77 Hanover Road in Florham Park — Courtesy: NAI James E. Hanson
By Joshua Burd
A former bank building in Florham Park will be the new home of a martial arts school, following a sale arranged by brokers with NAI James E. Hanson.
The firm said last week that it represented DFK Associates in the sale of 77 Hanover Road, a 3,950-square-foot building between Route 10 and County Route 510. Brokers said the freestanding property, which previously housed a Chase branch, has an open floor plan that made it suitable for other retail uses beyond banking.
NAI Hanson’s Joan Cenicola and John Schilp handled the assignment for the Teterboro-based firm. The buyer, a jiu-jitsu and karate school, is relocating from a rented space elsewhere in the borough.
“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. “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.”
