Proximity to Maine Med helps seal expansion of a private health care practice
Photo / Tim Greenway
Dr. Aaron MacArthur, left, bought the property behind him at 1020 Congress St. in Portland to accommodate the growth of his chiropractic neurology practice. Justin Lamontagne from the Dunham Group facilitated the deal.
The owner of a chiropractic neurology practice in Portland is looking to establish a separate location for a segment of the business in order to accommodate his growing patient base.
M.A.C. Realty LLC bought 1020 Congress St. from 1020 Congress Street LLC for $700,000.
Tom Moulton, Katie Allen, and Justin Lamontagne from the Dunham Group brokered the sale.
“I was walking with an employee to pick up some prints and noticed it was for lease,” said Aaron MacArthur, a chiropractic neurologist who bought the property through his limited liability corporation.
MacArthur had worked with the Dunham Group before.
“I contacted Justin to say, ‘Is there any chance they’d be willing to sell?’” he continued. “It wasn’t listed, but they were willing.”
Huge old safe
The 3,374-square-foot industrial, single-story building is less than a quarter-mile from Maine Medical Center and I-295. It was built originally for the Virginia private security and protection company Brink’s as an armored truck and storage facility, said Lamontagne.
“In fact, there is still a huge old safe that will be very hard to remove!” he added.
More recently, it was a tire replacement shop.
The building was being offered for lease-only by the owners.
“But I knew Mac’s need for parking and growth in that area,” Lamontagne continued. “And I knew he would only be interested if he could purchase the property.”
Lamontagne spoke with the listing broker, his colleague Tom Moulton at the Dunham Group. Moulton confirmed with the owners that they would consider selling under the right terms.
“So we presented a fair market offer which was quickly accepted,” said Lamontagne. “The due diligence went very smoothly as we put together a good team including CSC and St. Germain. We had an engaged and supportive lender in Josh Precourt at Bangor Savings and their closing attorney David Johnson at Perkins Thompson facilitated an easy closing.”
CSC New England in Kennebunk provides construction consulting and loan monitoring services. St. Germain in Westbrook is an environmental, EHS compliance and engineering firm. Perkins Thompson is a Portland law firm.
He added, “With Maine Med as a neighborhood anchor, we think his real estate will continue to appreciate nicely.”
New health care model
MacArthur graduated cum laude from the University of Maine in Orono, then graduated from Parker College of Chiropractic with a doctorate in 2007.
He received a post-doctorate diploma from the American Chiropractic Neurology Board after completing studies with the Carrick Institute for Neurological Studies, then obtained fellowships from the American Board of Vestibular Rehabilitation in 2010, and the American Board of Brain Injury and Rehabilitation in 2015.
He teaches in Maine on the topics of migraine, vestibular rehabilitation, chiropractic, hyperbaric oxygen therapy and neurology; and has taught on the national level on chiropractic and neurology. He is Vice President of the Maine Chiropractic Association.
Chiropractic neurology is a new model of health care, he said.
The practice combines chiropractic care, physical therapy, functional neurology and hyperbaric oxygen therapy and specializes in the treatment of a number of spinal, brain, upper and lower extremity conditions.
“This is possible as we are creating neuroplasticity, or changes within the brain, spinal cord and nerves that control our musculoskeletal system and allow us to optimize healing and overall performance,” he said.
A multimodal approach aims to improve the health of the brain, nervous system and spine without the use of drugs or surgery.
Bursting at the seams
MacArthur started his practice, Portland Chiropractic Neurology, in 2007 at 19 Commercial St.
In 2013, he bought 959 Congress St., an 8,500-square-foot building on the corner of Congress and Saint John St., for the business. The purchase was facilitated with the use of a loan through the U.S. Small Business Administration 504 program, which provides loans advantageous to borrowers for certain commercial purposes in combination with a regular bank loan. In that location, he also owns and operates New England Hyperbaric Oxygen and Portland Physical Therapy.
Michael Cobb at Colliers represented him in the purchase of 959 Congress St.
All three practices are growing.
“We’re bursting at the seams,” he said.
A few years after the purchase of 959 Congress St., MacArthur picked up neighboring 971 Congress, which provides overflow parking for his practices and also serves as an income-producer with tenants.
The latest acquisition of 1020 Congress St. is for additional parking overflow and, within the next year or so, MacArthur aims to develop the building as the new home for Portland Physical Therapy. He’s looking into building a second floor in order to double the space.
“We’re in the early stages,” he said.
The purchase was financed through a loan from Bangor Savings Bank. Build-out will likely be owner-financed. The goal is to be operational there within a year.
“We still have enough space here, but Portland Physical Therapy is growing” with the recent hire of a third physical therapist, MacArthur said.
Build-out would include open and private treatment areas.
“I like being anchored by Maine Med and being close to the interstate,” MacArthur said of the location. “We have great parking here. That’s very important for these type of practices.”
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