New York-based real estate investment firm Innovo Property Group is planning to acquire online grocery firm FreshDirect’s old warehouse in Long Island City for approximately $75 million.

Innovo Property is acquiring 23 to 30 Borden Avenue from Los Angeles-based investment banking services provider Atlas Capital Group. 

The development has about 200,000 square feet of ground floor space and 175,000 square feet of air rights, and it includes a 6,000-foot light-emitting diode sign as well.

Innovo is anticipated to undertake a major renovation and upgrade of the facility, which could be a good fit for last-mile distribution services.