It will be a general multipurpose lab. It should be installed with the last shuttle mission in 2010 (STS 133). It has 16 generic equipment racks. One could call it a closet, but logistics module sounds cooler.
BTW, although the space station is officially slated to be abandoned in five years, odds are that it will be up there far longer than that. My guess is somewhere between 10 more years and infinity (it could get added and added, retrofited, etc.)
I’m calling it a Italian lab. That is partly true. It is actually owned by NASA. It was designed and directed by Italy.