MAG Capital Partners has acquired an approximately 425,000-square-foot industrial headquarters in New Castle, Indiana, via a sale-leaseback-structured transaction with New Castle Stainless Plate.
Comprising more than a dozen buildings on nearly 128 acres, the 549 W State Road 38 facility specializes in the manufacture of stainless plate products, serving a diverse range of industries including aerospace, energy, chemical processing and heavy equipment manufacturing. Deutsche Bank provided financing for the acquisition. Stream Capital Partners’ Krupa Shah and Phil DiGennaro advised the seller.
“We actively invest in industrial properties and strong manufacturers with experienced leadership,” said Dax T.S. Mitchell, principal of MAG Capital Partners. The property, featuring 127 bays, is less than 15 minutes from I-70, a major east-west highway connecting central Utah to Baltimore, and proximate to Indianapolis, the nexus for north-south transportation, rail infrastructure and multimodal access.
Don’t miss Carter Andrus, Chief Operating Officer of Prologis, as the keynote interview at Connect Industrial Midwest— taking place Tuesday afternoon, March 10, 2026, at Joe’s Live in Rosemont, IL.
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