How the second-place bidder ended up with a better building at about $47 per square foot.
In 2026, Victory CRE represented Faith Bible Church in buying all 128,500 SF of 3201 Quail Springs Parkway in Oklahoma City for $6,053,000, about $47/SF. The church plans to use about 78,000 SF and is renovating the building.
By Tom H. Vaught, SIOR ·
What if I told you that you could own 128,500 square feet in one of Oklahoma City's best submarkets for about $47 per square foot? That's the deal that came together for Faith Bible Church, and it started with them losing a different building to one of my clients.
The setup: the second-place bidder.
When Our Blood Institute bought 3100 Quail Springs Parkway, the other bidder, as I understood it, had the same terms. The written case I made to the seller's broker helped win that building for my client. The second-place bidder was Faith Bible Church. They didn't use me, and didn't know who I was. But I knew who they were.
The opportunity surfaces.
About ten months later, a building I'd already toured during the OBI search: 3201 Quail Springs, right across the parkway, was headed back to the bank on a non-recourse loan. It would trade well below its prior pricing: a premier-submarket, 128,500 SF building at a genuinely distressed basis.
The strategy: buy big, carve out, keep cheap.
I knew Faith Bible was the underbidder on 3100 and needed an expansion home. So I called them with a vision: buy the entire 128,500 SF building, use about 78,000 SF for the church, and keep the flexibility of roughly 50,000 SF that's organized almost as a standalone building. We closed the full building for $6,053,000, about $47 per square foot.
The hidden upside: a 30-foot sanctuary.
During due diligence we found something better. The two-story portion has a 12-foot slab-to-slab: remove the intermediate floor and the church gets a 30-foot clear-height congregation space, the kind of sanctuary volume you normally can't buy at this basis. With 784 parking spaces already in place, the value is hard to argue with.
A church had the same terms as my client and lost, then ten months later I brought them a better building at a distressed price. That's what it means to have someone watching the market for you: the value isn't just in the building you win, it's in the one you find next.Tom H. Vaught, SIOR · Victory CRE
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