGE), that the above referenced property is leased to the
tenants described on Exhibit B on triple net leases covering the
building and all of the land, parking areas, reciprocal easements and
REA/OEA agreements (if any), for the entire terms and option periods.
Any concessions given to any tenants that extend beyond the closing
day shall be settled at closing by Seller giving a full cash credit to
Purchaser for any and all of those concessions.
4. Seller warrants and represents (TO THE BEST OF THE SELLER'S
KNOWLEDGE), that the property is free of violations, and the interior
and exterior structures are in a good state of repair, free of leaks,
structural problems, and mold, and the property is in full compliance
with Federal, State, City and County ordinances, environmental laws
and concerns, and no one has a lease that exceeds the lease term
stated in said leases, nor does anyone have an option or right of
first refusal to purchase or extend, nor is there any contemplated
condemnation of any part of the property, nor are there any current or
contemplated assessments.
<Page>
JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA PAGE 2
REVISED, MARCH 24, 2004
5. Seller warrants and represents (TO THE BEST OF THE SELLER'S
KNOWLEDGE), that during the term of the leases the tenants and
guarantors are responsible for and pay all operating expenses relating
to the property on a prorata basis, including but not limited to, real
estate taxes, REA/OEA agreements, utilities, insurance, all common
area maintenance, parking lot and the building, etc.
Prior to closing, Seller shall not enter into or extend any agreements
without Purchaser's approval and any contract presently in existence
not accepted by Purchaser shall be terminated by Seller. Any work
presently in progress on the property shall be completed by Seller
prior to closing.
6. It is understood that the Seller, prior to Final payment, shall be
liable and responsible at their sole cost and expense, to complete the
construction of the APPROXIMATELY 191,475 square foot shopping center
and all of the land. Upon completion of said construction, Seller
shall be responsible for obtaining final unconditional occupancy
permits which shall be issued from FULTON COUNTY. Georgia and/or any
required governmental agencies for the shopping center. Seller shall
indemnify and warrants and represents to Purchaser that Purchaser
shall have no obligation whatsoever regarding the construction of the
above shopping center or placing tenants into the rentable rental
spaces.
SELLER SHALL USE ITS COMMERCIALLY REASONABLE EFFORTS TO CAUSE any and
all tenants and guarantors TO acknowledge in writing that they shall
look solely to the Seller, but not to the Purchaser and titleholder,
for anything regarding the construction or improvements of the
above-referenced shopping center.
Said construction shall be subject to Purchaser's written approval and
shall be completed in total in accordance with all the plans and
specifications as accepted by FULTON COUNTY, Georgia for the shopping
center. Completion shall be deemed to have occurred after the Seller
delivers to Purchaser a final unconditional certificate of occupancy
for each of the buildings and a certificate for the property signed by
the independent project architect and independent engineer that the
construction of the shopping center has been fully completed in
accordance with the plans and specifications as agreed to by FULTON
COUNTY, Georgia, and all applicable governmental rules, ordinances,
regulations and requirements have been satisfied, and each and every
tenant, guarantor or subtenant shall accept their space "as is" and
take total possession, opens for business and commences full rental
payments. Seller shall be solely liable for any and all "punch list"
and warranty items requested by any tenant at the property and shall
also be liable for construction "call-backs", FOR THE LATER TO OCCUR
OF ONE YEAR FROM THE INITIAL CLOSING OR THE COMPLETION OF ANY
INDIVIDUAL BUILDING INCLUDING LANDLORD'S WORK FOR ANY TENANT SPACE.
Seller shall indemnify and guarantee to absolutely pay any costs
whatsoever to complete the construction of the above shopping center,
including any costs whatsoever needed to place each of the tenants
into their agreed spaces according to each tenant's lease, which
leases shall be subject to Purchaser's approval.
7. Ten (10) days prior to closing Seller shall furnish Purchaser with
estoppel letters acceptable to Purchaser, IN PURCHASER'S REASONABLE
DISCRETION, from all tenants, guarantors, and parties to reciprocal
and/or operating easement agreements, if applicable. PURCHASER
ACKNOWLEDGES THAT CERTAIN ANCHOR TENANTS MAY HAVE ESTOPPEL FORMS
ATTACHED TO THEIR RESPECTIVE LEASE AND PURCHASER SHALL ACCEPT SUCH
TENANT ESTOPPELS.
8. Seller is responsible for payment of any LEASING BROKERAGE FEES or
commissions which are due any leasing brokers for the existing leases
stated above or for the renewal of same.
<Page>
JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA PAGE 3
REVISED, MARCH 24, 2004
9. This offer is subject to Seller supplying to Purchaser prior to
closing a certificate of insurance from the tenants and guarantors in
the form and coverage acceptable to Purchaser for the closing.
10. It is understood that Seller has in its possession Level 1
Environmental Reports (Level 2 if required) which Seller will supply
to Purchaser 10 days prior to closing. Seller shall have said reports,
which must be acceptable to Purchaser, updated and re-certified to
Purchaser at closing, all at Seller's cost.
11. The above sale of the real estate shall be consummated by conveyance
of a full warranty deed from Seller to Purchaser's designee, with the
Seller paying any city, state, or county transfer taxes for the
closing, and Seller agrees to cooperate with Purchaser's lender, if
any, and the money lender's escrow.
12. The closing shall occur through Chicago Title & Trust Company, in
Chicago, Illinois with Nancy Castro as Escrowee, 45 business days
following acceptance of this agreement, at which time title to the
above property shall be marketable; i.e., free and clear of all liens,
encroachments and encumbrances, and an ALTA form B owner's title
policy with complete extended coverage and required endorsements,
waiving off all NEW construction, including 3.1 zoning including
parking and loading docks, and insuring all improvements as legally
conforming uses and not as non-conforming or conditional uses, paid by
Seller, shall be issued, with all warranties and representations being
true now and at closing and surviving the closing, and each party
shall be paid in cash their respective credits, including, but not
limited to, security deposits, rent and expenses, with a proration of
real estate taxes based (at Purchaser's option) on the greater of 110%
of the most recent bill or latest assessment, or the estimated
assessments for 2003 and 2004 using the Assessor's formula for these
sales transactions, with a later reproration of taxes when the actual
bills are received. At closing, no credit will be given to Sellers for
any past due, unpaid or delinquent rents.
13. It is understood that the Seller has in its possession an appraisal of
the property prepared by an MAI or other qualified appraiser,
acceptable to Purchaser or Purchaser's lender, if any, and shall
deliver copies of such appraisal to Purchaser within 10 days of the
acceptance of this offer and shall cause the appraiser to re-certify
an appraised amount not less than the Purchase Price and re-issue said
appraisal to, and in the name of, Purchaser or Purchaser's lender, all
at Seller's cost.
14. Neither Seller (Landlord) or any tenant and guarantor shall be in
default on any lease or agreement at closing, nor is there any
threatened or pending litigation.
15. Seller warrants and represents that he has paid all unemployment taxes
to date.
16. Prior to closing, Seller shall furnish to Purchaser copies of all
guarantees and warranties which Seller received from any and all
contractors and sub-contractors pertaining to the property. This offer
is subject to Purchaser's satisfaction that all guarantees and
warranties survive the closing and are assignable and transferable to
any titleholder now and in the future.
17. This offer is subject to the property being 100% occupied at the time
of closing, with all tenants occupying their space, open for business,
and paying full rent, including CAM, tax and insurance current, as
shown on Exhibit B attached. This offer is subject to the property
being 100% occupied at the time of closing, with all tenants occupying
their space, open for
<Page>
JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA PAGE 4
REVISED, MARCH 24, 2004
business, and paying full rent, including CAM, tax and insurance
current, as shown on Exhibit A attached. In the event the property is
less than 100%, than the Purchaser and Seller agree that there shall
be an INITIAL CLOSING. The Initial Closing will be based on the
PURCHASE PRICE/EARNOUT FORMULA which shall be EQUAL TO the actual BASE
MINIMUM RENT, LESS the amount, if any, by which the pass-through
amount paid by any tenant is less than 100% of such tenant's
proportionate share; (i.e.; SLIPPAGE), AND PLUS THE AMOUNT, IF ANY, OF
ALL TENANT OBLIGATIONS TO PAY ANY ADDITIONAL COSTS OR REIMBURSEMENT
FOR MANAGEMENT FEES, ADMINISTRATIVE FEES, ETC. (SEE EXHIBIT C) DIVIDED
BY A BASE RENT DIVIDER of 7.78%.
For purposes of these calculations, management fee shall be assumed to
be 3% of gross collections (including reimburseables) and CAM shall be
assumed to be $1.25 per square Foot (Exhibit C). The Seller shall have
18 months FOLLOWING THE INITIAL CLOSING to receive the balance of the
potential Earnout at the EARNOUT CLOSING(S) provided they are
successful in the leasing of the vacant space and each tenant shall
have accepted their space "as is" and takes total possession, has
opened for business and commences full rental payments, including CAM,
taxes an insurance on a prorata basis. It shall be Seller's
responsibility and sole cost and expense for leasing out and paying
all costs related to placing the tenants into their leasable space.
Each Earnout Closing shall occur upon 10 business days prior written
notice to Purchaser; it being expressly understood that the Sellers
waive their right to the additional Earnout if the final Seller's
notice has not been sent within 18 months after the Initial Closing
date.
Seller shall be responsible on a monthly basis for all CAM, tax and
insurance on a prorata basis for the space that is part of the Earnout
formula until such time as the Seller perfects the income for such
space, but in no event, following 18 months following the initial
closing.
At the initial Closing, Seller shall place in Purchaser's escrow, cash
in the amount equal to $12.00 per square foot for tenant improvements
and $3.00 per square foot for leasing commissions, times the remaining
Earnout square feet of the property. This escrow WILL be CREDITED TO
Seller AT EACH EARNOUT CLOSING. However, with regards to any vacant
space never leased with the tenant accepting their space, opening for
business and commencing full rent payments, including CAM, taxes and
insurance on a prorata basis, the balance of the tenant improvements
and leasing commissions shall be remain with Purchaser. ANY FUNDS
REMAINING IN THE ESCROW ACCOUNT, AT SUCH TIME THE CENTER BECOMES 100%
OCCUPIED, SHALL BE RETURNED TO SELLER.
Not withstanding anything to the contrary, all Earnout Closings must
comply with all of the terms, requirements and conditions contained in
this entire agreement.
Not withstanding anything to the contrary the purchase price of
$42,502,746.00 AND EARNOUT AMOUNTS SHALL BE ADJUSTED UP OR DOWN, BASED
ON ACTUAL RENT AND LEASE OBLIGATIONS OF TENANTS, WHICH DO NOT QUALIFY
AS OF THE INITIAL CLOSING DATE PURSUANT TO UNDERWRITING OUTLINED
ABOVE.
18. Fifteen (15) days prior to closing, Seller must provide the title as
stated above and a current Urban ALTA/ACSM spotted survey in
accordance with the minimum standard detail requirements for ALTA/ACSM
Land Title surveys jointly established and adopted by ALTA and ACSM in
1999 and includes all Table A optional survey responsibilities and
acceptable to Purchaser and the title company.
19. Seller agrees to immediately make available and disclose all
information that Purchaser needs to evaluate the above property,
including all inducements, abatements, concessions or cash payments
given to tenants, and for CAM, copies of the bills. Seller agrees to
cooperate fully with Purchaser and Purchaser's representatives to
facilitate Purchaser's evaluations and reports, including at least a
one-year audit of the books and records of the property.
<Page>
JOHNS CREEK VILLAGE SHOPPING CENTER - DULUTH, GA PAGE 5
REVISED, MARCH 24, 2004
20. NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, THE
PURCHASE SHALL BE STRUCTURED SUCH THAT PURCHASER SHALL ACQUIRE
SELLER'S MEMBERSHIP INTERESTS IN HENDON/JDN JOHNS CREEK VILLAGE, LLC
(THE ENTITY THAT OWNS THE ASSET) OR SUCH OTHER MUTUALLY AGREEABLE
STRUCTURE WHICH ALLOWS SELLER TO QUALIFY FOR CAPITAL GAINS TREATMENT
UNDER IRS GUIDELINES.
This offer is, of course, predicated upon the Purchaser's review and
written approval of the existing leases, new leases, lease modifications (if
any), all tenant correspondence, REA/OEA agreements, tenants' and guarantors'
financial statements, sales figures, representations of income and expenses made
by Seller, site inspection, environmental, appraisal, etc., and at least one
year of audited operating statements on said property is required that qualify,
comply with and can be used in a public offering.
If this offer is acceptable, please sign the original of this letter and
initial each page, keeping copies for your files and returning the original to
me by APRIL 13, 2004.
Sincerely,
ACCEPTED: INLAND REAL ESTATE ACQUISITIONS, INC.
or nominee
By: /s/ [ILLEGIBLE]
-----------------------------
Date: 4/13/03 /s/ G. Joseph Cosenza
----------------------------- --------------------------------
G. Joseph Cosenza
Vice Chairman
<Page>
Exhibit A
[SITE PLAN]
<Page>
Exhibit B
JOHNS CREEK VILLAGE
MGT. FEE/ADMIN FEE REIMBURSEMENT
<Table>
<Caption>
Vacancy? SUITE TENANT SQ. FT. RENT PSF ANNUAL RENT CAM (est.) TAXES (est.) INS. (est.)
- -----------------------------------------------------------------------------------------------------------------------------------
530 T. J. Maxx 30,000 $ 8.95 $ 288,500 $ 1.25 $ 1.00 $ 0.25
520 Ross Dress For Less 30,187 $ 10.75 $ 324,510 $ 1.25 $ 1.00 $ 0.25
400 LA Fitness 41,000 $ 17.00 $ 697,000 $ 1.25 $ 1.00 $ 0.25
55? 7,500 s.f. To Be Leased 7,560 $ 14.00 $ 105,000 $ 1.25 $ 1.00 $ 0.25
Y 510 America's Mattress 6,500 $ 15.50 $ 100,750 $ 1.25 $ 1.00 $ 0.25
540 Hibbitt Sports 5,000 $ 14.55 $ 72,750 $ 1.25 $ 1.00 $ 0.25
560 7,500 s.f. To Be Leased 7,500 $ 14.00 $ 105,000 $ 1.25 $ 1.00 $ 0.25
Y 570 Florist 1,600 $ 18.00 $ 28,800 $ 1.25 $ 1.00 $ 0.25
Y 580 End Cap (To Be Leased) 2,400 $ 18.00 $ 43,200 $ 1.25 $ 1.00 $ 0.25
- ------------------------------------------------------------------------------------------------------------------------------------
Sub-Total 131,687 $ 1,745,510
- ------------------------------------------------------------------------------------------------------------------------------------
Y 155 Pro Line Billiards? 4,525 $ 25.00 $ 115,625 $ 1.25 $ 1.00 $ 0.25
162 T-Mobile 1,500 $ 34.00 $ 51,000 $ 1.25 $ 1.00 $ 0.25
168 Starbucks 1,665 $ 33.95 $ 56,527 $ 1.25 $ 1.00 $ 0.25
Y 166 Cold Stone Creamary 1,380 $ 29.00 $ 39,440 $ 1.25 $ 1.00 $ 0.25
164 Electronics Boutique 1,200 $ 30.00 $ 36,000 $ 1.25 $ 1.00 $ 0.25
135 Chipotie 3,000 $ 31.00 $ 93,000 $ 1.25 $ 1.00 $ 0.25
Y 150 To Be Leased 6,250 $ 23.00 $ 143,750 $ 1.25 $ 1.00 $ 0.25
Y 160 Portrait Innovations 2,375 $ 27.00 $ 64,125 $ 1.25 $ 1.00 $ 0.25
Y 140 Dr. Vision Works 2,400 $ 27.00 $ 64,800 $ 1.25 $ 1.00 $ 0.25
Y 145 To Be Leased 2,000 $ 30.00 $ 60,000 $ 1.25 $ 1.00 $ 0.25
- ------------------------------------------------------------------------------------------------------------------------------------
Sub-Total 26,375 $ 724,267
- ------------------------------------------------------------------------------------------------------------------------------------
Y 130 State Farm 1,700 $ 28.50 $ 45,050 $ 1.25 $ 1.00 $ 0.25
125 Naxtal 1,640 $ 28.50 $ 46,740 $ 1.25 $ 1.00 $ 0.25
Y 120 Dry Cleaner 1,709 $ 28.00 $ 47,600 $ 1.25 $ 1.00 $ 0.25
Y 115 To Be Leased 1,700 $ 27.50 $ 46,750 $ 1.25 $ 1.00 $ 0.25
100-110 Hollywood Video 5,020 $ 24.75 $ 124,245 $ 1.25 $ 1.00 $ 0.25
- ------------------------------------------------------------------------------------------------------------------------------------
Sub-Total 11,760 $ 310,385
- ------------------------------------------------------------------------------------------------------------------------------------
185-195 Lacus [ILLEGIBLE] 4,860 $ 27.30 $ 132,678 $ 1.25 $ 1.00 $ 0.25
Y 1?0 To Be Leased 3,600 $ 23.50 $ 84,000 $ 1.25 $ 1.00 $ 0.25
Y 170 To Be Leased 1,600 $ 23.00 $ 36,800 $ 1.25 $ 1.00 $ 0.25
Y 175 To Be Leased 1,515 $ 23.00 $ 34,845 $ 1.25 $ 1.00 $ 0.25
$ -
- $ -
- ------------------------------------------------------------------------------------------------------------------------------------
Sub-Total 11,575 $ 288,323
- ------------------------------------------------------------------------------------------------------------------------------------
IHOP - Ground Lease 5,143 $ 1?.53 $ 85,000 $ 1.25 $ 1.00 $ 0.25
Ch [ILLEGIBLE] - Ground Lease 4,935 $ 20.26 $ 100,000 $ 1.25 $ 1.00 $ 0.25
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 191,475 $ 3,254,085
- ------------------------------------------------------------------------------------------
<Caption>
Vacancy? SUITE TENANT TOTAL C/T/I $ MGT. FEE ADMIN. FEE% $ ADMIN. FEE $ PAYMENT VAC. NON-VAC.
- ------------------------------------------------------------------------------------------------------------------------------------
530 T. J. Maxx $ 2.50 $ - 0% $ - 0
520 Ross Dress For Less $ 2.50 $ - 10% $ 3,773.38 $ 3,773.38 $ 3,733.38
400 LA Fitness $ 2.50 $ - 5% $ 4,100.00 $ 4,100.00 $ 4,100.00
55? 7,500 s.f. To Be Leased $ 2.50 $ 3,712.50 15% $ 1,408.25 $ 3,712.50 $ 3,712.50
Y 510 America's Mattress $ 2.50 $ 3,510.00 15% $ 1,218.75 $ 3,510.00 $ 3,510.00
540 Hibbitt Sports $ 2.50 $ - 10% $ 625.00 $ 625.00 $ 625.00
560 7,500 s.f. To Be Leased $ 2.50 $ 3,712.50 15% $ 1,406.25 $ 3,712.50 $ 3,712.50
Y 570 Florist $ 2.50 $ 964.00 15% $ 300.00 $ 984.00 $ 984.00
Y 580 End Cap (To Be Leased) $ 2.50 $ 1,476.00 15% $ 450.00 $ 1,476.00 $ 1,476.00
- -----------------------------------------------------------------------------------------------------------
Sub-Total $ - $ -
- -----------------------------------------------------------------------------------------------------------
Y 155 Pro Line Billiards? $ 2.50 $ 3,815.63 15% $ 867.12 $ 3,815.?3 $ 3,616.63
162 T-Mobile $ 2.50 $ - 5% $ 93.75 $ 93.75 $ 93.75
168 Starbucks $ 2.50 $ - 10% $ 208.13 $ 208.13 $ 208.13
Y 166 Cold Stone Creamary $ 2.50 $ 1,285.20 15% $ 255.00 $ 1,285.20 $ 1.285.20
164 Electronics Boutique $ 2.50 $ - 10% $ 150.00 $ 150.00 $ 150.00
135 Chipotie $ 2.50 $ - 12% $ 450.00 $ 450.00 $ 450.00
Y 150 To Be Leased $ 2.50 $ 4,781.25 15% $ 1,171.?? $ 4,7?1.25 $ 4,781.25
Y 160 Portrait Innovations $ 2.50 $ 2,101.88 15% $ 445.31 $ 2,101.?? $ 2,101.??
Y 140 Dr. Vision Works $ 2.50 $ 2,124.00 15% $ 450.00 $ 2,124.00 $ 2,124.00
Y 145 To Be Leased $ 2.50 $ 1,950.00 15% $ 375.00 $ 1,950.00 $ 1,950.00
$ - $ -
- -----------------------------------------------------------------------------------------------------------
Sub-Total $ - $ -
- -----------------------------------------------------------------------------------------------------------
Y 130 State Farm $ 2.50 $ 1,479.00 15% $ 318.75 $ 1,479.00 $ 1,479.00
125 Naxtal $ 2.50 $ 1,525.20 15% $ 307.?? $ 1,525.20 $ 1,525.20
Y 120 Dry Cleaner $ 2.50 $ 1,555.50 15% $ 318.75 $ 1,556.50 $ 1,655.50
Y 115 To Be Leased $ 2.50 $ 1,530.00 15% $ 316.75 $ 1,530.00 $ 1,530.00
100-110 Hollywood Video $ 2.50 $ - 10% $ 627.50 $ 627.50 $ 627.50
$ - $ -
- -----------------------------------------------------------------------------------------------------------
Sub-Total $ - $ -
- -----------------------------------------------------------------------------------------------------------
185-195 Lacus [ILLEGIBLE] $ 2.50 $ - 10% $ 807.50 $ 807.50 $ 607.50
Y 1?0 To Be Leased $ 2.50 $ 2,808.00 15% $ 875.00 $ 2,???.00 $ 2,808.00
Y 170 To Be Leased $ 2.50 $ 1,224.00 15% $ 300.00 $ 1,224.00 $ 1,224.00
Y 175 To Be Leased $ 2.50 $ 1,158.95 15% $ 284.06 $ 1,158.98 $ 1,158.98
$ - $ - $ - $ -
$ - $ - $ - $ -
- -----------------------------------------------------------------------------------------------------------
Sub-Total $ - $ -
- -----------------------------------------------------------------------------------------------------------
IHOP - Ground Lease $ 2.50 $ - 10% $ 642.88 $ 542.88 $ 642.??
Ch [ILLEGIBLE] - Ground
Lease $ 2.50 $ - 10% $ 616.?? $ 616.88 $ 616.??
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL $ 52,628.63 $ 31,783.43 $ 20,845.20
------------------------------------
$ 103,313
------------
$ 135,096
5%
------------
$ 6,755
</Table>
Page 1
<Page>
Exhibit C
Exhibit C
PURCHASE PRICE ALLOCATION
JOHNS CREEK VILLAGE - INLAND PURCHASE PRICE ALLOCATION
AS OF APRIL 12, 2004
<Table>
<Caption>
[ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] TOTAL'S
- -----------------------------------------------------------------------------------------------------------------------------------
T.J. [ILLEGIBLE]
(Suite 530) 30,000 $ 8.95 288,500 288,500
Rose Dress For Less
(Suite 520) 30,187 $ 10.75 $ 324,510 324,510
LA [ILLEGIBLE] (Suite
400) 41,000 $ 17.00 $ 697,000 697,000
To Be Leased 15,000 $ 14.00 $ 210,000 210,000
[ILLEGIBLE] Source
(Suite 510) 8,500 $ 15.50 $ 100,750 100,750
[ILLEGIBLE] Sports 5,000 $ 14.53 $ 72,750 72,750
Florist 1,600 $ 18.00 $ 28,800 28,800
To Be Leased (End Cap) 2,400 $ 18.00 $ 43,200 43,200
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Pro Line [ILLEGIBLE]
(Suite 165) 4,625 $ 25.00 $ 115,625 115,625
T-Mobile (Suite 162) 1,500 $ 34.00 $ 51,000 51,000
[ILLEGIBLE] 1,665 $ 33.95 $ 56,527 56,527
Cold Stone [ILLEGIBLE]
(A 166) 1,380 $ 29.00 $ 39,440 39,440
Electronics Boutique
(A 164) 1,200 $ 30.00 $ 36,000 36,000
[ILLEGIBLE] (A 135) 3,000 $ 31.00 $ 93,000 93,000
To Be Leased (Suite ?) 5,250 $ 23.00 $ 143,750 143,750
Portrait Innovations
(Suite 100) 2,375 $ 27.00 $ 64,125 64,125
Dr. Vision Works
(Suite 140) 2,400 $ 27.00 $ 64,800 64,800
To Be Leased (Suite 145) 2,000 $ 30.00 $ 60,000 60,000
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State Form (Suite 130) 1,700 $ 26.50 $ 45,050 45,050
Nextal (Suite 125) 1,640 $ 28.50 $ 46,740 46,740
Dry Cleaner (Suite 120) 1,700 $ 20.00 $ 47,600 47,600
To Be Leased 1,700 $ 27.50 $ 46,750 46,750
Hollywood Video (Suites
100,105,110) 5,020 $ 24.75 $ 124,245 124,245
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Lane Bryant (Suites
185,190,195) 4,860 $ 27.30 $ 132,678 132,678
To Be Leased (Suite ?).
Good Nutrition 3,600 $ 23.50 $ 84,600 84,600
To Be Leased (Suite 170) 1,600 $ 23.00 $ 36,800 36,800
To Be Leased (Suite 175) 1,315 $ 23.00 $ 34,845 34,845
$ - -
-
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IHOP - Ground Lease 5,143 16.53 85,000 85,000
[ILLEGIBLE] - Ground
Lease 4,935 20.25 100,000 100,000
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TOTALS ? $ ? $ ? TOTALS ? $ ? $ ? $ ?
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REIMBURSEMENTS: REIMBURSEMENTS:
CAM/TAXES/INSURANCE 140,930 $ 2.50 $ 352,325 CAM/TAXES/INSURANCE 50,545 $ 2.50 $ 128,383 $ 478,688
MGT. RECAPTURE/ MGT. RECAPTURE/
ADMINISTRATIVE FEE 140,930 0.19 $ 27,431 ADMINISTRATIVE FEES 50,545 $ 0.50 $ 25,197 $ 52,628
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TOTAL REIMBURSEMENTS 140,930 $ 2.69 $ 379,756 TOTAL REIMBURSEMENTS 50,545 $ 3.00 $ 151,560 $ 531,316
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GROSS POTENTIAL GROSS POTENTIAL
INCOME 140,930 $ ? $ ? INCOME 50,545 $ ? $ ? $ ?
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VACANCY (5% OF SMALL VACANCY (5% OF SMALL SHOP
SHOP RENT) 20,660 $ 23.11 $ 23,870 RENT) 20,665 23.17 $ 23,937 $ 47,607
VACANCY (5% OF SMALL VACANCY (5% OF SMALL SHOP
SHOP REIMB.) 20,660 $ 0.16 $ 3,376 REIMB.) 20,665 $ 0.16 $ 3,379 $ 6,765
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EFFECTIVE GROSS INCOME ? $ ? $ ? EFFECTIVE GROSS INCOME ? $ ? $ ? $ ?
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OPERATING EXPENSES: OPERATING EXPENSES:
MANAGEMENT(3%) 140,930 $ 18.36 $ 77,645 MANAGEMENT(3%) 50,545 $ 22.61 $ 34,280 $ 111,925
TAXES 140,930 $ 1.00 $ 140,930 CAM 50,545 $ 1.00 $ 50,545 $ 191,475
INSURANCE 140,930 $ 0.25 $ 35,233 TAXES 50,545 $ 0.25 $ 12,636 $ 47,869
CAM 140,930 $ 1.25 $ 176,183 INSURANCE 50,545 $ 1.25 $ 63,181 $ 239,344
RESERVES 130,852 $ 0.10 $ 13,085 RESERVES 50,545 $ 0.10 $ 5,056 $ 18,140
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TOTAL EXPENSES ? $ ? $ ? TOTAL EXPENSES ? $ ? $ ? $ ?
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NET OPERATING INCOME ? $ ? $ ? NET OPERATING INCOME ? $ ? $ ? $ ?
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INLAND'S DIVISOR INLAND'S DIVISOR
FACTOR: FACTOR:
GROSS MINIMUM RENT $ 2,235,667 GROSS MINIMUM RENT $ 1,018,418 $ 3,254,085
MGT. RECAPTURE/ MGT. RECAPTURE/
ADMINISTRATIVE FEES $ 27,431 ADMINISTRATIVE FEES $ 25,197 $ 52,629
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TOTAL GROSS INCOME $ 2,263,098 TOTAL GROSS INCOME $ 1,043,615 $ 3,306,714
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DIVIDED BY: 7.78% DIVIDED BY: 7.78% 7.78%
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PURCHASE AMOUNT $ ? PURCHASE AMOUNT $ ? $ ?
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</Table>
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