The Authority is authorized and empowered, directly or by and through a participating institution for higher education or noncollegiate educational institution or a participating hospital, as its agent, to acquire by purchase or by gift or devise such lands, structures, property, real or personal, rights, rights-of-way, franchises, easements and other interests in lands, including lands lying under water and riparian rights which are located within or without the State as it may deem necessary or convenient for the construction, acquisition or operation of a project, upon such terms and at such prices as may be considered by it to be reasonable and can be agreed upon by it and the owner thereof, and to take title thereto in the name of the Authority or in the name of a participating institution for higher education or noncollegiate educational institution or a participating hospital as its agent.