Nu Skin Blake Roney founder buys Riverwoods mall in group deal

(Daily Herald) The founder of Nu Skin Enterprises, in partnership with a Provo investment group, has quietly acquired The Shops at Riverwoods, a lifestyle center near the upscale Riverbottoms neighborhood that was in receivership for the past six months after defaulting on mortgage payments.

"I am involved, in a way," Nu Skin Founder Blake Roney told the Daily Herald Thursday night. "There are several other partners involved."

He declined further comment.

Roney and his partners acquired the 187,000-square-foot shopping mall at 4801 N. University Ave. in Provo for an undisclosed sum. The sale was approved by Fourth District Court Judge James Taylor last week.

The mall was placed in receivership at the end of March after its lenders filed a lawsuit to foreclose on the property. According to the suit, mall owner TerraNet Investments LC defaulted on monthly mortgage payments on a $26.5 million loan in November and December of 2008, and January of 2009, which caused the loan to come due. As of Feb. 1, TerraNet owes $30.6 million in outstanding payments and penalties.

Original Article