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


Samuel Asfahl Promoted to Finance and Capital Markets Analyst

May 18, 2022 Minneapolis, MN

We are pleased to announce Samuel Asfahl has been promoted to Finance and Capital Markets Analyst. He first joined Meritex a little over a year ago as a Senior Corporate Accountant.

In his new role, Sam will work with the finance team, assisting with lender compliance and investor relation functions.

“Sam has shown tremendous potential during his time at Meritex,” says Mark Scheierl, Manager of Finance and Capital Markets. “We know he’ll excel in his new role, and we’re excited to add his strategic analysis and modeling skills to the capital markets team.”

Sam began his career as an audit intern with US Bank in 2016. He then joined Ernst & Young where he worked a tax accountant for more than two years. Immediately prior to joining Meritex, Sam spent a year at Direct Travel working as a staff accountant.

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Meritex Promotes Rose McNeely to Senior Investment Analyst

May 2, 2022 Minneapolis, MN

Meritex is proud to announce the promotion of Rose McNeely to Senior Investment Analyst. In her new role, Rose will continue to work on underwriting, due diligence, market research, closing of acquisitions and dispositions, and development opportunities.

“Since joining Meritex in 2019 as an Investment Analyst, Rose has demonstrated a great understanding of the market, strong work ethic, and a passion for the industry,” says Matt Wagner, Senior Director of Investments at Meritex. “She’s been a great asset to our continued growth as we look to expand into new markets and invest in best-in-class properties for our tenants.”

Prior to joining Meritex, Rose worked at CliftonLarsonAllen as an Associate Wealth Advisor, advising clients on financial planning. She also completed internships with U.S. Bank and Meritex while completing her degree at the University of St. Andrews in Scotland.

If her name sounds familiar, it’s because Rose is not new to the Meritex family. Rose is the fourth generation of the McNeely family to work at Meritex since its inception in 1916.

“We’re excited to have Rose on the team,” adds Paddy McNeely, CEO of Meritex and Rose’s father. “Family member participation is important to the future growth and success of the company.”

Congratulations, Rose!

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Meritex Acquires Strategic Infill Portfolio in Phoenix

January 19, 2022 Phoenix, AZ

The Meritex Company (“Meritex”) recently acquired four Class A shallow-bay industrial buildings in the Phoenix area, totaling 222,671 square feet. Together, the properties bring the Meritex total footprint in the Phoenix metro area to 835,245 sq. ft.

“These shallow-bay properties are well-located within the Phoenix Metro with superior access to major highways and near a large population base that ultimately benefits our tenants and users,” says Matt Wagner, Senior Director of Acquisitions at Meritex. “Each building is well-designed to stand the test of time and offer tremendous flexibility on leasing allowing for expansion or contraction to existing tenants in a very efficient way.”

Tempe Commerce Center located at 6955 and 6965 South Priest Drive in Tempe, Arizona is comprised of two buildings totaling 108,109 square feet and 100% occupied with six tenants. Meritex Cotton Center located at 4215 and 4219 East Broadway Road in Phoenix, Arizona, is comprised of two buildings totaling 114,562 square feet and are 100% occupied with ten tenants.

“Phoenix continues to be a strong industrial real estate market with demand outpacing supply, vacancies remaining low and solid population and GDP growth potential,” says Ray Kivett, Chief Investment Officer at Meritex. “We see tremendous potential in the market, and plan to continue expanding in the area for the foreseeable future.”

Meritex has selected Metro Commercial Properties to provide property management services for the newly acquired properties.

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Meritex Promotes Mark Scheierl to Manager of Finance and Capital Markets

January 13, 2022 Minneapolis, MN

We are proud to announce that Mark Scheierl has been promoted to Manager of Finance and Capital Markets as of January 2022. Mark first joined Meritex in June 2017 as a Senior Accountant and moved to the Finance team in April of 2019 as a Capital Markets Analyst.

“Mark has eagerly participated in many projects across many departments, quickly understanding how they impact the company,” says Mark Spotts, Chief Financial Officer of Meritex. “Mark’s strong analytical skills, relationship focus, and ability to consistently create beneficial outcomes and think ahead made him a terrific member of our Accounting and Finance team, and will serve him well in his new role.”

As part of his new role, Mark will be managing financing transactions and loan compliance, monitoring our financial condition, and assisting with investor relations for various Meritex equity partners.

Congratulations, Mark!

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Meritex Completes Construction on Cedars Business Center II in Atlanta

December 21, 2021 Atlanta, GA

The Meritex Company has completed construction on Cedars Business Center II, a commercial property that adds 78,400 square feet of industrial real estate to the area. The building was completed this fall, and has already been fully leased by the Goodwin Company, a family-owned and operated bulk liquid packaging and blend company, to store and distribute customer products.

Cedars II features a clear height of 24 feet, forty 50-foot x 40-foot bays, 30 dock high doors and one drive in ramp, 103 parking spaces, a shared 200-foot truck court with a 55-foot concrete apron, ESFR sprinklers, and LED lighting.

“We’re seeing strong demand for industrial real estate space both in Atlanta, and throughout the country,” says Dan Ward, regional manager for Meritex in Atlanta. “In a recent survey of our tenants, we found that 92 percent need either the same or increased warehouse space now and for the foreseeable future. We plan to continue to expand in the Atlanta market to meet this demand.”

The building site is located at 1190 Progress Industrial Blvd., within the Gwinnett Progress Center in Lawrenceville, Georgia, and a short drive from both GA 316 and I-85.

The completion of Cedars Business Center II adds to Meritex’ impressive 1,463,474 square feet of multi-tenant industrial space in the Atlanta marketplace.

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Meritex Welcomes Rhett Carlson, Investment Analyst

November 22, 2021 Minneapolis, MN

Please join us in welcoming our newest hire, Rhett Carlson. Rhett is joining us as an Investment Analyst working out of the Minneapolis office. He will provide analytical support to the Investments team for evaluation, underwriting, due diligence investigation and closing of industrial real estate investments nationally. Additionally, he will tour potential investments, assist in preparation of investment memos, track sale and lease comps, perform financial sensitivity, provide market research from third-party platforms, and assist in special projects.

Prior to joining Meritex, Rhett worked for JLL as a financial analyst in the transactions group, specifically for the United Health Care Group account. He analyzed net effective rents and net present values for lease proposals, prepared real estate documentation for approvals, and reviewed and abstracted leases. Rhett also previously worked at the Terrace Group, where he performed financial analysis and underwriting for potential industrial investments, completed due diligence review, and assisted in various landlord representation activities.

“During the interview process, Rhett impressed us with his background and enthusiasm for real estate,” said Matt Wagner, Senior Director of Investments at Meritex. “His experience and personality will be a great asset to us.”

Welcome to the Meritex family, Rhett!

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Meritex Begins Construction on Parkers Lake Redevelopment

October 28, 2021 Minneapolis, MN

Meritex has begun redevelopment of Parkers Lake, a recently acquired 474,669 square foot infill industrial portfolio in Plymouth, Minnesota. The company will invest significant capital into the project to modernize and enhance the buildings to attract local, regional, and international companies to the park.

“We’re dedicated to transforming this project into a best-in-class business park,” says Matt Wagner, Senior Director of Investments. “We feel Parkers Lake Commerce Center can capitalize on the need for high clear height warehouse space in this market and are excited to bring it to fruition.”

The first phase of the redevelopment will focus on adding modern amenities similar to today’s industrial construction design standards and will include new storefront entrances and façade, new ballasted EPDM roof system, 32’ clear height, LED lighting with motion sensors, clerestory windows, ESFR sprinkler system, new concrete truck court with 24 additional dock-high doors, two drive-in doors, additional parking, new landscaping, and trailer parking.

“Parkers Lake was well received in the market from the onset,” says Ben Lieser, Regional Manager. “We’ve had numerous showings with tenants ranging in size from 60,000 square feet to full building users, along with multiple requests for proposals.”

Construction is scheduled to be completed by early 2022.

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Meritex Appoints New President and CFO

October 7, 2021 Minneapolis, MN

The Meritex Company has elected its next generation of senior leaders.

The Meritex Board elected Tom Hotovec president. Tom has worked as CFO at Meritex since 2004, managing the company’s financial condition and refining its capital structure in support of its real estate growth strategy.

Mark Spotts will take over Tom’s role as CFO. Mark joined Meritex in June 2020 as vice president of finance and capital markets. For six years prior, Mark worked in senior financial and accounting capacities for a public REIT which is focused on industrial real estate.

“Building from within is the pathway to our future and ensures the continuity of critical elements we hold dear: our people, our values, and our culture,” says Harry G. McNeely, III (Paddy), CEO of Meritex.

Tom Hotovec and Mark Spotts will assume their new roles effective October 2021.

Looking forward in 2023, Paddy McNeely, the third generation of his family to lead the company, will transition to a new role as executive board chair.

“Through diligence and planning, we are set up for continued success,” adds McNeely. “Much of this success is attributable to building our organization by developing our people. My goal is to ensure we will continue building and growing our company, our people, and our culture in the decades ahead.”

Presently, Meritex leases warehouse space to approximately 450 tenants in nine markets in the U.S. Meritex has a portfolio of 11.5 million square feet in 102 properties.

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Customer Story: Leader Promotions

August 31, 2021 Columbus, OH

Excellent companies are defined by their creativity and responsiveness, whether they are handling day-to-day business or adapting to unprecedented times. It’s what helps companies stand the test of time and become leaders in their industries.

Leader Promotions (Leaderpromos) - a promotional marketing agency that delivers custom products that promote top-of-mind brand awareness - shows their creativity and responsiveness on a daily basis. The company was founded a quarter century ago to fill a key need identified by founder Stephanie Leader. From humble beginnings selling t-shirts to Greek life at Ohio State, the company has grown into the largest, wholly woman-owned promotional products agency in the country. Now, customers can expect a responsive, customized experience to help make their vision a reality.

That responsiveness and adaptability was demonstrated over the past year as the company pivoted to address COVID-19. Leaderpromos quickly rearranged their business model, adding manufacturing capabilities, and utilizing their supply chain to import PPE for the community. Even the basic bread and butter of the company – promotional kits for companies – required change. Due to COVID-19, there were no more conferences or large corporate gatherings. Instead, businesses looked for ways to connect with employees they were no longer seeing in person, leading to requests for kits to be mailed to employee’s homes. Leaderpromos became a single-source solution for many looking to engage employees in the new virtual-only environment since the agency possesses the latest technology and resources to activate brands.

Even the types of products companies were looking for changed in 2020. Instead of t-shirts or hats, companies wanted branded hand sanitizer. Leaderpromos responded to the demand by directly sourcing industrial sized sanitizer and investing in label machines. Setting up a mini-manufacturing space allowed them to deliver 10,000 units a day with custom labels, making them unique to a client’s brand.

Clearly Leaderpromos knows a thing or two about being adaptable and responsive. Well before COVID-19 struck, it was exactly those traits that led them to choose a Meritex warehouse as their base of operations.

“Meritex allowed us to make changes to the space and helped us create our vision,” says Joe Rezabek, president of Leaderpromos. “They were very consultative and we had a lot of great dialogue. They were especially great when things went wrong. For example, we had some water leaking into our space, and that same day someone was on the roof to deal with it. Things happen, and it’s how you respond to it that matters. Their response has always been spot-on.”

Leaderpromos currently occupies 24,000 sq. ft. in Columbus, Ohio, and is actively looking for more space within their current building or nearby.

“We’re strategically working with Meritex to find additional space with them because we trust them as a partner,” adds Rezabek. “We thought about buying our own space, but it’s not a core competency for us. We’d rather pay for the space AND the services from Meritex.”

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Meritex Acquires Center Park Portfolio Adjacent to Charlotte Douglas International Airport

August 4, 2021 Charlotte, NC

Meritex is expanding its presence in Charlotte with the recent acquisition of the Center Park Portfolio, which includes two Class A multi-tenant infill industrial properties located adjacent to the Charlotte Douglas International Airport at 900 and 1110 Center Park Drive in Charlotte.

“We are extremely excited and proud to invest in Charlotte yet again with the addition of these two infill industrial buildings. It was years in the making with deep relationships that lead to this successful transaction. The project provides immediate synergies and scale to our existing CLT portfolio which will benefit us as well our tenants long-term,” says Matt Wagner, Senior Director of Investments.

At 150,190 total square feet, the buildings are in the prominent Airport/West submarket providing immediate access to Charlotte Douglas International Airport (CLT), Charlotte CBD, intermodal facilities, strong labor force, amenities, and major arterial highways such as I 485, I-85, I77, and Billy Graham Parkway.

The property is 96% leased to a diverse tenant base of ten international, regional, and local companies. The project has several modern building features including a specialized roof-top solar panel system.

“Successful properties like the Center Park Portfolio speak to Charlotte’s economy, which is fueled by diverse industries,” says Mike Malta, Property Manager in Charlotte.

The 900 and 1110 buildings, finished in 2001 and 2007 respectively, bring the Meritex portfolio in Charlotte to 1,151,354 square feet serving more than 55 tenants.

Justin Smith and Rob Spier with Colliers International represented Meritex on the sale of this transaction and will also be retained for leasing.

“Colliers is very proud to have now represented Meritex in their fourth off-market transaction locally. This transaction was extremely unique because the traditional paths to the Airport Submarket through capital markets or sourcing land are almost unattainable due to a capital cloud circling Charlotte and these assets being located in a land-constrained submarket. This and future transactions continue to demonstrate Meritex’s commitment to the Charlotte region and their goal of growing their current portfolio well above one million square feet,” says Justin Smith, Senior Vice President of Colliers International.

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Meritex Acquires Large Infill Industrial Redevelopment Site in Minneapolis

July 1, 2021 Minneapolis, MN

Meritex recently acquired a 474,669 square foot infill industrial portfolio located in the western metro of Minneapolis at 14600 21st Avenue North in Plymouth, Minnesota. With plans for a major redevelopment this summer, Meritex intends to invest significant capital into the project to modernize and enhance the image of the buildings while simultaneously initiating a rebranding and marketing campaign to attract local, regional, and international companies to the park.

“We are very excited to expand into the west metro of Minneapolis and look forward to transforming this project into a best-in-class business park,” says Matt Wagner, Senior Director of Investments.

The industrial development will be completed in multiple phases with construction starting immediately for a portion of the site that is currently unoccupied. Meritex is naming the project Parkers Lake Commerce Center.

“We plan to continue pursuit of excellent well-located industrial properties and land sites similar to this project in Minneapolis and nationally,” adds Wagner.

Parkers Lake Commerce Center was formerly the North American headquarters for Nilfisk International until they relocated years ago. The existing project consists of three interconnected buildings totaling 474,669 square-feet. Meritex will begin construction in the coming months with the first phase of the redevelopment, consisting of approximately 216,275 square feet. The state-of-the-art redevelopment will feature modern amenities similar to today’s industrial construction design standards and will include new storefront entrances and façade, new ballasted EPDM roof system, 32’ clear height, LED lighting with motion sensors, clerestory windows, ESFR sprinkler system, new concrete truck court with 24 additional dock-high doors, two drive-in doors, additional parking, new landscaping, and trailer parking. The first phase of the construction is expected to be completed and available for occupancy by late 2021. Future phases are tentatively scheduled within the next few years.

“The portfolio is strategically located in the Northwest submarket and surrounded by amenities, Fortune 500 companies, labor, housing, public transportation, and provides immediate access to major transportation nodes such as I-494, I-394, I-94, and Highway 55,” says Ben Lieser, Regional Manager at Meritex. “We feel Parkers Lake Commerce Center can capitalize on the need for high clear height warehouse space in this market. Over the past couple of years high clear distribution vacancy rates in Plymouth have been sub five percent.”

Transwestern and Ten-X assisted in the sale process. Meritex will manage the portfolio and has selected Brent Masica and Jason Meyer of Cushman & Wakefield for leasing services. The design team consists of Pope Architects, BKBM Engineers, and Innovative Structural Solutions.

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Meritex Expands in Dallas with Acquisition of Gateway 161 Logistics Center

June 22, 2021 Dallas, TX

Meritex recently increased its real estate footprint in Texas with the purchase of three Class A multi-tenant industrial buildings adjacent located at 4400, 4450 and 4500 West Walnut Hill Lane in Irving.

“The demand is strong for quality product close to the DFW airport,” says Ben Lieser, Regional Manager at Meritex, “Gateway 161 checks all the boxes and we’re excited for this addition to our Texas portfolio.”

The buildings, completed in 2017 with a combined 259,555 square feet, are 88.8% occupied with nine tenants in place. A lease is nearing finalization on the one remaining vacancy. The property is strategically located between Dallas and Fort Worth adjacent to the Dallas-Fort Worth International Airport. It offers immediate access to George Bush Turnpike, Hwy 183, Hwy 114, Hwy 360, Fedex Airport Cargo, UPS Airport Cargo, I-35E, and I-30.

“We are excited to expand again into Dallas and plan to continue to pursue other infill industrial development sites and existing buildings both nationally and within the DFW market” says Matt Wagner, Senior Director of Investments. Meritex recently added Drew Evans, Director of Investments to open a Dallas office with intentions of growing the Dallas and Houston presence significantly over the near term.

The diversified tenant base represents local, regional, national, and international companies. Suite sizes range from 5,868 to 66,848 square feet. The acquisition brings Meritex’ portfolio to approximately 569,470 square feet of infill industrial product in the Texas market. The project will be managed by Holt Lunsford Commercial.

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