Subjects: FNC, RLE, CXP
LCN Capital Partners Purchases Lincoln Educational Services Corporation's New School Campus in the Philadelphia Metropolitan Area
NEW YORK, Feb. 13, 2024 /PRNewswire/ -- LCN Capital Partners ("LCN"), a recognized leader in the primary sale-leaseback and build-to-suit market, has reached an agreement with Lincoln Educational Services Corporation ("Lincoln Tech") to purchase Lincoln Tech's Levittown, PA campus. Simultaneously, LCN leased the property back to Lincoln under a 20-year absolute triple-net lease.
The Levittown campus is a 90,000 square foot facility on 7.5 acres. It will replace Lincoln Tech's existing campus in Philadelphia and expand the school's areas of study to include HVAC, welding, electrical, and automotive technology. Lincoln Tech plans to heavily invest in the facility over the next 12 months to create a state-of-the-art, hands-on learning environment for more than 600 students.
Jared Ciejek, Partner at LCN, said: "We are pleased to partner once again with Lincoln Tech as it expands its Philadelphia presence by relocating to a larger and more modern suburban campus. This transaction will help the company offer new programs for in-demand trades in a state-of-the-art learning and training facility. We look forward to continuing our long-standing partnership with Lincoln Tech, an industry leader in their space."
Scott Shaw, Lincoln Tech's President and CEO, said: "Since our Philadelphia campus first opened its doors in 1962, employers across the area have known that they can turn to Lincoln for highly qualified, trained automotive technicians. We've also known there is a demonstrated need for trained welders, electricians, and HVAC professionals. When the new campus opens in Levittown, we'll be able to support employer demand in these industries as well. What's more, the sale-leaseback provides additional capital to fund program replications and new campuses as we seek to fill the skills gap that exists in our country."
The purchase represents the second sale-leaseback transaction between LCN and Lincoln Tech. They previously partnered on the company's Denver, CO and Grand Prairie, TX campuses in October 2021.
About Lincoln Tech
Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education and helping to provide solutions to America's skills gap. Lincoln offers recent high school graduates and working adults degree and diploma programs in five principal areas of study: health sciences, automotive technology, skilled trades, hospitality services and business and information technology.
Lincoln has provided the nation's workforce with skilled technicians since its inception in 1946 and currently operates 22 campuses in 13 states under 4 brands: Lincoln College of Technology, Lincoln Technical Institute, Lincoln Culinary Institute and Euphoria Institute of Beauty Arts and Sciences.
For more information, please visit www.lincolntech.edu
About LCN Capital Partners
Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN now manages over $7 billion in assets across several funds denominated in US Dollars, Euros, and Pounds Sterling. Headquartered in New York City, LCN also has offices in Amsterdam, Cologne, London, Luxembourg, and Palm Beach.
LCN is a recognized leader in the sale-leaseback and build-to-suit market, having completed over 110 investments, acquiring properties in 18 countries across North America and Europe. LCN's investment team has extensive experience dealing with sale-leasebacks across all industries, credit ratings, property types, and locations. The firm seeks to deliver consistent distributions to investing-partners while providing an alternative capital source to corporate owners of real estate.
For more information, please visit www.lcnpartners.com.
For Media:
Craig Allen, Managing Principal
Allen & Associates Communications
P: +1 475 419 4468
[email protected]
SOURCE LCN Capital Partners
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