FUNNY - I THOUGHT THEY WERE IN THE SELF STORAGE BUSINESS AND NOT IN TO BUYING HOUSES. ISN'T THE CEO FROM MEMPHIS? HOW IS THIS RIGHT?! READ BELOW FROM THE MEMPHIS NEWS...

U Store It Buys Germantown Home

Alexandria, Va.-based U Store It, a national owner and operator of self-storage facilities, has bought a 5,744-square-foot home on Belle Fleurs Cove in Germantown. Operating as U Store It LP, the company on Aug. 19 paid $985,000 for the home from Jonathan L. and Angela J. Perry.

Though the company is based in Virginia, its CEO is Memphian Dean Jernigan, former head of Storage USA. A call to U Store It’s corporate headquarters was not immediately returned.

The five-bedroom home was built in 2007 and sits on 0.65 acres. The Shelby County Assessor of Property’s 2009 appraisal is $1 million.

It’s the second high-profile transaction the storage company has made of late. On Aug. 19, it quitclaimed, or transferred, its property at 9275 Macon Road in unincorporated Shelby County near Cordova to its trust division, operating in the transaction as YSI XXX LLC. That entity then filed a $2.6 million loan on the facility through First Capital Bank.

U Store It had bought the property for $4 million in 2006 from Macon Road Partnership.