THE MONEY: Two branches of the Segerstrom family operate C.J. Segerstrom & Sons and HTS Management, real estate development and management firms that run some of Costa Mesa’s most valuable commercial properties, including the internationally known shopping mall South Coast Plaza.
THE FAMILY: Stakeholders in the family’s varied business interests, originally propelled by the late Henry T. Segerstrom, are overseen by managing partners Elizabeth, Henry’s widow, and Sandra “Sandy” Segerstrom Daniels, daughter of Henry’s cousin Harold and his wife Jeanette. Anton, one of Henry’s three children from his first wife, Yvonne de Chavigny Perry, is also a partner in the family business.
GOING INDUSTRIAL: New project underway dubbed South Coast Technology Center, a three-building industrial park on Susan Street, that will total 313K square feet on nearly 16 acres of land; approved by Santa Ana City Council in 2024. Demolishing existing 10-acre Lake Center Office Park—at 3100, 3110 and 3120 W. Lake Center Drive—to make way for project. Family’s largest ground-up development in years has estimated cost of $126M, according to officials. Anduril is leasing the property.
REDEVELOPMENT: The Segerstrom-owned South Coast Plaza Village shopping center in Santa Ana, which spans 17.2 acres across the street from the mall along Sunflower Street, is slated for redevelopment into a new mixed-use area with 1,583 residential units, up to 300K square feet of office and up to 80K square feet of retail space. The project, currently under review, is likely to be the largest OC-based development plan undertaken by the family in several decades; when complete, could approach $1.5B in value, the Business Journal estimates. Shuttered Sears space at South Coast Plaza remains undeveloped – eight years after the mall took control of Sears’ collection of buildings in a deal valued at $187M.
LUXE SHOPPING: South Coast Plaza saw $2.5B in sales during the 12 months ended June 30, 2024, up 0.4% from the year before. Its sales are estimated to be roughly double those seen at Beverly Hills’ collection of luxe retailers along Rodeo Drive, and the OC center brings in over 20M visitors a year, which is nearly three times the traffic seen at the LA retail hub, according to industry figures. SCP, with about 2.8M square feet of retail and dining space, first surpassed $2B in sales in 2021. Plaza in recent years has focused on bringing high end stores like Jacques Marie Mage, Roger Dubuis and Van Cleef & Arpels.
ARTS PATRONS: Donated plot of land that became Costa Mesa arts hub anchored by Segerstrom Center for the Arts, where Henry Segerstrom was founding chairman. Site includes Renée and Henry Segerstrom Concert Hall, South Coast Repertory, Samueli Theater and was topped off with the opening of Orange County Museum of Arts (OCMA) in 2022.
OTHER INVESTMENTS: In addition to South Coast Plaza, the family-run business owns and operates four office properties on the opposite side of Bristol Street under the South Coast Plaza Office Division banner. The Plaza, Center and Park towers are three of the city’s tallest and highest-end office buildings. They total more than 1.3M square feet and house large law and accounting firms and other professional services firms. Each building has a different ownership structure and family investors, according to sources. The family also owns hundreds of acres near the San Diego (405) Freeway in Costa Mesa and Santa Ana, some of which remains developable and could likely sell for at least $3M an acre, if the family ever opted to sell.
