Proximity to Maine Med helps seal the expansion of a private health care practice

The owner of a chiropractic neurology practice in Portland is looking to create a separate location for a segment of the business in order to accommodate his growing patient base.

MAC Realty LLC purchased 1020 Congress St. from 1020 Congress Street LLC for $700,000.

Tom Moulton, Katie Allen and Justin Lamontagne of Dunham Group brokered the sale.

“I was walking with an employee to pick up some prints and noticed it was for rent,” said Aaron MacArthur, a chiropractic neurologist who bought the property through his limited liability corporation.

MacArthur previously worked with the Dunham Group.

“I reached out to Justin to say, ‘Is there any chance they’d be willing to sell?'” he continued. “It wasn’t listed, but they were willing.”

Big old safe

The one-story, 3,374-square-foot industrial building is less than a quarter mile from Maine Medical Center and I-295. It was originally built for private security and defense company Brink’s in Virginia as an armored truck and storage facility, Lamontagne said.

“Actually, there’s still a big old vault that’s going to be very hard to get rid of!” he added.

Recently, it was a tire replacement shop.

The building was only offered for rent 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 buy the property.”

Lamontagne spoke with the listing broker, his colleague Tom Moulton at Dunham Group. Moulton confirmed with the owners that they would consider selling on the right terms.

“So we presented a fair market offer which was quickly accepted,” Lamontagne said. “The right check went very well, 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 a smooth closing.

CSC New England in Kennebunk provides construction consulting and loan monitoring services. St. Germain in Westbrook is an engineering and environmental EHS compliance firm. Perkins Thompson is a law firm in Portland.

He added, “With Maine Med as a neighborhood anchor, we think its real estate will continue to appreciate well.”

The new healthcare model

MacArthur graduated with honors from the University of Maine at Orono, then graduated from Parker College of Chiropractic with a doctorate in 2007.

He received a post-doctorate degree from the American Board of Chiropractic Neurology after completing studies with the Carrick Institute for Neurological Studies, then received 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 lectured nationally 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 treating a number of conditions of the spine, brain, upper and lower extremities.

“This is possible because we are creating neuroplasticity, or changes within the brain, spinal cord and nerves that control our musculoskeletal system and allow us to optimize recovery 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 purchased 959 Congress St., an 8,500-square-foot building at the corner of Congress and Saint John St., for the business. The purchase was facilitated by the use of a loan through the US Small Business Administration 504 program, which offers favorable loans to borrowers for certain business 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 it in the purchase of 959 Congress St.

All three practices are growing.

“We’re bursting at the seams,” he said.

A few years after purchasing 959 Congress St., MacArthur took over the neighboring 971 Congress, which provides overflow parking for his practice and also serves as an income producer with tenants.

The recent purchase of 1020 Congress St. is for additional overflow parking and, within the next year or so, MacArthur intends to develop the building as the new home for Portland Physical Therapy. He is looking to build a second floor in order to double the space.

“We are in the early stages,” he said.

The purchase was financed through a loan from Bangor Savings Bank. Construction 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 hiring of a third physical therapist, MacArthur said.

The construction would include open and private treatment areas.

“I love being anchored by the Maine Med and being near the interstate,” MacArthur said of the location. “We have great parking here. This is very important for these types of practices.”

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