November 21, 2006

Cobalt Capital Partners Expands in Philadelphia

Irving, TX – Cobalt Capital Partners, L.P., through its Cobalt Industrial REIT affiliate, has acquired 211 Sinclair, a 91,960 square foot, multi-tenant building located within the Bucks County submarket of Philadelphia, PA. The 100% leased property, increases Cobalt’s New Jersey/Philadelphia MSA portfolio to over 1.9 million square feet with 471,000 square feet in Bucks County, 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 11.2 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