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News in brief

June 11, 2021 at 1:45 a.m.

Apartment complex in LR sells for $65M

The Fitzroy at Chenal, a 294-unit luxury apartment complex in west Little Rock, has changed hands in a $65 million transaction.

The 13.5-acre property was sold last month by The Madison at Chenal, a limited liability company tied to the property's developer, Huffman & Co. of Little Rock, which focuses on developing, building and managing student housing, multifamily and hotel projects in Arkansas and surrounding states.

The buyer was Passco Little Rock DST, an entity tied to Passco Companies LLC. The Irvine, Calif.-based company acquires, develops and manages multifamily and commercial properties across the United States.

The Fitzroy at Chenal, which opened in 2018 and has rentable space totaling 300,000 square feet, is Passco's only property in Arkansas, according to the company website.

-- Noel Oman

Hertz reorganization plan gets court's OK

A bankruptcy court has confirmed the reorganization plan for Hertz Global Holdings Inc., meaning the rental-car company will likely emerge from Chapter 11 bankruptcy protection by the end of the month.

Hertz, which filed for bankruptcy protection in May 2020, said Thursday that its plan will erase more than $5 billion in debt and provide more than $2.2 billion in liquidity. Creditors will be paid in full and existing shareholders will receive more than $1 billion in value.

Hertz was among the first major corporations to be felled by the pandemic last year as infections surged and shut down travel on a global scale for both companies and vacationers.

It announced in March that it might sell a controlling stake in the company to two investment firms for $4.2 billion. Knighthead Capital Management and Certares Opportunities would have the chance to buy the entire reorganized car-rental company, but no less than a majority of its shares.

Demand for car rentals is surging. With a limited auto supply, prices are skyrocketing.

The Florida company runs the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand.

-- The Associated Press

Arkansas Index falls to 629.92, off 11.55

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 629.92, down 11.55.

"An above consensus monthly CPI report provided enough evidence of transitory inflation to assuage investors and lift the S&P 500 to close at a new record high led by the health care and real estate sectors," said Leon Lants, managing director at Stephens Inc.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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