A 57-year-old man was inside a residence in the 2000-block of West Oakdale Avenue in the city's Lakeview neighborhood around 4:46 p.m. when he heard loud noises coming from outside.
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The victim then went outside and told police he saw an unknown man attempting to take property from his vehicle that was parked on the street, officials said.
That's when the offender allegedly pulled out a gun and fired shots at the victim.
The victim, who has a valid FOID/CCL, also pulled out a gun and fired back, police said.
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The offender then jumped into a dark-colored SUV and drove off in an unknown direction.
The victim sustained a gunshot wound to the stomach and was transported to Illinois Masonic Hospital in fair condition.
Area Three Detectives are investigating.