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


Meritex Purchases 121,520-Square-Foot Industrial Property in Houston

October 30, 2018 Houston, TX

HOUSTON – The Meritex Company continues to increase its presence in the Houston market with the acquisition of Park 225, a 121,520-square-foot, Class A, multi-tenant light industrial building. Meritex closed on the property on October 24.

Dan Ward, the director of investments for Houston at Meritex, says, “Park 225 is an attractive asset due to its location. The building is at the interchange of Highway 225 and Beltway 8, providing excellent access to Houston’s vast petrochemical industry, the Houston Ship Channel and to both Barbour’s Cut and Bayport Container Terminals of the Port of Houston.”

The strategic location is attractive to tenants in the petrochemical, port and shipping, distribution, and light manufacturing industries. The building is already fully leased to four tenants.

Park 225 is Meritex’s third acquisition in Houston and brings the company’s industrial portfolio to almost 500,000 square feet of assets owned and managed in the metro area. Texas is a key expansion market for Meritex, which is also currently exploring opportunities in the Dallas-Fort Worth area.

Ray Kivett, CIO at Meritex, says, “We plan to own Park 225 long-term. Houston continues to have favorable property and market fundamentals and remains a targeted expansion market for Meritex.”

The Southeast Industrial submarket has 3.3 percent market vacancy and experienced over one million square feet of absorption in Q1 2018.

Tom Lynch, an investment sales broker at CBRE, helped with the acquisition. Property management will be provided by Stream Realty’s Houston office.

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Meritex Welcomes Gannon Scudder, Property Accountant

October 4, 2018 Minneapolis, MN

Join us in welcoming our newest hire, Gannon Scudder, to the Meritex family. Gannon joined us last month as our newest property accountant.

“We’re thrilled Gannon has joined the team,” says Scott Perpich, manager of accounting. “He’s a great fit for our people-first philosophy, and I know he’ll help support our growth, particularly in the Charlotte market.”

Gannon will be working in the Minneapolis office, providing support to corporate and property managers and handling critical accounting functions including general ledger analysis, budget and forecast support, and billing and accounts receivable activities for the Charlotte market.

Prior to joining Meritex, Gannon worked for CBRE as a senior real estate accountant. While there, his responsiveness, insight and dedication helped him get promoted twice since he was hired in 2015 as an associate accountant.

Gannon received his undergraduate degree from Colorado State University in Fort Collins, CO and moved to Minneapolis right after graduating from college.

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Meritex Named One of Minneapolis/St. Paul Business Journal’s Best Places to Work - Ranking Third in Small Company Category

August 24, 2018 Minneapolis, MN

The Meritex Company was named one of Minneapolis/St. Paul Business Journal’s 2018 Best Places to Work, reinforcing the company’s focus on putting people-first. The list of honorees includes companies in a wide range of industries across the Twin Cities who create and maintain engaging work environments for their employees through team-building activities, career-development opportunities, workplace amenities and more.

At Meritex, employees are encouraged to grow and evolve in a setting that combines the flexibility and innovation of a family-owned business with the benefits, discipline and governance of a much larger organization. This eliminates hierarchy and gives employees the opportunity to learn many aspects of the business by interacting daily with other departments and directly with senior leadership. Employees are encouraged to explore, challenge themselves, and look for ways to improve processes and make a difference at the company and in their communities.

Raising the standards for the industry, Meritex commits to doing business the right way, forming genuine, long-lasting relationships that lead to strong collaboration, beneficial outcomes and sustained success for everyone involved. By doing that, Meritex believes success naturally follows.

This is the Business Journal's 20th year recognizing great workplaces — the longest such awards program in the Twin Cities.

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Meritex Welcomes Andrew May, Investment Analyst

June 11, 2018 Minneapolis, MN

The Meritex family continues to grow. Andrew May joined us last month as an invest analyst. In his new role, Andrew will assist with underwriting, due diligence, market research and closing of acquisitions, dispositions and development opportunities.

“We’re excited to welcome Andrew to the Meritex family,” says Matt Wagner, director of acquisitions at Meritex. “We believe he’s the right fit to contribute to Meritex’s continued growth as we look to expand into new markets, build partnerships and invest in best-in-class properties for our tenants.”

Prior to joining Meritex, Andrew was a credit analyst at TCF Bank in the commercial real estate lending division. While there, he performed credit underwriting and analysis for industrial, retail, office, multi-family, mixed-use and hospitality properties. Additionally, he assisted in appraisal reviews, market research and preparation of credit investment packages.

“During the interview process, Andrew impressed us with his knowledge, work ethic and overall passion in the real estate industry and we know he will be a tremendous asset to our team,” Wagner adds.

Andrew is an active member of NAIOP and participated in the Developing Lenders program. He will work out of the Minneapolis office and report to Matt Wagner, director of acquisitions. He received his bachelor’s degree in finance and economics from the University of Northern Iowa.

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Meritex Acquires Strategically Located Property near Charlotte Airport

May 15, 2018 Charlotte, NC

CHARLOTTE – The Meritex Company has purchased Airpark West V, a 100,286-square-foot property located just three miles from the Charlotte Douglas International Airport, providing a versatile opportunity for small- to mid-sized businesses. In keeping with the Meritex tradition of doing good business by creating flexibility and innovation in properties, the building will undergo a major capital improvement plan, including adding additional dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites.

“We acquired the asset completely vacant and plan to reposition it into an attractive, multi-tenant building appealing to small-to-midsize users,” says Matt Wagner, director of acquisitions at Meritex. “We intend to transform the functionality and image to best-in-class.”

With an eye to the long-term goal of providing spaces that are business-friendly, the property was also chosen due to its potential for allowing the companies within the space to evolve as they wish.

Ray Kivett, chief investment officer at Meritex, says, “Given the pace of change in so many industries, there’s no single design or layout that solves every problem. Rather than design to a specific need, we work to ensure all Meritex properties combine functionality with flexibility, designing spaces in such a way that we can anticipate and accommodate needs in a variety of ways—and be ready to evolve even further forward.”

Airpark West V is located at 8610 Airpark West Drive within the Air Park West Industrial Park in Charlotte, North Carolina. Originally built in 2004 and expanded in 2007, the property was strategically acquired based on its premium location and fulfilling Meritex’s objective of further expanding in the Charlotte airport submarket. In addition to its infill positioning, its transportation access is exceptional due to the adjacency to major corridors – under a mile from I-485, 0.25 mile from I-85, and only 1.6 miles from the intersection of I-485 and I-85.

Justin Smith, vice president at Colliers International, says, “Recently the airport submarket has experienced tremendous growth through leasing and investments and the Airpark West V building will be well-positioned to succeed with the future redevelopment plan.”

Smith and Rob Speir of Colliers International represented Meritex in the acquisition of this transaction.

Foundry Commercial in Charlotte has been engaged to act as both leasing agent and property management firm for the Airpark West V.

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Meritex Acquires Newly Constructed Infill Industrial Properties in Phoenix

April 26, 2018 Phoenix, AZ

PHOENIX – The Meritex Company has purchased a 198,771 square-foot Class A industrial portfolio located adjacent to Phoenix Sky Harbor International Airport. The project is newly constructed and consists of two multi-tenant industrial buildings that feature modern amenities such as 28’ – 30’ clear heights, LED lighting, ESFR sprinkler system, efficient column spacing and attractive façade and entryways. The park is located at 2625 and 2675 South 16th Street in Phoenix and is called Meritex Park Sky Harbor.

“We are very excited to add these best-in-class assets to our portfolio as we continue to execute our investment strategy and expand our presence in Phoenix,” says Matt Wagner, director of acquisitions at Meritex. “We targeted these properties due to the infill positioning near the airport, major transportation nodes, significant population and labor force concentration.”

The business park is located only a quarter mile from two major highways, I-17 and I-10, and just over a mile from the Phoenix Sky Harbor International Airport.

Meritex Park Sky Harbor is currently 71 percent leased to four regional, national, and international companies. The building suites range in size from 10,000 sq. ft. to 43,000 sq. ft.

“The buildings are specifically designed to accommodate small to mid-size users, which is where most of the leasing velocity occurs,” says Wagner. “We are very optimistic that the strong market fundamentals in the surrounding area are positioned for additional near-term growth.”

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Meritex Hires Ben Lieser to Oversee Minnesota Market

January 15, 2018 Minneapolis, MN

MINNEAPOLIS – The Meritex Company has hired Ben Lieser as the company’s new regional manager for Minnesota, effective December 28, 2017. In his new role with Meritex, Lieser will provide management oversight to the entire Minnesota market. He will work at the company’s headquarters in Minneapolis.

“Ben has a breadth of experience in property and asset management, leasing, construction management and development,” says Arvid Povilaitis, COO at Meritex. “We are excited to have him join the Meritex team.”

Lieser brings more than 20 years of experience to Meritex. Prior to joining the company, Lieser served as asset manager with the Roberts Management Group. His previous background includes 13 years at the Carlson Real Estate Company and roles with Great Lakes REIT and Suntide Commercial. Lieser holds a bachelor's degree in real estate from St. Cloud State University, certified commercial investment member (CCIM) and real property administrator (RPA) designations, and a Minnesota real estate broker’s license.

“During the interview process, Lieser impressed us with his industry knowledge, certifications, and extensive experience in the Minnesota market,” says Povilaitis.

Lieser will build upon the success of Steve Dorff, Meritex’s former regional manager for Minnesota, who retired in 2017 after 38 years with the company.

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Meritex to Develop 14 Acre Land Parcel near Charlotte Douglas International Airport

December 8, 2017 Charlotte, NC

CHARLOTTE, N.C. – Meritex has begun development on a 79,420-square-foot, Class A, multi-tenant industrial building on the land site next to its 11-building industrial portfolio known as CLT Logistics Center. The development will feature 32’ clear height, 60’ speed bay, attractive store fronts with timber panel finishes, additional trailer storage, and the flexibility to be demised to 3 to 4 suites, targeting users with needs ranging from 25,000 sq. ft. to nearly 80,000 sq. ft.

The project is the first phase of a larger plan to develop three modern distribution buildings on the site, which can accommodate nearly 220,000 sq. ft. of new industrial product. Phase I will be completed on a speculative basis and is anticipated for delivery by Spring 2018. The remaining buildings will be considered during the construction process.

Meritex first entered the Charlotte market in mid-2016 with the $46.3 million acquisition of the 11 building, 583,021 square foot, Class A property known as CLT Logistics Center. The complex contains more than 40 local, national and international tenants with a wide range of suite sizes from 1,500 sq. ft. to 40,000 sq. ft. The initial purchase also included the 14 acres of available land which is now being developed.

Over the long-term, Meritex anticipates the area near the development will continue to see strong tenant and user demand due to its attractive location near Charlotte Douglas International Airport, intermodal, I-485, I-77 and I-85.

Meritex has selected Foundry Commercial as the listing agent and property manager for the project.

Eric Ridlehoover, managing director and principal at Foundry Commercial, says, “With overall market vacancy rates around 4 percent, and with the steady leasing velocity in both the overall market and airport submarket, the new building delivery couldn’t come at a better time.”

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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

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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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