Monday, May 29, 2006

Lincoln Tech Buys 2 Campuses in Palm Beach Co.

Lincoln Educational Services entered Palm Beach County. It acquired New England Institute of Technology at Palm Beach Inc., two post-secondary campuses at 2400-2410 Metrocentre Blvd. in West Palm Beach and 1126 53rd Court North in Mangonia Park, for $43 million.
The price paid for 115,000 square feet of building space on a total of 14.5 acres between the two campuses was $374 per square foot. This price included the value of the business as well as that of the real estate. The breakdown between business and real estate considerations was not disclosed.
Both "career college" campuses will be re-branded as Lincoln College of Technology. Lincoln's CEO, David Carney, remarked in a press release that his company was pleased to extend its "geographic footprint into Palm Beach County, one of the nation's fastest growing regions."

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