Doyle Toups and Aaron Schlameus, both with the Houston office of Grubb & Ellis Co., represented the sellers, ZHI Inc. and Bersinger of Texas Inc. Toups tells GlobeSt.com that the board held a five-year lease with options on the land, which is a port parking lot for cruise lines.
Toups said the property was listed at $4.9 million. After five months of marketing, a buyer came forward, but the board then exercised its purchase option. He wouldn't discuss the selling price, but did say it was significantly less than the list price. The seller is a private investor from Houston who owns other land tract and a few industrial projects. Galveston Wharves used internal representation to negotiate the acquisition.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
