A coprime array receiver processes a collection of received-signal snapshots to estimate the autocorrelation matrix of a larger (virtual) uniform linear array, known as coarray. By the received-signal model, this matrix has to be (i) Positive Definite, (ii) Hermitian, (iii) Toeplitz, and (iv) its noise-subspace eigenvalues have to be equal. Existing coarray autocorrelation matrix estimates satisfy a subset of the above conditions. In this work, we propose an optimization framework which offers a novel estimate satisfying all four conditions: we propose to iteratively solve a sequence of distinct structure-optimization problems and show that, upon convergence, we provably obtain a single estimate satisfying (i)-(iv). Numerical studies illustrate that the proposed estimate outperforms standard counterparts, both in autocorrelation matrix estimation error and Direction-of-Arrival estimation.