Penn Medicine buys industrial property in Southwest Philly near airport

The University of Pennsylvania's medical network has acquired an industrial building near Philadelphia International Airport in Southwest Philadelphia that it plans to renovate into a sterile processing facility for surgical instruments used at its hospitals in the city's center and at some of its outpatient clinics.

Penn bought the 246,450-square-foot building on 12.4 acres at 3250 S. 76th St. for $14.34 million from an affiliate of industrial property investor Cambridge Hanover, based in New Canaan, Conn., according to a release Friday from real estate services firm Binswanger Management Corp., which brokered the deal.

"This project will allow us to consolidate these common hospital functions in a single location, saving capital that would be required to refurbish existing facilities and freeing up space in our University City hospitals," Penn Medicine said in a statement. "We also expect that the new facility will create additional jobs within the city of Philadelphia."