Granada, who turned professional on Wednesday, shot a 3-under 69 on Sunday.
Stephanie George carded an even-par 72 on Sunday and took third at 3-under-par 213. Seon-Hwa Lee posted a 1-under 71 and came in fourth at minus-2.
Baena, sister of LPGA Tour player Marisa Baena, rolled in a 25-foot birdie putt at the last hole of regulation to hold off Granada and win by a single stroke.
'That putt was huge,' said Baena, 25, who played college golf at the University of Arizona. 'I've been so close so many times that this is a little hard to believe.'
Sarah Lynn Johnston (70), Marianne Morris (71), Michelle Simpson (72), Charlotte Mayorkas (72) and Kellee Booth (74) tied for sixth place at even-par 216.