Parsippany, NJ, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (NASDAQ: LINC), a national leader in specialized technical training for more than 75 years, has purchased the 90,000 square foot property located at 311 Veterans Highway, Levittown, PA for approximately $10 million. The Company also expects to invest approximately $12 million in the buildout of new classrooms and training areas to ensure a best-in-class campus that provides a positive experience for students, faculty and industry partners. Furthermore, the Company plans to sell the property by year-end to recover the purchase price and simultaneously enter into a leaseback agreement for approximately 20 years.
Lincoln Tech has been a leading area provider of career training in Automotive Technology for more than 60 years at its current campus, located at 9191 Torresdale Avenue in Philadelphia. The new Levittown campus, expected to open in the first quarter of 2025, is not expected to impact the student experience at Lincoln’s current location, which today serves about 250 Automotive Technology students. The existing campus will continue to operate until the buildout is fully complete to ensure a seamless transition. The new and significantly larger campus is projected to have an average population of approximately 600 students providing educational opportunities for students from Philadelphia, points north in Pennsylvania, as well as Trenton and Camden in New Jersey. Additionally, the facility will have the extra capacity to accommodate several potential industry partners and future program expansions.
“Employer demand for specialized skills remains historically high throughout the state, and particularly in the greater Philadelphia area, and Lincoln has been providing employers with highly skilled and essential students for over 60 years” says Scott Shaw, Lincoln Tech’s President and CEO. “It’s been a privilege to assist employers across the automotive industry build their workforces, compete and grow their businesses. Today’s development ensures that we will provide the same value in the welding, HVAC and electrical fields, beginning in 2025.”
“The U.S. Department of Labor projects strong employment growth for the aforementioned industries in the years ahead, and we expect student demand for these career training programs is going to be increasing” commented April Lupinacci, Philadelphia Campus President. “Lincoln has a well-earned reputation within the Philadelphia region, and the new location will enable us to reach a wider student population and position them to successfully achieve and pursue their in-demand career opportunities.”
With more than 90,000 positions projected to open in these fields across Pennsylvania by 2031*, the new programs will give area students even more opportunities to launch rewarding careers while meeting the increasing demand from employers.
* Career growth projections can be found at onetonline.org for the years 2021-2031 and are current as of October 2, 2023.
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About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults career-oriented programs in five principal areas of study: automotive technology, health sciences, skilled trades, information technology, and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946.
Lincoln currently operates 22 campuses in 14 states under four brands: Lincoln Technical Institute, Lincoln College of Technology and Euphoria Institute of Beauty Arts and Sciences. Lincoln also operates Lincoln Culinary Institutes in both Maryland and Connecticut.
For more information, go to lincolntech.edu.
