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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 Hires Chris Jackson as a Construction Manager

February 13, 2024 Minneapolis, MN

We’re excited to welcome our newest hire, Chris Jackson. Chris is joining Meritex as a Construction Manager at Meritex Lenexa Executive Park. In his new position, Chris will contract for and supervise construction and major maintenance projects on Meritex underground and surface properties. He will also assist in the preparation of proposals for potential tenants and generally assist with sales and marketing efforts, including meeting with prospects to determine requirements and preparing preliminary design and cost estimates. Additionally, Chris will manage safety programs and maintain positive tenant relations.

“We’ve been expanding quickly in Lenexa,” explains Mark Roseman, Regional Manager for Meritex in Lenexa. “With the completion of three new buildings and addition of nine new tenants, it was time to hire someone who can continue to foster strong relationships in the area.”

Most recently, Chris worked as a Project Manager at Fieldstone Homes in Overland Park, Kansas. In this position, Chris developed and maintained job schedules, completed quantitative take off on all houses, and tracked budgets. He also created change orders, reviewed and approved monthly invoices, and sourced new and innovative products.

“We’re looking forward to having Chris join the Meritex team,” adds Roseman. “His previous experience in project management and construction supervision impressed us. We’re thrilled to have such an experienced professional overseeing the Executive Park.”

Please join us in congratulating and welcoming Chris!

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Meritex Moves Headquarters to Studio at Riverplace in Minneapolis

February 7, 2024 Minneapolis, MN

Meritex Company ("Meritex"), located at The Firebarn on 24 University Ave NE in Minneapolis for nearly 16 years, is moving its headquarters to Studio at Riverplace. The new location is just across the street at 10 Second St. NE in Minneapolis. The move comes as a result of the Company's expanding team, requiring more space to accommodate growth.

"Meritex's corporate office has resided in the Twin Cities since its inception in 1916," explains Tom Hotovec, Meritex CEO. "We have been part of the Old Town neighborhood on the east bank of the Mississippi in NE Minneapolis since 2008. We love the neighborhood and chose to stay."

The new headquarters provides approximately 13,000 sq. ft. of space, three conference rooms, a collaboration room, a modern break room with a beverage bar, and a rooftop patio. The design features thoughtful finishes and furniture, reflecting Meritex's brand with a nod to its Minnesota roots. Project partners include BDH, Ancoats, and Acre.

"As a family-owned company, we prioritize creating a comfortable working environment where our team can engage in face-to-face interactions while enjoying the unique features of our space and Riverplace's many amenities," says Hotovec.

Brent Erickson, Mary Burton, and Matt Elder of Newmark represented the Landlord. Studio at Riverplace is managed by Jones Lang LaSalle (JLL).

Construction on the new office began in October 2023 and is now complete. Meritex will officially move on March 1, 2024.

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Meritex Completes Second Phase of Surface Development in Lenexa

January 25, 2024 Lenexa, KS

The Meritex Company (“Meritex”), through its Meritex Industrial Fund IV, has completed the development and lease up of Buildings 3, 4, and 5 in Meritex Lenexa Executive Park. Construction began in 2022 and was completed in late 2023. The three buildings add approximately 346,000 square feet to Meritex Lenexa Executive Park. With the delivery of the three buildings, Meritex now owns and operates approximately 3.3 million square feet of industrial space in the Lenexa submarket of Kansas City.

The three buildings were 100% pre-leased to nine tenants with an in-place weighted average lease term of 9 years. Tenants poised to move into the new buildings include Source Inc., an award-winning leader in custom-integrated wireless solutions; Furniture Options, which provides rental furniture for homes and offices; Facility Solutions Group, one of the nation's largest single-source providers of lighting and electrical products, and a national investment-grade credit tenant that distributes industrial maintenance repair and operation replacement parts, among others.

“Similar to our first phase development, which was delivered in 2021, we experienced strong leasing activity immediately upon breaking ground on the three buildings,” says Mark Roseman, Regional Manager for Meritex in Lenexa. “With local expertise in Lenexa, we recognized the demand for highly functional industrial buildings in the Lenexa sub-market and we’ve been able to deliver for new and existing tenant demands.”

Building 3 is 189,000 sq. ft. and features a clear height of 32’, sixteen dock-high doors, a 135’ truck court, parking for 168 cars and 54 trailers, and an ESFR sprinkler system. Buildings 4 and 5 are approximately 85,000 sq. ft. and 72,000 sq. ft; respectively, and feature 28’ clear height, 24 dock doors, adjoining 130’ truck courts, parking for 203 cars, and ESFR sprinkler systems. The buildings are located less than a mile from the K-10 and I-435 highways and feature excellent access to I-35.

Russell served as the general contractor on the project, and John Stafford and Tom Haverty with Colliers were the listing brokers.

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Meritex Acquires Infill Industrial Property Adjacent to Sky Harbor International Airport in Phoenix

January 10, 2024 Phoenix, AZ

The Meritex Company (“Meritex”), through its Meritex Industrial Fund IV, kicked off the new year with the acquisition of a 101,932 square foot Class A infill multi-tenant industrial building in Phoenix, Arizona. The property is currently 100% leased to three tenants with a weighted average lease term of approximately 6.5 years. The acquisition brings the Meritex portfolio in Phoenix to over one million square feet.

The property is located at 3930 East Watkins Street in Phoenix, Arizona within the Airport Submarket. The property is directly adjacent to the Sky Harbor International Airport in the established Southbank Industrial Park; offering immediate access to I-10 and Highway 143 and direct frontage access to the airport. The property was built in 1999 and features 24’ clear height, wet sprinkler system, dock-high and drive-in doors, 130’ truck court, outside storage, abundant parking, excess land, and an expansive glass line with multiple storefronts.

“With its proximity to the airport, supply shortage of this property type, strong tenant demand, and the excess land on the site, there is tremendous upside for this property over the long-term,” says Matt Wagner, Senior Director of Investments at Meritex. “The infill nature of this property is truly irreplaceable, providing another strategic asset to our national portfolio.”

Brian Ackerman with Colliers International represented the seller. The property will be managed by Metro Commercial Properties.

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Nicole Witstine Promoted to Business Systems Manager

October 5, 2023 Minneapolis, MN

We’re delighted to share Nicole Witstine’s promotion to Business Systems Manager. A Meritexan for six years, Nicole initially joined us as a Financial Systems Analyst.

“Nicole’s promotion to this new role is well-deserved, given her technological expertise, exceptional process orientation, and consistent demonstration of Meritex’s core values,” says Brett Ebert, Business Technology Officer at Meritex. Nicole has successfully managed various projects and implemented systems across multiple departments, significantly improving operational efficiencies.

In her new role, Nicole is responsible for developing, documenting, and maintaining the company’s business systems while working with team members to identify process improvement opportunities.

Congratulations, Nicole!

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Meritex Summer Intern Interviews

September 27, 2023 Minneapolis, MN

After an excellent summer of hard work and professional growth, our summer interns are heading back to school. In honor of their departure, we asked them to share some of their insights about working at Meritex.


What was the most rewarding part about working with Meritex this summer?

“It was never just ‘intern’ work,” says Chase Bocken, Meritex investment intern. At Meritex, we strive to offer our interns immersive learning environments where they can lead projects and develop practical skills for their career paths. In addition to hands-on projects, our interns were able to experience a corporate atmosphere for the first time. Finance intern, Blake Crabtree and accounting intern, Jack Kahlmeyer both reference Meritex’s company culture as a key aspect of their internship experience.


What was something that surprised you about your experience?

“I was surprised by the variety of projects that I got to work on and how much trust they put in me to complete and work on certain projects,” says Lindsey Muntifering, HR intern. Something that is often new to young professionals is seeing how these assignments and interactions build into the greater industry. Crabtree confirms, “When I first found this internship, I was not totally sure what Meritex did. I could read the website and do my research, but until you start working in the industry, you don’t realize all that goes into it.”


Describe a new skill that you gained during your internship.

One of the biggest benefits of having an internship is learning skills not taught in school courses. In Muntifering’s case, this meant practice in writing company policies. For Bocken and Crabtree, the new skills focused on gaining proficiency in applications such as Argus Enterprise software and Microsoft PowerBI.


What was the best piece of advice you received at Meritex?

Kahlmeyer and Muntifering emphasize that you need to continue growing, whether it's in your network, or your skillset. “The best piece of advice that I have received while at Meritex is always to keep connections and maintain your networks,” says Kahlmeyer. Muntifering adds, “The best piece of advice I have received is not to be afraid to do things that you do not know how to do or what you are uncomfortable with because these are the times when you will grow.”


What advice would you give to someone on the first day of their internship?

Muntifering urges new interns to go into the first day, “ready to jump in with both feet.” Part of jumping in with both feet is not being afraid to ask for help when needed. Bocken, Crabtree, and Kahlmeyer encourage newcomers to ask plenty of questions. “Anyone is more than willing to have a conversation with you within the company,” says Bocken. “Even if you want to talk with the CEO, Tom Hotovec, anyone will always be willing to invest in you and give you their time.”


Thank you, and good luck to our awesome summer interns as they return to their respective schools. Muntifering and Bocken are returning to Bethel University, while Kahlmeyer and Crabtree will be back at the University of St. Thomas. You will be missed!

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Meritex Acquires Three-Building Industrial Park in Houston, TX

August 30, 2023 Houston, TX

The Meritex Company (“Meritex”), through its Meritex Industrial Fund IV, is excited to announce the acquisition of Stafford Park Business Center, a three-building, 278,224 sq. ft. Class A industrial park. The property is currently 100% leased to 12 tenants with a weighted average lease term of approximately three years.

Located in the Southwest Houston industrial submarket, the property offers easy access to U.S. Highway 59 and 90, and Beltway 8 via West Airport Boulevard, providing superior multidirectional connectivity. The property was built in 2005 and features 78 dock-high doors, 10 drive-in doors, clear heights between 20’ - 24’, and an ESFR sprinkler system. The property’s average tenant tenure of 10 years is a testament to Stafford Park Business Center’s mission-critical location and functionality.

“Stafford Park Business Center is well positioned to continue its strong performance due to its direct proximity to the growing population base of West and Southwest Houston and increasing land constraints in the Southwest Industrial Market,” says Drew Evans, Director of Acquisitions for Meritex. Evans explains, “The submarket has limited remaining industrial land sites, creating greater demand for well-located and highly functional properties like Stafford Park Business Center.”

“The market in Houston is and will continue to be a priority for us,” says Ben Lieser, Regional Manager for Meritex’s Minnesota and Texas portfolio. “With this strategic acquisition, Meritex now owns properties in Houston’s most desirable industrial submarkets.”

Trent Agnew, Charles Strauss, Lance Young, and Brooke Petzold of JLL represented the seller in this transaction. The property will be managed by Jessica Porras, Senior Property Manager of Stream Realty.

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Meritex Acquires 177,870 sq. ft. Industrial Property in Houston

August 16, 2023 Houston, TX

The Meritex Company (“Meritex”) continues to expand its portfolio in Texas and is excited to announce the acquisition of Northwest Crossing. The 177,870 sq. ft., two-building, Class A industrial property is located in Houston’s Northwest industrial submarket. The property is 100% leased to four tenants with a weighted average lease term of four years.

The property, located at 7350 and 7354 Denny Road, was built in 1999 and features 24’ clear height, an ESFR sprinkler system, 31 dock-high doors, 7 ramp access doors, and a 120’ truck court.

“Houston has one of the youngest, fastest-growing populations in the country, and the pro-growth and pro-business environment make this a great market to invest in,” says Drew Evans, Director of Acquisitions for the Texas markets. “With varying suite sizes and an evergreen location in Houston’s Northwest industrial submarket, these assets are and will continue to be ideally situated to serve Houston’s growing population while still being proximate to the city’s central core,” adds Evans.

Ben Lieser, Regional Manager for Meritex’s Minnesota and Texas portfolio explains, “This property was particularly appealing to Meritex with its diverse rent-roll and with in-place rents significantly below market, we see a near-term mark-to-market opportunity to capture rental rate growth in a high-demand location.”

Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee, and Trevor Berry of Cushman and Wakefield NIAG Southwest represented the seller in this transaction. The property will be managed by Jessica Porras, Senior Property Manager of Stream Realty.

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Meritex Breaks Ground on Speculative Industrial Project near Indianapolis International Airport

August 2, 2023 Indianapolis, IN

The Meritex Company (“Meritex”) through its Meritex Industrial Fund IV has broken ground on Decatur Airpark, a new state-of-the-art 80,052 square foot class A industrial project located at 4925 Decatur Boulevard within the AmeriPlex Business Park adjacent to the Indianapolis International Airport. The development is designed to accommodate multiple users and features rear load configuration with double row parking, 28’ clear height, 142’ truck court, trailer or outside storage, two speculative office suites with modern interiors, LED lighting with motion sensors, ESFR sprinkler system, attractive exterior aesthetics, 2,800 amp power service with expansion potential, 14 dock-high doors with z guards, 40,000-lb mechanical levers, swing arm lights, 4 knock-out panels for additional dock doors, 60’ speed bay, 4 drive-in doors, multiple storefronts, clerestory windows, bike racks, social amenities, and nearby access to public transportation. Construction is expected to be completed by December 2023.

Meritex first entered the Indianapolis market in 2003. “We’re excited to continue to grow our portfolio in the area,” says Jill Evans, Regional Manager for Meritex. “Increasing our footprint provides our customers more options, offering flexibility for expansion, leading to potential job growth and more business opportunities for the community.” Decatur Airpark will bring the Meritex Indianapolis footprint to more than 1 million square feet of industrial space.

The newly constructed building will have four storefronts and can be divided to accommodate a wide range of tenant sizes, ranging from 20,000 to 80,000 square feet. The development also includes walking paths to connect through AmeriPlex, an outdoor cornhole and recreation area, and many sustainable and energy efficient features throughout the property. “We designed this project to stand out amongst the market and provide features that focus on enhancing the overall well-being and experience of people that will work at this building. We feel that there is a high demand from both users and occupants for this type of modern design and we can’t wait to deliver this amazing project,” says Matt Wagner, Senior Director of Investments for Meritex. The property also includes a five-year property tax abatement with a two-year extension potential.

“We are still seeing strong demand from users for well-located, shallow, and mid-bay infill industrial product in Indianapolis, as well as nationally. We will continue to actively pursue investment opportunities to develop and acquire multi-tenant infill industrial properties nationally in our target markets,” adds Wagner.

The construction is being completed by The Peterson Company as general contractor. The primary design team includes Kimley-Horn as civil engineer and Curran Architecture. The leasing team is Conrad Jacobs, Sean McHale, and Matt Carroll with Avison Young. The Meritex Company will serve as property manager.

About Meritex Industrial Fund IV:

Meritex Industrial Fund IV (the “Fund”) is a core-plus closed end fund targeting a combination of stabilized and value-add infill industrial properties following Meritex’s strategy and target markets. The Fund currently owns a portfolio of 14 industrial properties across six major U.S. markets consisting of 1.4 million square feet and is managed by Meritex.

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Meritex Acquires 111,000+ sq. ft. Industrial Property in Phoenix Near TSMC Chip Plant

June 22, 2023 Phoenix, AZ

The Meritex Company (“Meritex”) continues to expand in the Phoenix market with the acquisition of 17 North Corporate Center, a recently developed 111,676 sq. ft. Class A industrial building that can accommodate up to three tenants. The acquisition brings the Meritex footprint in Phoenix to nearly one million sq. ft. of space that houses 42 tenants.

The property, located at 2335 Corporate Center Drive in the Deer Valley Submarket of Phoenix, is a newly completed building that Ryan Companies US, Inc. built and developed. It features a 32’ clear height, ESFR sprinkler system, 30 9’ x 10’ dock high doors, 4 drive-in doors, and a 130’ truck court with secured fencing.

“Phoenix, and especially the Deer Valley submarket, remain a key area of interest for Meritex, and one we are actively looking to invest in,” explains Matt Wagner, Senior Director of Investments for Meritex. “This was a great opportunity to acquire a Class A, newly constructed industrial building in a great location. The property provides an immediate opportunity to capitalize on strong leasing demand and rent growth.”

The submarket is regarded as one of the top industrial submarkets for investment in Phoenix. Development within the submarket surged to an all-time high in 2022 as developers raced to capitalize on an expected boom in demand from suppliers and ancillary operations stemming from TSMC.

“Deer Valley’s location in Phoenix metro has always been attractive because of its centralized location and proximity to labor, housing, amenities, and decision-makers,” adds Wagner. “17 North Corporate Center also will benefit greatly from its visibility, access to I-17, and close proximity to the TSMC chip plant.”

Will Strong, Kirk Kuller, Molly Hunt, and Micki Strain of Cushman and Wakefield represented the buyer and seller of this transaction. Cooper Fratt, John Werstler and Tanner Ferrandi of CBRE will be retained for leasing, and Ryan Companies as the property manager.

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Meritex Welcomes Four Summer Interns

June 5, 2023 Minneapolis, MN

Every summer, our internship program welcomes college students to the Meritex family. Lindsey Muntifering, John Kahlmeyer, Chase Bocken, and Blake Crabtree will all be joining us at our Minneapolis headquarters this summer.

“This year’s summer interns were selected for their passion, knowledge, and desire to deepen their skills,” says Susan MacHolda, Chief Human Resources Officer at Meritex. “It’s important to teach the next generation as they enter the workforce, and to continue to mentor them as they shape the future of our industry.”

Lindsey Muntifering, a junior majoring in Human Resource Management and Marketing at Bethel University, will be our HR intern. Lindsey will provide day-to-day support for our HR team. She will work on various projects such as employee onboarding, benefit implementation, and employee engagement.

Lindsey is a Bethel Women’s Varsity Hockey player and has worked as a coach for children ages 10-12.

John Kahlmeyer, our new accounting intern, is a sophomore majoring in Accounting with a minor in Computer Science from the University of St. Thomas. John will be responsible for an array of accounting and finance tasks including general ledger, accounts receivable, accounts payable, and financial analysis.

John is a member of the St. Thomas Lacrosse team. In the past, he has coached with the Minnetonka Youth Lacrosse Association, helping players achieve their goals.

Chase Bocken is studying for his Bachelor of Arts in Business, with an emphasis in Finance. The Bethel University senior will serve as our new investment intern. In his role, Chase will provide analytical support to the investments team in the areas of evaluation, underwriting, due diligence investigation, and closing of real estate investments, including direct equity, leveraged, joint venture, preferred equity, and other structured finance investments.

Chase is involved in the Royal’s Investment Fund, which is a student-managed, $2 million, all-cap equity fund. He works as a research associate, giving recommendations on stocks and monitoring portfolio holdings.

Our new finance intern is Blake Crabtree. Blake is a junior at The University of St. Thomas, majoring in Financial Management with a minor in Data Analytics. As the finance intern, Blake will be responsible for a variety of financial analyses to gather, analyze, and report on key operational and financial activities including historical performance, budgets, and valuations. His analysis and reporting will provide insight to management regarding business operations, performance, and market trends.

Previously, Blake worked as a millwright apprentice at Millwright Services Inc. in Fort Madison, IA.

We look forward to working alongside future industry leaders each summer and see great value in providing opportunities for the rising professionals of our community. Welcome to the Meritex family, Lindsey, John, Chase, and Blake!

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Meritex Acquires 120,000+ sq. ft. Class A Industrial Property in Houston

April 18, 2023 Houston, TX

Meritex has closed on the purchase of Century Plaza DC IV, a 120,022 sq. ft. Class A industrial building. The property is located at 350 Century Plaza Drive, Houston, Texas, in the deed-restricted Century Plaza Business Park. Century Plaza DC IV benefits from great accessibility, significant logistical advantages with proximity to I-45 (less than one mile) and George Bush Intercontinental Airport (10 miles), and freeport tax exemption availability.

“Our investment strategy was to acquire a newly constructed, best-in-class asset in a superior in-fill location,” explains Drew Evans, director of acquisitions for Meritex in Texas. “The building as it stands today includes 2,600 sq. ft. of spec office, multiple HVLS fans, speed-bay lighting, 30K lb. mechanical levelers, and is move-in ready.”

The site was one of the last undeveloped parcels within Century Plaza Business Park. The project is surrounded by Class A product, national credit tenants, and institutional ownership including Prologis, Exeter and Nuveen.

Ben Lieser, regional manager for both Minnesota and Texas adds, “We’ve had a presence in the Houston market since 2005 and continue to seek out opportunities as net absorption keeps pace with new deliveries and leasing demand remains strong.”

Century Plaza DC IV features 22 dock-high doors, two drive-in doors, a 32’ clear height, ESFR sprinkler system, and includes space for two single storefronts.

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