Bank building will become new home of karate school

A former bank building in Florham Park has sold and will be turned into a martial arts school, according to real estate firm NAI James E. Hanson.

NAI Hanson said in a news release Thursday that a Florham Park-based jiu jitsu and karate school has bought the former Chase Bank branch at 77 Hanover Road, and will move from its current rented space.

The 3,950-square-foot building sits on one acre of land, with 28 parking spaces.

NAI Hanson’s Joan Cenicola and John Schilp represented the seller, DFK Associates, in the transaction.

“Although 77 Hanover was originally constructed with banking in mind, we recognized that this well-located building could suit a wide variety of retail uses and was a unique building in this market,” Cenicola said in a prepared statement. “Our experience in Morris County with similar buildings enabled our team to properly market the building to a broader array of prospective users to help increase demand.

“For retail owners hoping to sell their assets, this sale showcases the advantages of highlighting a space’s adaptive reuse potential in securing a fair market value.”