LYNN, Mass. — A long-abandoned factory building here will soon be the site of a new Market Basket store, officials said this week.

A deal to buy the former “Factory of the Future” has been completed with the owner subsequently leasing the facility to Tewksbury, Mass.-based Demoulas Supermarkets, operator of Market Basket stores. Plans call for renovations and construction to begin later this year, according to the Lynn Economic and Industrial Corp.

Lynn, a suburban town northeast of Boston with a population of about 90,000, is already home to a Super Stop & Shop, a PriceRite, a Shaw's supermarket and several smaller independent stores.