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After a century in business, we’re still looking to the future. Catch up on our latest news.

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Meritex to Develop Two Distribution Buildings in Roseville, MN

November 15, 2017 Minneapolis, MN

MINNEAPOLIS – Meritex will this month demolish an existing 360,000-sq.-ft. industrial property, formerly known as the Minnesota Technology Exchange building, and construct two state-of-the-art 144,000-sq.-ft. bulk-distribution buildings, Highcrest II & III, in Roseville, MN.

The project has an anticipated fall 2018 delivery. Meritex has selected the Cushman & Wakefield team of David Stokes, Todd Hanson, Jason Sell, Chris Weirens and Ian Thompson for leasing services.

Highcrest II & III are across the street from Meritex’s fully leased 130,000-sq.-ft., Class A office-warehouse known as Highcrest Distribution Center.

“We’re excited to bring Highcrest II & III to the market,” said Ray Kivett, chief investment officer at Meritex. “We know tenants want great freeway access, to be close to Minneapolis and St. Paul and have unrivaled access to labor, and this project will provide all of the above.”

Meritex developed the building currently on the Highcrest II & III site in 1964, and owned and managed the property for four decades. The company sold the building in 2004, and then repurchased the asset in 2016.

The property, located at 2470 Highcrest Road in Roseville, has close access to Interstate 35W, Highway 36 and Highway 280, and is closer to downtown Minneapolis and downtown St. Paul than any other recent industrial development. It is zoned I-1, which permits a variety of uses including manufacturing, warehousing and distribution, and will feature 32-foot-clear ceilings and ESFR sprinkler systems.

“The Northeast metro submarket has seen a tremendous amount of activity throughout the last several years as growing companies look to expand and others look to consolidate operations in newer, better spaces,” said Stokes, Cushman & Wakefield Senior Director. “The market has only just become aware that this opportunity is available, and there’s already healthy interest in the new Highcrest II & III.”

Total vacancy in the Northeast submarket is just 6.8 percent, according to Cushman & Wakefield research.

For more project information regularly updated, please visit highcrestmn.com.

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Meritex Hires Ray Kivett as Chief Investment Officer

September 27, 2017 Minneapolis, MN

The Meritex Company hired Ray Kivett as the company’s chief investment officer, beginning September 25, 2017. Kivett is a highly experienced investment professional whose background includes roles with American Realty Advisors, Ridge Property Trust, Prudential Real Estate Investors and several other companies. His expertise will be an asset to Meritex as the fourth-generation real estate and management company continues to expand its national leasing and asset management platform throughout the U.S. Kivett will work at the company’s headquarters in Minneapolis.

“During the interview process, Ray impressed us with his industry knowledge, successful track record, and sterling reputation,” says Paddy McNeely, chairman and CEO at Meritex. “We believe he is highly qualified to contribute to Meritex’s growth, and look forward to leveraging his investment experience and extensive connections within the institutional investment community.”

In his new role with Meritex, Kivett will work with Matt Wagner, director of acquisitions, on a broad range of real estate investment and development activities in Meritex’s select investment markets.

Kivett will build upon the success of Dan Williams, Meritex’s former CIO, who will be retiring in December after 29 years with the company. While at Meritex, Williams established the business as a highly qualified investor in the company’s select industrial real estate investment markets.

“While it’s extremely difficult to part with Dan Williams, we’re excited to know that Ray Kivett can help Meritex continue to grow our real estate investment and management activities nationwide,” adds McNeely.

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Meritex Announces New Hire and Promotions

August 21, 2017 Minneapolis, MN

Mark Scheierl, Eric Fink and Brett Ebert take on new roles within the company

The Meritex Company recently hired Mark Scheierl and promoted Eric Fink and Brett Ebert to new roles within the organization. The three will work out of the Minneapolis office, supporting business functions throughout the company.

Mark Scheierl was hired as a senior accountant at The Meritex Company. In his new role, Mark will be responsible for providing support to corporate managers including performance reporting, treasury management and corporate accounting. Before joining Meritex, Mark worked for a large public accounting firm where he provided assurance and tax services to companies within the real estate industry. Mark is a graduate of Mankato State University, where he earned a degree in accounting and minors in business law and business administration.

Eric Fink was promoted to manager of business analysis. Eric and his team provide analysis and insight to support the finance and asset management functions of Meritex. These activities include capital transactions, company analysis for strategic decisions and sensitivity analysis of key variables. Before joining Meritex two years ago, Eric was an accredited business valuation expert, working for a boutique business valuation firm in Minneapolis.

Brett Ebert was promoted to business technology officer. With more than 30 years of experience in information technology, Brett will ensure that the business processes and IT system solutions at Meritex run smoothly. This will include optimization and integration of the Yardi business system as well as overseeing technology implementation and improvements. Before joining Meritex last year, Brett was the president and owner of a Twin Cities-based managed services IT company for more than 25 years.

“We’re thrilled to have Mark, Eric and Brett take on new roles within Meritex,” says Tom Hotovec, chief financial officer at The Meritex Company. “Their expertise prepares us for growth, leveraging technology to continue improving our business.”

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Meritex Completes Construction on Jefferson II Project

August 17, 2017 Minneapolis, MN

Increasing demand and lack of supply for small to mid-size space in Indianapolis drives Meritex to develop

The Meritex Company announced today the completion of its Jefferson II Distribution Building, a 57,750-square foot Class A modern industrial facility located in the established Park 100 area of Indianapolis. The newly-completed development is the first small Class A multi-tenant industrial building constructed in the area in more than a decade. Highly flexible, Jefferson II can be leased to a full-building user or divided down to as small as 8,250 square feet, accommodating multiple tenants. The building brings Meritex’s investment in the Indianapolis market to nearly 1.3 million square feet.

The Indianapolis market has seen a steadily increasing demand from industrial space users seeking less than 15,000 square feet, yet prior to the completion of Jefferson II, there were no buildings in the area that could meet that need. “We’ve been aware of the growing need for small industrial spaces in the Indianapolis market for quite a while. Jefferson II was specifically designed to be adaptable to tenant needs based on that demand,” says Jill Evans, portfolio manager for Meritex in Indianapolis.Matt Wagner, director of acquisitions states, “We were compelled to move forward with this development on a speculative basis because of the historical low vacancy, attractive rents, and lack of modern small to mid-bay industrial product in Park 100.”

The new development was constructed alongside the Jefferson I Distribution Building, which Meritex acquired in 2012 along with the 4.5 acres of land that Jefferson II now sits on. Jefferson I was built in 2000 and has maintained 100 percent occupancy since Meritex took over its management. Tenants of the building employ nearly 30 people and contain 73,290 square feet of space in a multi-tenant office/warehouse configuration.

The newly completed Jefferson II Distribution Building is located in the popular Park 100 area and offers modern amenities with excellent access. The building is now available for lease and is currently being marketed by JLL.

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Meritex Announced Today the Acquisition of 1080 Park Place in Shakopee, MN

May 22, 2017 Minneapolis, MN

May 18, 2017 – Minneapolis, MN - Meritex announced today the acquisition of 1080 Park Place, a class A, 299,600 square foot industrial property located in Shakopee, Minnesota.

1080 Park Place is 100% leased to two tenants. The property is highly functional and offers 38-foot clear heights, an ESFR sprinkler system and abundant trailer parking with excellent access from both Highways 169 and 101.

“We are excited to enter into the Shakopee industrial submarket,” commented Dan Williams, chief investment officer of Meritex, “It is a dynamic investment and leasing market – one which we have been targeting for several years. We continue to seek additional industrial real estate investments in the Minneapolis market which now totals over 1.9 million square feet.”

1080 Park Place will be managed by Steve Dorff, Sr. Asset Manager at Meritex, who commented, “We are excited by the addition of the 1080 Park Place to our Minneapolis portfolio and look forward to serving our new customers.”

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Meritex Announced Today the Acquisition of Park Ladera at Spectrum Ridge

January 18, 2017 Minneapolis, MN

January 12, 2017 – Minneapolis, MN - Meritex announced today the acquisition of Park Ladera at Spectrum Ridge, a class A, 220,463 square foot light industrial project located in Phoenix, Arizona.

Park Ladera is a three-building portfolio developed in 2015. It is located in the Spectrum Ridge Industrial Park in the dynamic Deer Valley submarket with ideal freeway access.It is only a few miles from the I-17 and State Route 51 freeways and the 101 Loop.The project is highly functional and well-leased to a diverse group of eleven tenants.The Class A project amenities include abundant parking and trailer storage, full concrete truck courts, natural gas, ESFR sprinklers and 24’-30’ clear heights.

“This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification,” commented Dan Williams, chief investment officer of Meritex.“We continue to seek additional investments in the market with a goal of building an industrial portfolio of 1.5 to 2.0 million square feet in Phoenix.”

Park Ladera will be managed by Janet Herlyck, vice president, and Chris Cannon, sr. property manager, with Metro Commercial Properties.Leasing will be handled by John Werstler, Mitchell Stravitz and Cooper Fratt with CBRE.“We are excited by the addition of Park Ladera to our Phoenix portfolio and look forward to serving our new tenants,” commented Arvid Povilaitis, Meritex chief operating officer.

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Meritex Announced Today the Acquisition of Osborne Commerce Center

January 18, 2017 Minneapolis, MN

January 10, 2017 – Minneapolis, MN - Meritex announced today the acquisition of Osborne Commerce Center, a class A, 101,600 square foot light industrial property located in Minneapolis, Minnesota.

Located in Fridley, an in-fill submarket of Minneapolis, Osborne Commerce Center is 100% leased to six tenants.The property is highly functional and offers abundant trailer parking.

“This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification,” commented Dan Williams, chief investment officer of Meritex.“We continue to seek additional investments in the Minneapolis market which now totals 1.9 million square feet.”

Osborne Commerce center will be managed by Steve Dorff, Sr. Asset Manager at Meritex, who commented, “We are excited by the addition of the Osborne Commerce Center to our Minneapolis portfolio and look forward to serving our new tenants.”

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Meritex Announced Today its Entry into the Charlotte, North Carolina Industrial Property Market

August 22, 2016 Minneapolis, MN

Meritex announced today its entry into the Charlotte market with the acquisition of the CLT Logistics Center, a class A, eleven (11) building industrial portfolio. CLT Logistics Center is located immediately south of the Charlotte-Douglas Airport with properties on International Drive and Yorkmont Road. It includes 583,021 square feet and a 14-acre land parcel ready for development.

“Our market research has consistently identified Charlotte as a prime market for investment,” commented Dan Williams, chief investment officer for Meritex in Minneapolis. “This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification. The CLT Logistics Center comes with a sizable and diverse array of highly functional assets and excellent tenants. It also provides us with the opportunity to develop up to three modern industrial buildings totaling 200,000 square feet on the adjacent land site. We will also continue to seek other investment opportunities in the market with a goal of building an industrial portfolio of 1.5 to 2.0 million square feet.”

“We look forward to working with Foundry Commercial which has been retained as the listing agent and property manager for the portfolio,” commented Arvid Povilaitis, chief operating officer of Meritex. “The properties are located in the thriving airport submarket and have a proven track record of consistent demand. The properties are currently 91% occupied by thirty (30) tenants.” Leasing will be handled by Eric Ridlehoover and Fermin Deoca; management will be handled by Ben Hullender and Melissa Zickefoose. Dan Ward, director of investments for Meritex, will oversee the management and leasing of the portfolio and Matt Wagner, director of acquisitions for Meritex, will oversee acquisitions in the Charlotte market.

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Meritex Announces Acquisition of Sportech Building

May 20, 2016 Minneapolis, MN

The Meritex Company today announced the acquisition of the Sportech Building, a 105,000 square foot, manufacturing and warehouse facility located at 10752 168th Circle Northwest in Elk River, Minnesota. By making a forward commitment to purchase the building upon completion, Meritex gained the exclusive right to own a brand new, 105,000 SF, 32 foot clear asset.

“Our investment strategy focuses on acquiring assets where we can create value and produce consistent cash flows,” said Dan Williams, chief investment officer of Meritex. “The property is 100% leased to Sportech and comes with excess land able to support a 70,000 SF Sportech expansion offering growth for both Sportech and Meritex.”

This acquisition expands Meritex’s Minneapolis portfolio to nearly 2.5 million square feet of real estate owned or under management.Sportech will directly manage all routine facility operations. “We are excited about the addition of this property to our portfolio in the Minneapolis market,” commented Steve Dorff, senior property manager for Meritex in Minneapolis.

Company Information:The Meritex Company is a private real estate investment and management company that acquires, develops, owns and operates commercial real estate, primarily institutional grade, multi-tenant industrial properties.The Company owns, leases, and manages 10.5 million square feet of commercial real estate in seven markets in the U.S.Its portfolio consists of multi-tenant industrial, office and subsurface industrial properties.The Company’s properties are located in Atlanta, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Phoenix.Additional information can be found at the Company’s website www.meritex.com.

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Meritex Announces Acquisition of 2470 Highcrest Road

April 19, 2016 Minneapolis, MN

Meritex today announced the acquisition the Minnesota Technology Exchange Building, a 359,540 square foot, multi-tenant, office/data center facility located at 2470 Highcrest Road in Roseville, Minnesota. The property is presently leased to Unisys and is 33% occupied. It is serviced by two off-site electrical substations and multiple fiber optic providers. The 16 acre site also provides abundant parking. The property is zoned I-1 which permits a variety of uses including manufacturing, warehousing, laboratory, office and truck terminal.

“Our investment strategy focuses on acquiring assets where we can create value and produce consistent cash flows,” said Dan Williams, chief investment officer of Meritex. “The Minnesota Technology Exchange Building is a property that we are quite familiar with. We developed the building in 1964, owned and managed the property for four decades, then sold the building in 2004. We recently repurchased the asset through Auction.com. At our new basis we have the options of leasing the existing asset at favorable rates, repositioning the property by investing capital or redeveloping the entire site. We are very bullish on this micro-market having had great success selling four large industrial land parcels and with our own spec development project.” Meritex recently completed Highcrest Distribution Center, a 130,000 SF, Class-A, office-warehouse, now 100% leased to two tenants.

This acquisition expands Meritex’s Minneapolis portfolio to more than 2.4 million square feet of real estate owned or under management. Meritex will directly manage the 2470 Highcrest Road facility along with its other holdings in Minneapolis. “We are excited about the addition of this property to our portfolio in the Minneapolis market,”commented Steve Dorff, senior property manager for Meritex in Minneapolis. “With superb access to major Midwest transportation routes, including, I-35, Hwy 280 and I-94, 2470 Highcrest Road is an excellent complement to our portfolio.”

Company Information: Meritex is a private real estate investment and management company that acquires, develops, owns and operates commercial real estate, primarily institutional grade, multi-tenant industrial properties. The Company owns, leases, and manages over 10.5 million square feet of commercial real estate in seven markets in the U.S. Its portfolio consists of multi-tenant industrial, office and subsurface industrial properties. The Company’s properties are located in Atlanta, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Phoenix. Additional information can be found at the Company’s website www.meritex.com.

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Meritex Appoints Matt Wagner as Director of Acquisitions

April 19, 2016 Minneapolis, MN

Meritex Enterprises, Inc., announced today that Matt Wagner has joined the Company as Director of Acquisitions. Matt will be responsible for sourcing, underwriting, negotiating, and closing on acquisition and development opportunities in targeted US markets. Prior to joining Meritex, Matt was with Lincoln Advisory Group and also with Inland American Real Estate Trust, Inc., both in the greater Chicago area. Throughout his career, Matt has reviewed and underwritten in excess of $50 billion in office and industrial transactions nationally leading to over $500 million in acquisitions on behalf of joint venture and separate account clients.

Matt received his Bachelor’s degree in Real Estate / Finance from the Carl H. Lindner College of Business at the University of Cincinnati. Matt is a member of Young Real Estate Professionals (YREP) and is a LEED Accredited Professional.

Dan Williams, Chief Investment Officer at Meritex said, “Matt’s experience in real estate acquisitions and analysis will be a great asset to Meritex as we plan to significantly increase the size of our industrial real estate portfolio over the next three to five years.”


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Meritex Announces Acquisition of MetroAir Building #3

April 19, 2016 Minneapolis, MN

Meritex today announced the acquisition of the MetroAir Building #3, a 248,358 square foot Class A facility located at 758 Columbia Road in Plainfield, Indiana. The property, part of the MetroAir Business Park, is 100% occupied, features an ESFR sprinkler system and a 28 foot clear ceiling height.

“Our investment strategy focuses on acquiring properties where we can create value and produce consistent cash flows,” said Dan Williams, chief investment officer of Meritex. “MetroAir Building #3 is well-located in the premier Plainfield submarket, is highly functional, and offers the added benefit of a 140 foot deep truck court and ample parking.”

This acquisition expands Meritex’s Indianapolis portfolio to more than one million square feet. Meritex will directly manage the MetroAir property along with its other holdings in Indianapolis. “We are excited about the addition of this property to our portfolio in the Indianapolis market,”commented Jill Evans, portfolio manager for Meritex in Indianapolis. “With excellent access to major Midwest transportation routes, including I-70, I-74 and I-65, MetroAir Building #3 is an asset to our portfolio.”

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