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


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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Meritex Hires Megan Lively as an Investment Analyst

April 10, 2023 Minneapolis, MN

Join us in welcoming our newest hire, Megan Lively. Megan is joining Meritex as an Investment Analyst and will work out of our Minneapolis office. In her new role, she will provide analytical support to the Investments team in the areas of evaluation, underwriting, due diligence investigation, and closing of industrial real estate investments nationally, including direct equity, leveraged, joint venture, preferred equity, and other structured finance investments.

Meritex is actively seeking investment opportunities in each of its target markets with a focus on highly functional infill industrial assets that provide a value-creation opportunity. We are currently pursuing multiple opportunities in markets with attractive employment and population growth trends over the long term.

“We’re excited to add Megan to the Meritex family,” says Matt Wagner, Senior Director of Investments. “Her background in brokerage and leasing will make her a fantastic addition to the team as we continue to seek out exciting investment opportunities.”

Megan most recently worked at JLL as an Associate Broker, assisting clients in site selection, financial analysis, negotiations, and lease or sale execution. She also listed properties for lease, created marketing content, and actively prospected potential lessees.

Join us in welcoming Megan!

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Scott Perpich Promoted to Assistant Controller

January 12, 2023 Minneapolis, MN

We’re excited to announce that Scott Perpich has been promoted to assistant controller. Scott is a Meritex veteran, joining us as an accounting manager nearly eight years ago. Throughout Scott’s time with Meritex, he has grown into an integral leader of the accounting team.

“Scott’s focus on relationships, thinking ahead, accountability and beneficial outcomes has contributed to many important accomplishments,” explains Brad Bowman, controller at Meritex. “He has more than earned this new role.”

Scott’s notable accomplishments include helping to build and maintain a high performing accounting team, overseeing all audit and tax reporting, and improving a streamlined budget and reporting process.

As assistant controller, Scott will continue to lead the day-to-day accounting operations and expand his leadership responsibilities.

Congratulations, Scott!

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Tom Hotovec Named CEO of Meritex

November 29, 2022 Minneapolis, MN

Tom Hotovec has been named CEO of Meritex, effective January 1, 2023. Hotovec is a company veteran, having served as CFO from 2004 until 2021, when he was named president. He will be taking over for Paddy McNeely, who will take on the sole position of Chairman of the Board.

“I’m very excited about this next chapter of our transition, and I am incredibly grateful that Tom will take the lead as the Meritex CEO,” says McNeely. “Tom and I have worked closely together over the past 19 years. Tom is the right leader for this next chapter as he has been instrumental in creating our leadership strategy, growing our business, and building and nurturing our culture.”

Tom has more than 25 years of experience leading teams and creating value. Before working at Meritex, Tom was the vice president of accounting and finance for General Growth Properties. He has been actively involved in NAIOP for more than 15 years participating in industry events, engaging in mentorship programs and a Capital Markets Forum.

Hotovec says, "I look forward to continuing our focus on culture as we grow the business and chart our path forward.”

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Emily Ehleringer Hired as Corporate Accountant

August 9, 2022 Minneapolis, MN

Join us in welcoming the newest member of the Meritex team - Emily Ehleringer. Emily was hired as a Corporate Accountant working out of our Minneaoplis office. In her new role, she will provide corporate level accounting services and assist with reporting functions, treasury management services, accounting, and budget support.

While this will be her first full-time position at Meritex, Emily is not new to the company. She worked as an Accounting Intern for Meritex from January 2019 to May 2020 while in her junior year of college at the University of St. Thomas. Emily graduated in 2021.

Since 2021, Emily has been working as a Tax Consultant for Deloitte, where she was responsible for preparing and filing corporate, partnership and individual tax returns, tax provision review, client invoicing, and taxable income modeling.

“We’re excited to have Emily return to the team,” says Scott Perpich, Accounting Manager at Meritex. “She impressed us during her internship, and we look forward to helping her continue to learn and grow as she develops in her career.”

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Meritex Leases Recently Redeveloped Parkers Lake Commerce Center

July 28, 2022 Minneapolis, MN

Meritex, through its Industrial Fund IV, has completed the redevelopment on its newest Twin Cities acquisition, Parkers Lake Commerce Center, a three-building, 381,349 square foot infill industrial portfolio in Plymouth, Minnesota. Meritex purchased the portfolio in June 2021 with the intent of modernizing and enhancing 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,” said Matt Wagner, Senior Director of Investments. “We felt Parkers Lake Commerce Center could capitalize on the need for high clear height warehouse space in this market and are excited to bring that vision to fruition. We now have a fully leased, highly functional warehouse in a high-demand sub-market.”

The redevelopment of building one, a 168,100 square foot, 32’ clear height property, was completed in June, and included adding modern amenities, featuring new storefront entrances and façade, new ballasted EPDM roof system, 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.

Ben Lieser, Regional Manager, said, “With the redevelopment we are able to deliver high-demand modern industrial space to a strong sub-market. We’ve seen sustained high demand among our other properties, and Parkers Lake was no exception. We had multiple prospects and were in lease negotiations before we completed construction.”

The new tenant, Stratasys (Nasdaq: SSYS), a leader in polymer 3D printing solutions, entered into a seven-year lease with Meritex for the entire building. The lease will commence on August 1, 2022.

"We are excited to partner with a high-quality publicly traded company with a longstanding history in the Twin Cities that values all the amenities the property offers," said Arvid Povilaitis, Chief Operating Officer of Meritex. “The lease further strengthens the diversity and stability of our tenant base and enhances our long-term cash flows. We welcome Stratasys to our portfolio.”

Jason Meyer and Brent Masica with Cushman & Wakefield represented Meritex in the lease transaction. Jim DePietro with CBRE represented Stratasys.

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Customer Story: MVP Logistics

June 29, 2022 Minneapolis, MN

Relationships matter. That’s a core philosophy shared by Meritex and one of its tenants, MVP Logistics. By creating partnerships and putting people first, both companies have been able to grow, thrive, and find a like-minded partnership.

MVP Logistics started in August 2007 as an idea on a restaurant napkin. From humble beginnings, they have grown into a large company with a robust fleet and a headquarters in Plymouth. This allows them to make the complex world of supply chain manageable for companies by providing international freight and warehousing services. When it comes to logistics, they can do anything from sushi to hazardous waste. You name it, they’ve moved it.

While they have a national reach, everything starts at home in their Plymouth-based headquarters, which is where Meritex comes in. MVP Logistics currently occupies 200,000 square feet within Parkers Lake Commerce Center. MVP has been located there for several years and uses the space for distribution and fulfillment. Every day, MVP picks and packs orders for clothing, fishing rods, lawn mowers, appliances, and more, loads them on trucks, and sends them out.

Meritex acquired the Parkers Lake Commerce Center in 2021, and quickly worked to build a relationship with tenants to find the best ways to support them.

“Meritex acquired the building we were in. We signed a new lease right before Meritex acquired us, so we stayed,” said Dirk Updike, VP of Operations MVP Logistics. “But, we’re happy with the building and situation we’re currently in. They’re the best property management firm I’ve ever worked with.”

Ultimately, Meritex aims to support tenants and ensure they can do their important work without having to worry about their space. The Parkers Lake facility is no different. Dirk added that Dan Mattice, the Meritex maintenance engineer who handles maintenance at the property, takes great care of them. He’s always there within thirty minutes if there’s any issue, he’s solution-oriented, he never complains, and he is on the look-out for ways to support the team whenever possible.

Dirk adds, “I appreciate the responsiveness of the entire team. Anyone you need to talk to is willing to talk to you. The management team calls to check-in. They follow through, they call, they ask questions, they take care of the problems and solve the issues. In the grand scheme of things, they really do care about us as a partner. Dan especially cares that we’re his tenant, and he likes to make sure we’re taken care of.”

The team at Meritex is dedicated to partnering with MVP Logistics to ensure their continued success at Parkers Lake Commerce Center.

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