Vici Properties Inc. agreed to buy the real estate assets of Jack Cleveland Casino and the nearby Jack Thistledown Racino for about $843 million in cash.

New York City-based real estate investment trust Vici, which spun off from Caesars Entertainment in 2017, agreed to lease back the properties to seller Jack Entertainment LLC at an initial annual rent of about $66 million, according to a statement.

Billionaire mortgage and Detroit real estate mogul Dan Gilbert, who also owns the Cleveland Cavaliers NBA basketball team, is the chairman of Detroit-based Jack Entertainment.

The Cleveland casino, which opened in 2012, has 96,000 square feet of gaming space, is connected to Ritz-Carlton and Renaissance hotels in downtown Cleveland. The Thistledown Racino is located about 10 miles southeast of downtown in in North Randall, Ohio.

Both properties will continue to operate under the Jack name. The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in early 2020, Vici Properties said. The acquisition "is expected to be accretive immediately upon closing," it said in the news release.

The deal follows Vici's deal to acquire the Jack Cincinnati Casino and Turfway Park in Kentucky for about $745 million earlier this year. Vici and Penn National Gaming Inc. also bought Greektown Casino-Hotel in Detroit in May in a $1 billion deal.

Vici Properties' portfolio includes 24 gambling properties leased to operators including Caesars Entertainment, Penn National Gaming and Hard Rock International.

— Crain's Cleveland Business contributed to this report.