Newport Beach’s Patrick Cadigan was one of the largest private investors of local apartments, building a portfolio of over 2,500 units—with a value around $1 billion—thanks to a series of deals in Central and North Orange County.
He was also very much an under-the-radar investor, despite building a fortune that put the one-time CEO of Santa Ana’s computer products company EECO on the Business Journal’s OC’s Wealthiest watchlist.
In fact, he wasn’t the most famous member of his family; son Dave Cadigan was an offensive lineman starring at USC before playing in the NFL for the New York Jets and Cincinnati Bengals in the 1980s and ’90s.
When the elder Cadigan made headlines, it was usually for his giving. In 2021, he turned heads on both coasts by giving $27 million to Boston College and Boston College High School. Cadigan, the son of Irish immigrants, was a graduate of both.
The exec died in April 2020 at age 85.
He is still making his presence felt in the educational world, this time closer to home.
Pomona Valley’s Claremont Graduate University tells the Business Journal that Cadigan’s foundation recently made a $42 million donation to the school, the largest gift in its nearly 100-year history.
The money will be used for the construction of the new home for the university’s School of Arts & Humanities, “as well as a nexus for entrepreneurial business faculty and students,” the school said.
Cadigan earned his master’s degree (1978) and Ph.D. in management (1980) at CGU, while studying under the legendary Peter Drucker.
“Dad felt a strong personal responsibility to give back to the schools that contributed to the man he became and to the high level of success he achieved,” said his daughter Maria Cadigan. “He considered it a great blessing to live in a country like ours and have the privileged opportunity to enjoy a level of education like CGU offers.”
For a roundup on other notable donations made to OC-based schools and other area groups, see this week’s list of 2021’s Largest Charitable Gifts, and related stories throughout this edition.
Dan Hedigan knows well Orange County’s land and homebuilding businesses.
While serving as president of land sales and homebuilding at Newport Beach’s Irvine Co. from 2013 to 2021, he oversaw the best-selling master-planned community in the state.
He’s swapping the Irvine Ranch for the city’s Great Park Neighborhoods. Last week, he was named CEO of master developer Five Point Holdings LLC (NYSE: FPH), the city’s other big land holder.
Homebuilding isn’t all that’s on Hedigan’s agenda in Irvine and Five Point’s other coastal markets. Besides “the considerable residential homesites remaining in our communities, I look forward to activating our substantial commercial land opportunities as well,” he said.
Hedigan also has other top positions to fill. Five Point President and COO Lynn Jochim is stepping down from the company this week. A few weeks ago, CFO Erik Higgins announced he was leaving.