May 31, 2005

Cobalt Capital Partners acquires New Jersey Industrial Property

Blackwood, NJ, May 31, 2005 – Cobalt Capital Partners, L.P., through its Cobalt Industrial REIT affiliate, has acquired 100 University Court, a 61,000 square foot single-tenant, light industrial building located in the Camden County submarket of Philadelphia, PA.

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 2.5 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