Today, Granite City Food & Brewery Ltd. announced that it completed the purchase of assets belonging to the Cadillac Ranch All American Bar & Grill restaurant in Miami, Florida. The Miami restaurant is located in the Palms Town & Country Mall.
Granite City previously announced that it purchased the assets of the Cadillac Ranch restaurant at the Mall of America in Bloomington, Minnesota. To date, the aggregate purchase price totals $2.8 million, including the $1.4 million paid in November 2011 for the assets at the Mall of America. The companies have a master asset purchase agreement that allows for the purchase of the assets of up to five additional Cadillac Ranch restaurants.
Since Granite City’s May 2011 receipt of debt financing from Fifth Third Bank, the company has developed plans to enhance revenue at existing Cadillac Ranch stores and also develop new stores, such as the recently announced Troy, Michigan location. That location is scheduled to open in early 2012.
Granite City Food & Brewery is a modern American restaurant and brewery. The restaurant serves food made fresh on site using high quality ingredients. Extensive menu features moderately priced favorites served in generous portions. It also offers an award-winning signature line of craft beers. Granite City Food & Brewery Ltd. opened its first restaurant in St. Cloud, Minnesota in 1999 and now operates 28 restaurants in 12 states.
Please visit www.gcfb.net for more information.
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