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GALVESTON, TX-The board of trustees for the Galveston Wharves has acquired 9.7 acres at 3300 Harborside Rd. in Galveston.

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.

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