Lincoln Education Services, a noteworthy proponent in the vocational training arena, has unveiled plans for a significant enhancement to serve the Philadelphia area with a state-of-the-art campus. Situated in Levittown, this ambitious project encapsulates the company’s commitment to expanding its educational footprint and providing cutting-edge training facilities for future professionals.
In September 2023, the Parsippany, New Jersey-headquartered organization made a strategic move by acquiring a 90,000-square-foot property on Veterans Highway for a sum of $10.2 million. This acquisition was promptly followed by a sale-leaseback transaction, which saw the property changing hands for approximately $11 million, whilst ensuring Lincoln’s occupancy through a 20-year lease. This pivotal relocation of its Philadelphia campus to the Bucks County site is projected for the second half of 2025.
A noteworthy investment of about $15 million is earmarked for this venture, aiming to bolster the infrastructure with classrooms and training areas that cater to a spectrum of vocational disciplines, including automotive, welding, electrical, and HVAC fields. This financial commitment is further complimented by a $2.5 million allowance for improvements under the terms of the leaseback agreement. The lease is structured as triple-net, assigning the responsibility of property expenses, encompassing insurance, maintenance, and taxes, to Lincoln.
The transition plan is meticulously laid out, ensuring the uninterrupted operation of the existing Philadelphia campus until the grand unveiling of the new Levittown location. The existing facility has been serving approximately 250 students; however, the new site promises a substantial increase in capacity. With the potential to host thrice the number of students, the Levittown campus opens up expansive opportunities for growth and expansion, both in terms of student intake and academic offerings.
For over six decades, Lincoln Tech has been a cornerstone in Philadelphia’s educational landscape, operating from its Torresdale Avenue location. The organization’s broader umbrella, Lincoln Education, operates 21 campuses across 13 states, under various names including Lincoln Tech, Lincoln College of Technology, Euphoria Institute of Beauty Arts and Sciences, and Lincoln Culinary Institute, marking a significant presence in the vocational training domain since its inception in 1946.
Financially, Lincoln Education has showcased robust performance, with a fourth-quarter revenue report indicating $102.5 million and an adjusted net income of $10 million, or 23 cents per share. Its standing in the financial markets is commendable, with shares traded on the NASDAQ under the ticker symbol LINC. This financial resilience and strategic expansion endeavor signal a positive trajectory for Lincoln Education, promising enhanced vocational training facilities and opportunities for aspiring professionals in the Philadelphia area and beyond.
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