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

Chief Financial Officer since 2004

Tom was vice president of accounting and finance for General Growth Properties before joining Meritex. With over 20 years of experience in accounting and finance, he has managed acquisitions of companies, portfolios and properties that total over $5 billion. He has a B.A. in Accounting from the University of Northern Iowa, and is a CPA and CMA. He is a member of NAIOP, the Association for Corporate Growth, and the Institute of Management Accountants.

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.

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 at US Bank. Lead the bank’s commercial real estate lending, equity and capital markets units which included 25 regional offices, $40 billion in loan commitments, $8 billion in deposits, along with numerous capital market businesses to serve client needs. Currently serves on the Board of Trustees for St. John’s University and is chairman of the Investment Committee manages/invests the endowment funds) and the Strategic Vision Committee. Graduate of St. John’s University with a BA in Government and DePaul University with an MBA in Finance.

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 founder and 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 is currently executive vice president and general counsel for Valspar Corporation. 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 1991

Harry is Chair Emeritus having worked at the company in various capacities since the 1950s. He has degrees from Yale University and Stanford.

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 has a B.A. in business administration from the University of St. Thomas.

Cara McNeely

Member since 2010

Cara is a resident of Livingston, Montana, and very active in that community. Cara has a background in education and Latin American cultures. She has her B.A. from Colorado College and a Masters in Education 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.