For the record - Shenandoah Valley

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Broad Reach Retail Partners LLC sold the Port Crossing Shopping Center, in Harrisonburg, to Wheeler Interests, a Virginia Beach-based real estate firm for $7.5 million. The 56,960-square-foot strip center, located near I-81 and James Madison University, is 94 percent occupied. (News release)

Cornerstone Bank N.A. of Lexington opened for business after selling over 940,000 shares of common stock with gross proceeds of $9.4 million. It begins operations from an office in the Rockbridge Square Shopping Center. David Grist is president and CEO of the bank and Jay Melvin will serve as chairman of the board. (News release)

First National Corp., the Strasburg-based holding company of First Bank, accepted investment from the U.S. Treasury under the Troubled Asset Relief Program. The bank sold $13.9 million of preferred shares to the Treasury. (The Winchester Star)

The Greater Augusta Regional Tourism Board, funded by Augusta County and the cities of Staunton and Waynesboro, is launching a marketing push to rebrand the area as “Virginia’s Valley,” in an effort to spur tourism. The board paid C.A.S.E. Solutions of Myrtle Beach, S.C., $35,000 to head the rebranding effort and plans to spend another $63,000 in regional publications. (The News Virginian)

Harrisonburg Tourism and Visitor Services, working with Rockingham County and several local organizations, is marketing a four-minute promotional DVD to tour-group operators throughout the Eastern U.S. in an effort to promote tourism. Funding for the program was provided by a grant from Virginia Tourism Corp. (Daily News Record)

The Town of New Market has begun efforts to develop an economic development plan through the New Market Tourism, Economic Development and Historic Preservation Committee. The group intends to work with local business owners to refine a plan for the town. (Daily News Record)

OakCrest Cos. plans to invest about $600,000 to refurbish the Lovett Building on Winchester’s Loudoun Street into a mixed retail and residential facility. The project is part of a $5 million effort announced in January to create a mixture of housing options in the city’s historic district. (The Winchester Star)

The Top of Virginia Regional Chamber has lost about 200 businesses from its ranks because of the economic downturn. Membership now stands at about 900. (The Winchester Star)

Toray Plastics, a Front Royal manufacturer of polyolefin foams for the auto and flooring industries, received an Exemplary Environmental Enterprise designation from the Virginia Department of Environmental Quality in recognition of its efforts to reduce and recycle waste output from its production process. (The Winchester Star)

Valley Farm Credit of Winchester merged with MidAtlantic Farm Credit of Westminter, Md. Both companies are members of the Farm Credit System, a national network of co-ops which provide financial services for the agricultural sector. After the merger, MidAtlantic will have about 200 employees and $2.2 billion in assets, managed through 20 offices throughout the mid-Atlantic. (The Winchester Star)

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