Canadian parking lot investor TerraPark buys mostly vacant block near Dallas Arts District

TerraPark Group owns properties in 16 North American cities, and now it has purchased the mostly vacant block across the street from the Trammell Crow Center tower on Ross Avenue.

"It is my understanding TerraPark intends to continue taking parking revenue for now but has development plans for the future," said Mike Gosslee, the Cushman & Wakefield of Texas broker who worked on the sale.

The 2.2-acre tract at Ross and Olive Street was sold by Trinity Universal Insurance Co., which owned the property for many years. The Northern Trust bank building on the north corner of the block was not included in the sale.

Terms of the transaction were not disclosed.

TerraPark owns other properties in downtown Dallas, county deed records show, including a parking lot at Griffin and Jackson streets.

The Toronto-based company says it invests in "surface parking lots, which have little or no short-term development value but do have longer-term potential."

Gosslee and Cushman & Wakefield vice chairman Bob Edge negotiated the company's purchase with John Bradley of Bradley & Bradley.