I came across an ad for this theater in a 1949 copy of the Escanaba Press. I checked it against some master lists I have and sure enough it was there. The ads for the theater start in the late 40's and stop in the early 50's. It may be the theater was adjacent to or part of a bowling alley complex. Or, maybe they just had the same management.
Looking at the current street views, there isn't an obvious structure that stands out that would be the former location. The layout of a bowling alley and/or theatre would be unique. The satellite view indicates some structures along that stretch of road have been demolished. You can spot the footprints of where they were. I will continue to look for possible photos and more information on it.