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CAMBRIDGE, MASS. — Forest City Enterprises Inc. (NYSE: FCE-A) has entered into a share purchase and redemption agreement to acquire Health Care REIT Inc.’s (NYSE: HCN) 49 percent equity interest in seven life-science office properties and two parking facilities at University Park at the Massachusetts Institute of Technology (MIT) in Cambridge for $573.5 million. University Park is a 27-acre, mixed-use campus developed by Forest City adjacent to MIT. The project includes 10 life-science office buildings (including one under construction) totaling more than 1.7 million square feet, as well as 530 apartment units in four multifamily properties. The two companies entered into a 51/49 equity joint venture for the properties in February 2010. University Park amenities include a landscaped commons, a 210-room hotel, a grocery store, restaurants and neighborhood retail. MIT is the ground lessor for the entire University Park project. The redemption price for the properties is $573.5 million, less Health Care REIT’s 49 percent of the outstanding debt on the properties, or approximately $174 million. The purchase price represents a projected 5 percent cap rate based on forward 12 months net operating income. At closing, which is expected to occur by October, the net redemption price net of debt …

LAS VEGAS — Penn National Gaming Inc. (NASDAQ: PENN) has entered into a definitive agreement to acquire Tropicana Las Vegas Casino Hotel Resort from its shareholders, the largest of which is a partnership between Onex and Alex Yemenidjian, for $360 million. Penn National intends to fund the acquisition through an expansion of its existing credit facilities and cash on hand. Tropicana Las Vegas sits on 35 acres at the corner of Tropicana Boulevard and Las Vegas Boulevard, 2.5 miles from McCarran International Airport on the southern end of the Las Vegas Strip. The property features nearly 1,500 guest rooms including 181 suites. Amenities at the property include a 50,000-square-foot casino with over 1,000 gaming positions, a sports book, three full-service restaurants, a food court, a 1,200-seat performance theater, the 300-seat Laugh Factory comedy club, over 100,000 square feet of exhibition and meeting space, a five-acre tropical beach event area and spa. Over the past four years, Tropicana Las Vegas has completed more than $200 million of property upgrades including a complete renovation of all guest rooms, which feature a new South Beach theme. In addition, improvements were made to the ballroom, conference meeting space and Pavilion exhibition space, the showcase …

NEW YORK — General Growth Properties Inc. (NYSE: GGP), along with billionaire investor Jeff Sutton, Vladislav Doronin’s Capital Group and real estate developer Michael Shvo, has acquired The Crown Building, located at 730 Fifth Avenue in New York City, for $1.78 billion. The Crown Building is a 26-story retail and office property located on the southwest corner of 57th Street and 5th Avenue in the Plaza District in midtown Manhattan. The acquisition was partially funded with $1.25 billion of secured debt. GGP and Sutton will own, redevelop, lease and manage the retail portion of the property. The retail portion, which totals approximately 100,000 square feet, is currently occupied by tenants such as Bulgari, Piaget and Mikimoto. Over the past 25 years, Sutton has amassed over 120 properties in prime locations throughout New York City. Sutton’s acquisitions include the purchase of 724 Fifth Avenue, 720 Fifth Avenue, 717 Fifth Avenue, 650 Fifth Avenue, 609 Fifth Avenue and 509 Fifth Avenue. Capital Group and Shvo will redevelop, lease and manage the office tower from floors four through 26, comprising approximately 290,000 square feet. The office tower will be redeveloped into luxury residential condominiums. According to media reports, the sales price of approximately …

SAN FRANCISCO AND NEW YORK — Prologis Inc. (NYSE: PLD), a global owner and developer of industrial real estate, has signed definitive agreements to acquire the real estate assets and operating platform of KTR Capital Partners (KTR) and its affiliates for a total purchase price of $5.9 billion. Prologis has obtained a commitment from Morgan Stanley Senior Funding Inc. to provide a $1 billion bridge loan for the transaction. The 60 million-square-foot operating portfolio comprises 322 industrial properties in markets such as Southern California, New Jersey, Chicago, South Florida, Seattle and Dallas. The acquisition also includes 3.6 million square feet of industrial properties that are currently under construction and a well-located land bank with a build-out potential of 6.8 million square feet. The properties comprise KTR’s three co-investment funds and will be acquired by Prologis U.S. Logistics Venture (USLV), a 55-45 consolidated joint venture with Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global. “It is rare to have the opportunity to acquire a portfolio of such high asset quality, customer profile and market composition that is so consistent with our own,” says Hamid Moghadam, chairman and CEO of Prologis. “I have known KTR’s leadership for …