April 27, 2007

Cobalt Capital Partners Expands in Austin

Irving, TX – Cobalt Capital Partners, L.P., through its Cobalt Industrial REIT affiliate, has acquired Rutland 5 & 8, a 100,800 square foot, two building, light industrial portfolio located in the North industrial submarket of Austin, Texas. The 100% leased light industrial property includes four tenants. This was Cobalt’s second acquisition in the Austin MSA thus increasing Cobalt’s Austin portfolio to 235,525 square feet.

Cobalt Capital Partners, a Dallas-based private equity firm, acquires, manages and develops light industrial properties in major metropolitan markets throughout the United States. The Cobalt Industrial REIT is a private REIT advised by Cobalt Capital Partners. Across its national platform, the Cobalt Industrial REIT owns more than 13.6 million square feet of light industrial space.

For information on Cobalt Capital Partners or to submit an investment for review, please visit our website www.cobaltcapitalpartners.com or contact:

Lewis D. Friedland
Managing Partner
Cobalt Capital Partners, L.P.
5605 N. MacArthur Blvd., Suite 350, Irving, TX 75038
Tel: (972) 893-7000 Facsimile: (972) 893-7001
E-mail: lew.friedland@cobaltcapitalpartners.com