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The 375 seat Grant opened in May of 1948 with "Pirates of Monterey". The building was next to the Community Center so that helped me determine the address. Assuming the Community Center is in the same spot, I will say the Grant occupied the lot next door at 105 S Front St. The lot now is a Veteran's Memorial.
The theater was operated by Walter Relchle in 1954 who installed a larger screen. It had previously been owned by Marius Hansen, who passed away in 1956. It was put up for sale by 1959. The articles don't go beyond that date, at least under the Grant Theater name. Like many theaters, the spelling of "Theater" varies depending on the article.