BC Wood Properties has made the first acquisition for the BC Wood Real Estate Fund IV with the purchase of Fairfield Shopping Center, a 184,106-square-foot Food Lion-anchored retail center in Virginia Beach, Va.
Shopping Center Business reported the sellers were Crosland Southeast and an undisclosed joint venture partner.
The property is 93 percent leased and includes tenants such as TJ Maxx, Burn Boot Camp, D-Bat and Taylor’s Do-It Center, along with smaller retailers and locally owned businesses.
BC Wood Real Estate Fund IV, the firm’s fourth private equity fund, targets grocery-anchored retail centers with national tenants across the Mid-Atlantic, Midwest and Southern United States. The fund held a first close in September 2025 and is targeting $200 million in commitments with a $250 million hard cap.
The strategy continues BC Wood Properties’ focus on acquiring and repositioning necessity-based neighborhood retail centers in secondary m
