The parties behind the sale and preservation of a historic wharf in Maine said the sale has been finalized.

Gulf of Maine Research Institute in Portland said in November that it would buy Union Wharf, which dates to the 18th century. The institute and the owners of the wharf said Tuesday they’ve finalized the sale and transfer of ownership.

The parties did not disclose the terms of the sale. The owners and managers of the wharf said in November they chose the research institute because it plans to preserve it as part of Portland’s working waterfront.

The research institute said Tuesday the wharf is “one of Portland’s key waterfront landmarks” and “one of the premier fishing-focused wharves in the state.”