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.

Paddy McNeely

Chairman & CEO since 2001

Paddy leads the development and execution of Meritex’s real estate strategy and built the management team you see here. Before 2001, Paddy was Chief Administrative Officer for the company and a manager of various company properties for ten years. Prior to working at Meritex, he was vice president of National City Bank of Minneapolis for ten years. He holds a B.A. in Business Administration from the University of St. Thomas and is a member of the National Association of Office and Industrial Properties (NAIOP).

Tom Hotovec

President since 2021

Tom leads the implementation and oversight of the strategy. Previously Tom was the Chief Financial Officer at the company for 17 years developing a capital strategy focused on long term fortress financial strength and creating opportunities to expand the portfolio. Prior to 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. in Accounting from the University of Northern Iowa and is a member of NAIOP.

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.

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 and current CEO of Meritex, Paddy was vice president of commercial banking at National City Bank of Minneapolis for ten years before he began managing properties for Meritex in 1991. He became CEO in 2001. Paddy attended the University of St. Thomas, has extensive independent board experience, and is a member of the National Association of Office and Industrial Properties.

Cara McNeely

Member since 2010 and 1992-1996

Cara has spent 30 years leading her generation of six family members through strategic family business governance, policy and intra-generational ownership issues. She currently sits on the owner's Family Council, as well as the Board's Audit, Compensation and Governance committees. She has a B.A. from Colorado College and a Masters in Curriculum and Instruction from the University of St. Thomas.


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.

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.