The Cranbrook has a lot of negative reviews for build quality, however another interesting bike at Walmart is the aluminum framed Ocean Pacific for $118:
Walmart.com: Ocean Pacific Men's 26" Beach Cruiser with Bonus $20 eGift Card: Bikes, Scooters & Skates
It has even *bigger* tires than the Panama Jack, is glass black, and has a very lightweight aluminum frame and lots of good reviews. The seat is aweful, but you can replace that for $25 from the bike accessories with the same seat as the Panama Jack, but with white flowers on black seat.
The downside of both bikes... no caliber brakes at all, no front shocks, and and no gears . I would, down the road, want to do a jackshaft type of affair, and there are 3 speed and 7 speed cruiser bikes out there that would probably be better bikes. If you don't want to do a jackshaft, and are willing to spend extra money and install disc brakes, the OC gets you a lightweight aluminum frame and big bouncy almost motorped sized tires on the cheap.