Here today.
Here tomorrow.

Like the businesses that fill our properties, Meritex has a reputation built on one transaction, one relationship at a time. It’s what has made our long-term goal of intelligent, measured growth achievable, and what makes our ambitious plans for the years ahead so promising.

Meritex is a family-owned company. That means every business decision is made not only for this generation, but for generations to come. It’s served us well for the past century, where we’ve learned firsthand how businesses can adapt and evolve, particularly with the right spaces and terms supporting their goals.

Unique in the light industrial industry, Meritex is a nimble, flexible private company that has elected to follow the discipline and governance of a company many times our size.

We offer the responsiveness of a private company, and the responsibility of a publicly traded one. It all comes from a balanced sense of duty to both our tenants and our investors.

A reputation built one deal at a time, one handshake at a time, one dedicated person at a time.

Tom Hotovec

Chief Executive Officer since 2023

Tom leads the development and oversight of Meritex’s strategy. Tom joined the company as Chief Financial Officer in 2004 and became President of Meritex in 2021. As Chief Financial Officer he developed a capital strategy focused on long-term fortress financial strength and created opportunities to expand the portfolio. Before working at Meritex, he was the Vice President of Accounting and Finance for General Growth Properties. Tom has over 25 years of experience leading teams and creating value. He holds a B.A. degree in Accounting from the University of Northern Iowa and is a National Association of Office and Industrial Properties (NAIOP) member.

Ray Kivett

Chief Investment Officer since 2017

Ray Kivett recently joined Meritex in 2017 and is responsible for its acquisitions, dispositions and development activity. Ray has over 30 years of investment experience that includes roles with American Realty Advisors, Ridge Property Trust, Prudential Real Estate Investors and several other companies where he has acquired $5.1 billion in assets over the tenure of his career. He is a CPA and has a B.A. in Accounting from the University of Iowa. He is a member of National Association of Industrial & Office Properties, Association of Industrial Real Estate Brokers, Real Estate Financial Executives Association, AICPA, and the Texas Society of CPA’s.

Arvid Povilaitis

Chief Operating Officer since 2005

Prior to Meritex, Arvid was senior vice president of Equity Office Properties Trust, where he was responsible for strategy, execution and financial performance of a 14 million square foot office portfolio in the Midwest. Arvid has over 30 years of leadership roles in the commercial real estate industry, a B.S. in Accountancy from the University of Illinois and an MBA in Real Estate Investment and Finance from DePaul University. He is also a CPA and a member of NAIOP.

Mark Spotts

Chief Financial Officer since 2021

Prior to joining Meritex as the Vice President – Finance and Capital Markets in 2020, Mark was the corporate controller of WPT Industrial REIT (TSX: WIR.U) where he was responsible for the reporting, accounting, finance and investor relations. With over 17 years of experience in various accounting and finance roles, Mark brings a diverse background to Meritex. Mark has a B.S. in Accounting from Florida Gulf Coast University and is a CPA. Mark is also a member of NAIOP.

Susan MacHolda

Chief Human Resources Officer since 2020

Susan MacHolda joined Meritex in 2019 and is responsible for the Human Resources function. Susan has over 35 years of human resources experience in both private, family-owned, and public companies; Susan spent the majority of her career with Carlson Companies (Carlson Real Estate, Family Office, Foundation and Corporate) as well as previous roles with Target, State Street Global Advisor and Northgate Computer Systems, Inc. Susan holds a bachelor’s degree in human development and communication from the University of Minnesota, and an SPHR certification. Currently, Susan serves as Board Member and Co-Chair of the HR Committee for IOCP, a nonprofit organization.

Keith Baker

Executive Vice President and General Counsel since 1991

Keith joined Meritex in 1991 and serves as Executive Vice President and General Counsel. With over 37 years of real estate and business law experience, Keith and his team oversee the company's legal affairs, providing legal counsel and oversight for investment transactions, financing, leasing, joint venture and private real estate fund matters, and corporate governance. He holds a B.A. (cum laude) in Mathematics and Economics from the University of Minnesota and a J.D. (magna cum laude, Order of the Coif) from the University of Minnesota Law School. He is a member of Phi Beta Kappa. Prior to joining Meritex, Keith was in private practice with a large national law firm, focusing on commercial real estate transactions and advising businesses on a wide variety of matters.

Meritex governing board

Ensuring the day-to-day values of our company provide long-term value for our investors.

Joseph Hoesley

Member since 2018

Most recently Vice Chairman and Executive Vice President of U.S. Bank, responsible for U.S. commercial real estate. Retired 2015. Graduate of St. Johns University, Collegeville, MN.

Mary Schmid Daugherty

Member since 2016

Mary is the Family Business Center Senior Fellow in Applied Finance at the University of St. Thomas. She is actively involved in teaching, research, consulting and corporate board work. Mary has an MBA and PhD from the University of Minnesota and is a Chartered Financial Analyst.

Scott Becker

Member since 2005

Scott is a founder and former managing partner of Northstar Capital and has held management positions at Adler Management, General Mills, and Control Data. He has an MBA from the University of Minnesota, a J.D. from William Mitchell College of Law, and is a Chartered Financial Analyst.

Rolf Engh

Member since 2003

Rolf was most recently executive vice president and general counsel for Valspar Corporation. Prior, he was a partner at Lindquist and Vennum law firm in Minneapolis, MN. He has a J.D. from William Mitchell College of Law.

Harry McNeely, Jr.

Member since 1992

Harry, Chairman Emeritus, has worked in numerous leadership roles involving the company's real estate operations, finance, and transportation since starting out in the business in the 1950's. In 1991, he reorganized the company's governance structure and established a fiduciary board consisting of a majority of independent directors. He is the co-founder of the University of St. Thomas' Family Business Center, whose mission is to equip family businesses within the region with practical tools to balance family, business and ownership needs. Harry has degrees from Yale and Stanford University.

Paddy McNeely

Member since 2001

Chairman and member since 2001. Paddy began managing properties for Meritex in 1991 and became CEO in 2001, strategically leading the business through 2022. Before joining Meritex, Paddy was Vice President of Commercial Banking at National City Bank of Minneapolis for 10 years. Paddy attended the University of St. Thomas, has extensive independent board experience, and is a National Association of Office and Industrial Properties (NAIOP) member.

Irene McNeely

Member since 2023 and 1996-2002

Irene serves on the Board of Directors Audit, Compensation and Governance Committees. She was the founding Chair of the McNeely Family Council and continues to serve as Vice Chair. Irene is a Director on the McNeely Family Foundation Board where she serves on the Investment and Programming Committee. In her career she worked in numerous business management positions as well as being a retail buyer. Irene graduated from the University of Oregon with a Bachelor of Science in Economics. She attended the Wharton Family Business Program and a myriad of other family business education opportunities.


Although as a private company, Meritex is not required to answer to a governing board, in 1991, the business leaders elected to create a Governing Board with a majority of independent directors. The intent was to ensure objective, clear vision for the company’s future, and to continue to steer the company in directions that balance financial stability, profitability and ethical standards.

The McNeely Family Council

The McNeely Family Council is a representative, inclusive group of Family Owners that seeks consensus to do work on behalf of the McNeely Family. The Family Council works to build a positive relationship and open communication between the Board of Directors, the Meritex Management Team, Owners, McNeely Foundation, and Family members.

The McNeely Foundation

The McNeely Foundation has historically leveraged human and financial resources to foster a thriving East Side St. Paul, Minnesota where the McNeely business developed. The Foundation was set up in the 1960s by Harry G. McNeely Sr and his wife Adelaide Frenzel McNeely. It was originally funded with a gift of stock from their business, The Saint Paul Terminal Warehouse Company. For more information, visit:

ESG (Environmental, Social & Governance)

Consistent with our Core Values, we are committed to good governance, sustainability and social initiatives that will improve the environment, benefit our customers, and strengthen the communities we serve for generations to come.

Putting good business to the test, across the country.

We place great value on communication and collaboration, and great pride in doing business well. Across the nation, we put this commitment to work by partnering with businesses large and small.

We strategically expand within key markets, ensuring that our properties and growth rate are in sync with our tenants’ needs and ambitions. And once you’re in a Meritex building, you can be assured that an expert local team is on hand when you need them—backed in full by every person at our Minneapolis/Saint Paul headquarters.