Universal Technical Institute, Inc., a provider of training for powersports and automotive technicians, said it has reached an agreement to purchase a property in the Boston suburb of Norwood, Mass., at which it intends to house a new undergraduate automotive technician training campus. The purchase price will be approximately $12.4 million. The company expects to spend approximately $10-12 million to retrofit the building.
The company expects to open its Norwood campus in the fourth quarter of fiscal 2005. This campus will provide approximately 170,000 square feet of classroom and lab space on a total of 24.5 acres to teach up to approximately 1,900 students.
Universal Technical Institute, Inc., based in Phoenix, Ariz., offers undergraduate degree, diploma and certificate programs at eight campuses across the United States, and manufacturer-sponsored advanced programs at 22 dedicated training centers. UTI offers training through Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI).
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