I successfully figured this out on my own.
For those who are struggling with this issue, here's the solution.
Ensure that the object is a child of a THREE.Group and that you move the THREE.Group instead of the object. This is important because the function may not work correctly if the object's rotation is altered.
var targetPosition = new THREE.Vector3(x,y,z);
var objectToMove;
var group = new THREE.Group();
group.add(objectToMove);
var targetNormalizedVector = new THREE.Vector3(0,0,0);
targetNormalizedVector.x = targetPosition.x - group.position.x;
targetNormalizedVector.y = targetPosition.y - group.position.y;
targetNormalizedVector.z = targetPosition.z - group.position.z;
targetNormalizedVector.normalize()
You can then use the following line of code to move the object towards the target position.
group.translateOnAxis(targetNormalizedVector,speed);
This function behaves similarly to Unity's Vector3.MoveTowards function. Just remember to always set the rotation of the THREE.Group to 0 on x, y, and z axes.