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Cobalt Capital Partners Acquires Dallas Industrial Property

March 31, 2004 - Irving, TX

Cobalt Capital Partners, L.P., together with USAA Real Estate Company, has acquired a 259,100 square foot industrial building located in Dallas ’ Valwood industrial submarket. The property, 2115 Valley View Road , is 100% leased to Texas Wholesale Building Materials on a long-term basis. 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 2115 Valley View property is well-located in the Valwood area, one of Dallas ’ largest industrial submarkets. This property, leased on a long-term basis to a strong regional tenant, is an attractive addition to our light industrial portfolio,” said Lewis D. Friedland, Cobalt’s Managing Partner.

"Protecting the environment through sound energy management is a major organizational priority for us at USAA Real Estate Company", said Edward B. Kelley, President and CEO of USAA Real Estate Company. "As an ENERGY STAR partner, we are striving to achieve superior energy performance in our organization. The ENERGY STAR program is good for our bottom line and good for the environment. ENERGY STAR just makes good business sense."

Cobalt Capital Partners is a real estate private equity firm based in Dallas . The firm invests in light industrial and other commercial 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.