555 Dixon Street, Lexington, North Carolina
Total Square Footage: 111,309
Acquired: March 18, 2024
Tenant Name: ValenDrawers Inc.

On March 18, 2024, Royal Oak acquired the manufacturing facility of ValenDrawers, Inc. (“Valen”) located in Lexington, North Carolina. The property is located in the Winston-Salem, North Carolina, MSA. The property serves as Valen’s sole domestic manufacturing facility. Valen signed a 15-year absolute net lease at closing.

The property was originally constructed in 1988 as a 61,309 square foot built-to-suit structure for Valen. In 2010 Valen expanded the warehouse portion by 50,000 square feet bringing the total rentable square footage to 111,309 square feet on 7.29 acres. The building has a clear height of 16 feet throughout the manufacturing and warehouse space and includes six dock-height loading docks and one drive-in door.

Valen is a business-to-business supplier of custom drawer and door components, serving customers in all segments of the custom furniture industry. Valen employs more than 200 people and serves all of North America including Canada, the Caribbean, and Mexico, with a full range of drawer and door products. Valen was simultaneously acquired by Cotton Bay Building Products LLC (“Cotton Bay”), a cabinet manufacturing holding company located in Lockport, New York. Cotton Bay is the Guarantor of the Lease.