Tuesday, February 27, 2024

Victory Brewing Co. completes a Sale Lease Back Chester County facility for $21.79M

 By Emma Dooling – Reporter, Philadelphia Business Journal

Victory Brewing Co. has sold one of its Chester County properties, and will use the money to fund upgrades at its other locations.

The Downingtown craft brewer sold its 212,000-square-foot Parkesburg brewery and taproom for $21.79 million in late January to New York asset manager Fortress Investment Group LLC, according to property records. The transaction was a sale-leaseback and will not impact the facility's operations, John Struble, CFO for Artisanal Brewing Ventures, the parent company of Victory Brewing, told the Business Journal.

"The commercial property market is active, and this was a pure financial transaction for us," Struble said in a statement.

Victory Brewing acquired the 42-acre property for $10.75 million in 2016, several years after its operations at the site began. The facility started bottling and brewing in 2013, and a 10,000-square-foot taproom was added to its offerings in 2015.

The brewery now has a 25-year lease on the facility, located at 3127 Lower Valley Road, with multiple options to extend it up to 40 years.

Artisanal Brewing Ventures plans to reinvest the money it received from the transaction into marketing efforts and facility upgrades at some of its locations. Struble said a "significant portion" of the funds allocated for facility renovations will go toward updates at the Parkesburg brewery and taproom but did not disclose what the project will entail.

In addition to the Parkesburg facility, Victory Brewing also operates a brewery and taproom in Downingtown and taprooms in Kennett Square; Philadelphia; and Charlotte, North Carolina; The Philadelphia location, the brewer's newest taproom, opened in October 2021 at 1776 Benjamin Franklin Parkway in Center City.

Full story: http://tinyurl.com/4xum288j


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