Victory Brewing Company has signed a lease with Kennett Square Realty and will develop an upscale brewpub, with on-premise brewing and a takeout beer component, in Kennett Square.

“The announcement is a culmination of nearly a year’s worth of planning and effort, and we couldn’t be more excited than we are today to finally confirm for our excited fans, who have been asking, that yes we are in fact headed to Kennett,” said Matthew Krueger, vice president of retail operations, in a news release issued on Tuesday.

Victory’s second brewpub location will occupy all 8,234 square feet of the bottom floor of a four-story, luxury apartment building in Kennett Realty Group’s latest townhome, apartment and retail community, Magnolia Place. Kennett Realty is owned and operated by the Pia Group, who also own Kaolin Mushroom Farms, Inc., and South Mill Mushroom Sales.

“We could not have found a better partner than the Pia family, a group that shared – and are now helping us realize – our vision to bring Victory to Kennett,” Krueger said.

“Victory’s mission to provide high-quality food, a family-friendly environment, and of course, delicious craft beer, all with a focus on community, ethics and environmental stewardship, made them an ideal partner for this project,” said Mike Pia, Jr., developer with the Kennett Realty Group “We’re looking forward to the exceptional experience they’ll bring to the community of Magnolia Place and the greater Kennett Square area.”

Called Victory at Magnolia, the location will accommodate a 250-seat restaurant with space for outdoor dining. The space also will be equipped with a five-barrel brew house.

Victory at Magnolia is targeted to open in the second quarter, 2014. The brewery also is finishing construction on its second production brewery in Parkesburg, expected to be operational this fall.

Victory Brewing Company is a privately held craft brewery headquartered in Downingtown, Pa.

Magnolia Place is a 112 unit townhouse and apartment development located in the Borough of Kennett Square.