"We had a little flurry of acquisition activity, but a lot ofthose deals surfaced before things got so dire," he tellsGlobeSt.com. "Sellers who were committed to selling made themselvesapparent in the third quarter, but since then, I've seen sellersback away a little."

The most recent acquisitions included, a 192,500-square-footwarehouse-manufacturing property in Sturtevant, WI,28,680-square-foot warehouse in Woodstock, IL, 28,680-square-footwarehouse in Channahon, IL and two warehouse-distribution buildingsin Memphis totaling 680,000 square feet. All the buildings werefully leased at the time of sale. In addition to the acquisitions,the company recently broke ground on two industrial buildingstotaling 448,610 square feet in Mt. Pleasant, WI. The facilities,including one of the region's first LEED-certified warehouses,constitute the first phase of HSA's seven-building Park 94 at Mt.Pleasant.

According to Ogden, HSA's 2008 acquisition volume is off about50% from last year, but he attributes only a portion of the falloffto the current year's more challenging market conditions. "Part ofwhat happened last year was driven by having a lot of 1031 money,"he explains. "We were more aggressive than we would have been withfresh money. We could afford to buy at a little bit less of apremium than we would ordinarily."