Dean Jernigan, the founder of Jernigan Capital Inc. (JCAP), a merchant bank and advisory firm that also owns self-storage facilities, has sold his waterfront mansion on the Venetian Islands in Miami for $18.35 million. The seller was 1325 NV Way LLC, which is managed by JCAP, according to the source.
The home at 1325 N. Venetian Way comprises 6,964 square feet. Constructed in 2017 on a 12,250-square-foot lot, it has five bedrooms, five and a half bathrooms, a balcony, a boat dock, fitness and movie rooms, plus a pool, fire pit and summer kitchen. Everything was custom-built, according to Julian Johnston, a real estate agent with the Corcoran Group, which represented Jernigan in the transaction.
The buyer, 1325 Venetian Land Trust, worked with Oren Alexander, co-founder of The Alexander Team for Douglas Elliman Real Estate. Attorney Eric A. Jacobs was the trustee.
Jernigan’s self-storage career spans more than 35 years. He began as founder of Storage USA Inc. in 1984. In 2006, he became CEO of U-Store-It Trust Inc. and ushered the company through a change in branding to CubeSmart, a self-storage real estate investment trust (REIT) that owns or manages 1,244 self-storage facilities nationwide. He retired from the REIT in 2014 and launched JCAP the same year. He stepped down from his position as CEO in 2018, but continued to serve as executive chairman on the board of directors.
JCAP is a publicly traded REIT listed on the New York Stock Exchange. It provides financing to private developers, operators and owners of self-storage facilities, offering funds for acquisition, ground-up construction, major redevelopment or refinancing. The firm was acquired last year by an affiliate of NexPoint Advisors L.P., an investment advisory firm, for $900 million.
South Florida Business Journal, Firm of Jernigan Capital Founder Sells Miami Mansion for $18M