January 4, 2005

Cobalt Capital Partners expands in Tampa

Irving, TX – Cobalt Capital Partners, L.P., through its Cobalt Industrial REIT affiliate, has acquired a 238,976 square foot multi-tenanted, light industrial portfolio consisting of three buildings located in the Eastside industrial submarket of Tampa, FL. Currently 92% occupied by twelve tenants, Eastgate Distribution Center is located within Tampa’s largest industrial submarket.

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 2.3 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