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Home » New Tenant Announced For Old Applebee’s Building On Ygnacio Valley Rd.

New Tenant Announced For Old Applebee’s Building On Ygnacio Valley Rd.

by CLAYCORD.com
45 comments

A new tenant will soon be taking over the old Applebee’s building on Ygnacio Valley Rd. in Walnut Creek.

Chase Bank will be moving into the building after it’s remodeled.

It’s likely the Chase Bank right down the street on Oak Grove Rd. in the Citrus Shopping Center will close once this Chase opens.

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45 comments


Jerry Ducasse January 26, 2022 - 2:07 PM - 2:07 PM

Oh joy!!!!

Tawny January 26, 2022 - 2:10 PM - 2:10 PM

There is nothing like getting a delicious home mortgage, or fresh grilled line of credit. What a bummer! I wish a restaurant would open here. We have plenty of banks.

Lela January 26, 2022 - 2:53 PM - 2:53 PM

Best reply of this post and the day!!!! 😁

KenInConcord January 26, 2022 - 2:12 PM - 2:12 PM

Booooring!!!

Avacado Dan January 26, 2022 - 2:19 PM - 2:19 PM

yes!!!!!!!
– no one

Mojoduck January 26, 2022 - 2:19 PM - 2:19 PM

How long is there lease ? Cause in Five To Ten Years there won’t be any Brick And Mortar Banks , It will all be online . Maybe sooner .

Joe January 26, 2022 - 2:49 PM - 2:49 PM

Ooooo I was hoping for a bank!
It’s just a dream come true.

Will somebody please open an interesting restaurant and take my money.
I’d rather that than Chase take my money.

Joe

Ricardoh January 26, 2022 - 2:59 PM - 2:59 PM

Funny just before I read this I was looking up who owns what bank. It appears the Chinese have their hooks in many including Chase and Bank of America. The problem I found though was trusting the conflicting information you can come up with. With all their mergers and holding companies it is a mess. It is like trying to find honest information on hearing aids. Another of my pursuits.
Not sure how Chase will have a drive up at the new location.

Lamorinda Larry January 26, 2022 - 4:28 PM - 4:28 PM

Nonsense. Significant shareholders (5%+) of any listed U.S. company must promptly disclose their holdings on SEC Form 13D. All institutional investors with at least $100 million under management must disclose all of their holdings in quarterly 13F reports.

ALL of the top 10 institutional holders of either JPM and BofA are U.S. investment or wealth management firms. All of the insiders with significant stockholdings are US-based executives.

None of the majors shareholders (1.3%+) in either bank are Chinese entities or Chinese nationals.

Please don’t post false information in this esteemed forum.

Will January 26, 2022 - 4:33 PM - 4:33 PM

Publicly traded banks such as Bank of America and JP Morgan Chase are owned by their stockholders. The list of their top stockholders is available in many places online. Here are examples for BAC and JPM listing their largest 10 stockholders:

https://finance.yahoo.com/quote/bac/holders

https://finance.yahoo.com/quote/jpm/holders

You will see many of the same firms at the top of each list (Vanguard, Blackrock, State Street, Fidelity, Capital Group, etc). The first three run the largest index funds in the US while the last two are two of the largest active managers of equity mutual funds in the US.

Ricardoh January 26, 2022 - 5:38 PM - 5:38 PM

Lamorinda Larry
Google who owns Bank of the West. You will see the conflicting information I mentioned. I am not spreading rumors

To Do List January 26, 2022 - 6:33 PM - 6:33 PM

It is not clear that the shareholders own the companies. If you think so, buy a share of Bank of America, walk into one of their administration buildings and choose an office to sit in. Good luck with that as you will be escorted out by security. Share ownership just gives you certain rights such as getting dividend payments and having voting rights at shareholders meetings.

Will January 26, 2022 - 7:17 PM - 7:17 PM

@Ricardoh

You’re misinformed yet again. Bank of the West was a 100% owned subsidiary of French Bank BNP Paribas until December 20th, 2021 when BNP Paribas reached an agreement to sell Bank of the West to BMO (Bank of Montreal), a Canadian bank.

Here is the press release announcing that sale from BNP to BMO:

https://www.globenewswire.com/news-release/2021/12/20/2354947/0/en/BNP-Paribas-SA-BNP-Paribas-reached-an-agreement-with-BMO-for-the-sale-of-Bank-of-the-West.html

To Do List January 26, 2022 - 10:42 PM - 10:42 PM

Ricardoh: I would not take Lamorinda and Will very seriously. They are trying too hard to sound knowledgeable. For example, listing Fidelity and Vanguard and whoever as institutional holders while explaining influence is pointless. Fidelity and Vanguard and others like them are custodians and hold the equities as part of their mutual fund and ETF holdings. They do not own those equities in any meaningful way, they are holding it for someone else. So, they are not really institutional holders if you are trying to sell the point of influence. Also, owning something can just mean influence, as I think you are getting at. For example, when Jamie Dimon of JP Morgan shoots his mouth off and says JP Morgan will outlast the Chinese Communist party, and then has to backtrack and apologize, then it looks like China “owns” him all right. I agree with your main point as I understand it that China influences US businesses in ways we can’t even measure.

Ricardoh January 27, 2022 - 12:46 PM - 12:46 PM

Like I said getting this information is like buying hearing aids. Confusing.

To Do List January 27, 2022 - 2:17 PM - 2:17 PM

I just I wanted to say something since they were both unnecessarily aggressive. They clearly don’t know the difference between proprietary trading and the creation of passive index funds yet they have this snotty attitude I took as contempt. The Chinese are extremely tangled up with Walmart (and the Biden family) but that collusion will not show up on any SEC forms about stock ownership.

Lamorinda Larry January 28, 2022 - 1:08 PM - 1:08 PM

@To Do List – You’re mistaken as well.

Registered Investment Company (“RIC”) shareholders, including shareholders of mutual funds and ETFs, do not exercise proxy voting discretion with respect to equity securities in a RIC’s portfolio. Rule 206(4)-6 issued under the Investment Advisors Act of 1940 provides that registered investment advisors (“RIAs”) must adopt proxy voting policies and procedures and disclose them to clients.

RIAs which manage RICs have a duty to act as a fiduciary to the RIC itself, not any particular shareholder in the RIC. This means that fund managers such as fidelity and vanguard do indeed exercise proxy voting discretion on behalf of the RICs they manage. (The same applies to non-RIC pooled investment vehicles managed by RIAs.) Most, though not all institutional separate account mandates delegate proxy voting authority to the RIA.

None of the RIAs among JPM or BofA’s top institutional shareholders are “owned” or otherwise controlled by the Chinese government. They are all US domiciled entities and thus subject to US law.

Finally, RIAs that manage most RICs are fiduciary stewards, not “custodians” as you contend. Some are affiliated with custody banks (eg, State Street), which may serve as the custodian of RIC or other affiliated institutional clients pursuant to robust conflict of interest and asset segregation rules. Fidelity and Vanguard are not affiliated of any custody bank.

That is not “snooty” or “trying too hard to sound knowledge;” just factual.

To Do List January 28, 2022 - 8:22 PM - 8:22 PM

Lamorinda Larry: You seem to have defined your way into believing influence on corporations consists of proxy voting and since your numbers indicate the largest holders of stocks are index and mutual fund managers, it means Fidelity and Vanguard are the largest influencers. I think you talked yourself into a corner. There are all sorts of influences on corporations that are not represented in share ownership such as woke culture and cancel culture and BLM, and as mentioned previously with examples of Walmart’s and Jamie Dimon’s relations with China, in addition to US manufacturing being forced to transfer technology to China in order to build plants there. None of that shows up in stock holdings numbers. As far as your RIC and RIA word salad, historically portfolio managers in general only saw shareholder voting as an annoyance and quite apart from influencing, spent little time on it or outsourced the recommendation and if they were really upset about what a company was doing, just sold the stupid thing. They care about their returns compared to their benchmarks and wasting time on proxy material about a company’s manager compensation or the company’s pension plan is not what they want to do and is not what is meant as influence here. Yes, you can find examples of activist investors, but your original chain of logic from numbers of shares to proportional influence does not hold.

Badge1104 January 26, 2022 - 3:03 PM - 3:03 PM

I agree with the posts above! I enjoyed the human sarcasm in them too.
Who needs another bank? Especially Chase. (Wish they’d stay in New York)

Rolaids January 26, 2022 - 3:04 PM - 3:04 PM

Well, that’s what Whole Foods wanted – tenants that use less parking than a restaurant.

blockraider January 26, 2022 - 3:05 PM - 3:05 PM

Oh man I was hoping it was another food joint.. lame..

Lamorinda Larry January 26, 2022 - 3:10 PM - 3:10 PM

The building housed at least two bank branches — first an old stone and wells — before Applebee’s banality blighted the block. There’s an abundance of formulaic casual eateries along the YVR corridor. Nobody will miss Applebee’s.

The cluster of mass-affluent households and the smattering of wealthy families sprinkled out that way will no doubt welcome access to private banking and wealth management services without the need to endure a trip downtown. The neighborhood has long been underserved with in that respect.

miguel January 26, 2022 - 4:22 PM - 4:22 PM

There is already Chase down thr street. Any of the mass-affluent that you are speaking of that endured a trip downtown were doing so out of their own free will.

Russ Sayin January 26, 2022 - 8:07 PM - 8:07 PM

“Banality blighted the block”
Well played, good sir, though your word play likely is under appreciated by most of the dregs that skulk around these parts….

Randy January 26, 2022 - 3:53 PM - 3:53 PM

…won’t miss Applebee’s but was hoping of another real sit-down restaurant would go in… not another of these fast- causal places that Orchard s full of….

wcmom January 26, 2022 - 4:00 PM - 4:00 PM

And there’s still the Chase next to Sports Basement. wth

Concord Guy January 26, 2022 - 4:11 PM - 4:11 PM

Well that’s underwhelming…

jp5air January 26, 2022 - 4:18 PM - 4:18 PM

It’s just as well. That parking lot is already crowded especially since Starbird opened, and another restaurant would have made it worse.

BOOYAH! January 26, 2022 - 4:34 PM - 4:34 PM

Chase moving over from Citrus Center, B of A moving from Citrus Center to HMS Endeavor site, Nob Hill moving out. Will be interesting to see what happens with Citrus. Writing on the wall?

PESFG January 26, 2022 - 5:35 PM - 5:35 PM

Citrus will become another housing development?

Ryan Clancy January 26, 2022 - 5:06 PM - 5:06 PM

I havent been this excited since BofA moved into the old Half Price Books location at Todos Santos.

Exit 12A January 26, 2022 - 5:15 PM - 5:15 PM

.
Both Encina Grande and Ygnacio Plaza are owned by Regency Centers.

Encina Grande is a much better location given Whole Foods, Petsmart, Ace Hardware, and Rocco’s Pizza. Plus The Orchards is right across the street!

PESFG January 26, 2022 - 5:32 PM - 5:32 PM

Having a Chase branch is better than having a cannabis dispensary. Are you listening Con-cord!?

Wasserman January 26, 2022 - 5:55 PM - 5:55 PM

Bummer. I was hoping for an Olive Garden.

Irish January 26, 2022 - 9:32 PM - 9:32 PM

That would have been nice

Meghan January 26, 2022 - 6:02 PM - 6:02 PM

Ugh. That sucks.

Aunt Barbara January 26, 2022 - 7:21 PM - 7:21 PM

UGH! the scammer bank

reekorizzo January 26, 2022 - 8:34 PM - 8:34 PM

I used to have an account at Chase….out of the blue they closed it. Six months later I buy a car, financed by……………Chase.

[facepalm]

Garbear January 26, 2022 - 8:49 PM - 8:49 PM

With Bank of America moving across the street and Nob Hill closing that shopping center is going to become a deserted place

Anon January 26, 2022 - 9:27 PM - 9:27 PM

So what will go where Chase is now? Condo’s? What will happen to
the rest of that shopping area once Nob Hill is gone?

Jeff (the other one) January 27, 2022 - 6:06 AM - 6:06 AM

Wow…now there is an idea for the old Frye;s building too…cross town representation.

TTD January 27, 2022 - 8:48 AM - 8:48 AM

History repeats itself – this exact space used to be occupied by a Crocker Bank and than a Home Savings & Loan.

XRaguX January 27, 2022 - 7:43 PM - 7:43 PM

I got my first savings account at that Crocker Bank.

D.W. January 27, 2022 - 1:48 PM - 1:48 PM

I ate at Applebee’s once, the food was tasteless and cold, yuck. I do wish another better eatery would’ve moved in. Yes we don’t need another bank, we do need Red Lobster etc.

American Citizen January 27, 2022 - 7:48 PM - 7:48 PM

Should have been a gun store. Who cares about a bank. We have so many around here.


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