Special Servicer Pursuing Foreclosure on Tyngsboro, MA Retail Property

Photo: LoopNet

A $17.625 million loan on the TJ Maxx Plaza, a 136,206 square-foot retail property in Tyngsboro, Mass., has been transferred to a special servicer, which is pursuing a foreclosure on the asset, according to Trepp.

The property lost its lead tenant, TJ Maxx, in 2013. The center is now anchored by JoAnn Fabrics, which occupies 14,600 square feet at the retail center under a lease that expires in January 2015, according to Trepp.

The TJ Maxx departure coincided with the departure of a Trader Joes supermarket and several other smaller tenants, according the servicer notes.

A lease for Dollar Tree Stores, the center’s second largest tenant, expires in March 2015. The fourth largest tenant, Dots, began shutting down all its stores nationwide in the first quarter.

TJ Maxx Plaza was appraised for $22.9 million in 2007, according to Trepp. The loan on the center is not slated for maturity until 2017.