Cobalt Capital Partners Acquires Pennsylvania Industrial Property

February 4, 2004 - Irving, TX

Cobalt Capital Partners, L.P., together with USAA Real Estate Company, has acquired a 70,361 square foot, multi-tenanted industrial building located in suburban Philadelphia.  The property, 1900 Frost Rd., is located in the 3.5 million square foot Keystone Industrial Park and is 100% leased to eight tenants ranging in size from 6,000 to 17,000 square feet.  Cobalt Capital Partners, a Dallas-based private equity firm, is an active buyer of light industrial and other commercial properties in major markets throughout the U.S.

"The 1900 Frost property is a well-located, multi-tenanted light industrial building and complements our existing Philadelphia/Southern New Jersey portfolio," said Lewis D. Friedland, Cobalt's Managing Partner.

Cobalt Capital Partners is a real estate private equity firm based in Dallas.  The firm invests in light industrial and suburban office properties nationally.

USAA Real Estate Company has approximately $3.0 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.