The restaurant, which opened in 2018 on the Paramus Golf Course, will move operations to its new location at 227 Franklin Ave. in Nutley. Peg's signed a long-term lease for the 6,300-square-foot former Kyoto Buffet Restaurant space.

The transaction was facilitated by an unspecified preferred equity investment by national multi-housing owner and operator Pensam Residential of Miami. Pensam's preferred equity investment is structured behind Fannie Mae senior financing.

A fund managed by Almanac Realty Investors has agreed to provide $300 million to accelerate CIP's value-add investment strategy.