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Wanting lower rent, engineering firm Belt Collins Hawaii Ltd. decided to be its own landlord and has purchased a Kalihi building for $4.2 million.
The company says it isn't diversifying, but it is researching further real estate transactions for mainland and Asia divisions.
"The important thing is to have a hard asset for the company," said Joe Vierra, president of Dreal Hawaii LLC, a Belt Collins subsidiary formed to purchase the building. "Because we are a design company, our assets walk out the door at night. In essence, there is not much value other than the people value, so venturing...