September 30, 2004

Cobalt Capital Partners Acquires Single Tenant Atlanta Industrial Property

IRVING, TX – Cobalt Capital Partners, L.P., together with USAA Real Estate Company, has acquired a 58,600 square foot light industrial property in Atlanta, Georgia. The 100% leased single tenant building is located in Gwinnett County. With this acquisition, Cobalt’s Atlanta portfolio totals approximately 390,000 square feet.

Cobalt Capital Partners, a Dallas-based private equity firm invests in light industrial property in major metropolitan markets throughout the United States.

USAA Real Estate Company has approximately $3.2 billion in assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial and hotel properties as well as investments in real estate operating companies.




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