Right at about a year after filing bankruptcy, the sale of St. Gregory's University campus is now complete — and Oklahoma Baptist University will begin leasing space there.

Right at about a year after filing bankruptcy, the sale of St. Gregory's University campus is now complete — and Oklahoma Baptist University will begin leasing space there.

The campus property was sold in U.S. Bankruptcy Court, with that sale finalized on Tuesday.

Of the $8 million Hobby Lobby Stores Inc. spent to purchase the property — comprised of 71 acres, six buildings and ball fields — $4.7 million will be paid to the Catholic Order of Foresters, an insurance company; Citizen Potawatomi Nation Community Development Corp.; and the Citizen Potawatomi Nation — leaving $3.3 million to be distributed among others the school owed when it filed bankruptcy.

OBU's lease begins immediately, though terms of the agreement are confidential, OBU Associate Vice President for Marketing and Communications Paula Gower said.

“This lease agreement provides the opportunity to use spaces available on the former SGU campus while Hobby Lobby determines their long-term plans for the property,” she said.

Gower said the university plans to make use of the classrooms and labs in Benedictine Hall for science courses.

“Additional plans are being formulated including use of Sarkeys Performing Arts Center which will provide an additional venue for presentations by our theatre, choral and instrumental programs,” she said.

“Hobby Lobby’s interest in the former St. Gregory’s University property is to assure a meaningful, long-term future use for the property,” the company stated in a press release. “We understand the importance of the property to the community of Shawnee, the state of Oklahoma and the vast Saint Gregory’s community of alumni and former faculty.”

Hobby Lobby also said it recognizes the significance of the St. Gregory’s Abbey community, and it is committed to working with the Benedictine monks as they continue their important work.

In the near term, Hobby Lobby’s plan is to further evaluate the condition and potential future use of each of the buildings.

Several minor construction projects will be initiated in caring for the property.

“We are grateful to Hobby Lobby for the opportunity to lease this space to carry forward the historic missions that both St. Gregory’s and OBU have practiced over the last century,” Gower said.

Watch for updates.