March 8, 2006

Cobalt Capital Partners expands in Chicago

Irving, TX – Cobalt Capital Partners, L.P., through its Cobalt Industrial REIT affiliate, has acquired a 249,342 square foot, two building portfolio located in the O’Hare and Elgin I-90 submarkets of Chicago. This acquisition represents Cobalt’s initial entry into the Chicago market. Comprised of two buildings, the portfolio was 89% leased to two long term tenants.

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 5.1 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