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."