The decision by a ministry in Chattanooga, Tennessee, to sell a large building with plenty of outdoor space has allowed a local school for students with special needs to plan a major expansion of its enrollment.
The school, Skyuka Hall, acquired a more than 90,000-square-foot building in the Tyner area of Chattanooga, as well as a group of smaller adjacent buildings, for $11.8 million from Precept Ministries. The nonprofit organization Precept publishes Bibles and study materials, hosts bible study groups and provides training to Bible instructors. Precept’s sale of the property came about a month after the death of its cofounder, Kay Arthur, on May 20.
The property acquisition “not only … allows the school to expand and serve more students and families, but also … enables the property to continue serving others in life-changing ways,” Josh Yother, head of Skyuka Hall, said in a statement.
That higher purpose helped the transaction earn a 2026 CoStar Impact Award as judged by real estate professionals familiar with that market.
The sale required a creative approach for the financing aspect, according to NAI Charter, which brokered the sale.
NAI Charter “facilitated multiple stakeholder charrettes to navigate capital stack challenges and successfully bring both parties to agreement,” the brokerage said in a statement.
The NAI Charter team of David DeVaney and Frazier DeVaney also noted that, because the buildings had been occupied by a religious organization, only a limited number of users would be allowed to purchase it. A school fit the requirement of a comparable group and was approved as the buyer.
Since the sale closed, Skyuka Hall has performed building renovations to get it ready to accept students. Skyuka Hall expects to move into its new buildings in August. The school will increase its enrollment from 120 students to 250 students over a five-year period.
Skyuka Hall was founded in 2014 to serve students with learning disabilities and now serves students from kindergarten through 12th grade.
About the project: A complex of buildings in Chattanooga, Tennessee, that had been previously occupied by a religious organization was sold to a school that serves students with special needs and learning disabilities.
They made it happen: David DeVaney and Frazier DeVaney at NAI Charter brokered the sale.