Lincoln Educational Services Advances Plans to Relocate its Philadelphia Campus to Levittown, PA and Expand its Program Offerings
October 04 2023 - 8:30AM
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.
###
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.
Peter Tahinos
Lincoln Educational Services
973-766-9656
PTahinos@lincolntech.edu
Lincoln Educational Serv... (NASDAQ:LINC)
Historical Stock Chart
From Apr 2024 to May 2024
Lincoln Educational Serv... (NASDAQ:LINC)
Historical Stock Chart
From May 2023 to May 2024