Matrix plans to build a regional office and distribution facility on the parcel. The distribution facility will be used for the company's aboveground storage tank services unit. Matrix provides maintenance, construction services and products to the petroleum industry. The company's current site for tank maintenance, repair and fabrication is located at 1441 S. Anaheim Blvd in Anaheim. It will move to the new location when the facility is completed in first quarter 2002.

Matrix was represented by Randy Coe of Colliers Seeley. Jeff Chiate and Mark McAdams of Cushman & Wakefield's Irvine office represented the seller, a Newport Beach-based family trust.

"Land (available for industrial development) is so scarce that the majority of it is selling to industrial users," Chiate says. The dearth of buildable lots has pushed prices so high that it wouldn't make sense for most developers to purchase the available land that is left, Chiate adds.