But he acknowledges lining up equity has become more challenging, especially since the October meltdown. "Where equity investors would tolerate a low double-digits return in September, expectations on returns are higher now. They have to be in the high teens for the equity money to want to plunk itself it down. Sellers are saying they'll sell at a sub-8.5 cap, which allows 12% cash return, but the equity we're talking to wants 15-20% instead. That's making it harder to get deals done right now."

Nonetheless, HSA chairman Jack Shaffer says the firm plans to continue its strong acquisition and development pace, with several more announcements to be made in coming months. "Our acquisition arm continues to see opportunities as we further add to our portfolio," he comments. Ogden reports he expects to take two properties into contract around the end of January and has a couple more in early negotiations. "We're trying to get pricing we think make sense, but the last deals remain to be consummated," he says. In general, he continues, HSA looks for buildings that "make sense on price per pound, are priced below replacement cost, have a market worthy tenant signed and are widely marketable to a broad spectrum of tenants."

Ogden is uncertain whether the Q3 acquisition flurry represents an anomaly or a trend. "We're seeing a lot of movement from sellers backing away from the table," he says. "If they don't have to sell, they're saying, let's wait for cap rates to come back down a little. But if the negative outlook continues, I think a lot of those sellers might return."

At the same time, he adds, he's been hearing that many equity sources are sitting by the sidelines in anticipation of distress sales. "I don't know if it's going to happen," he says. "The last go-round, buyers were better capitalized. I don't know that too many of them are going to end up in trouble with their lenders."