Pursuing our Motto - Building the City
The Coral Company pursues its motto – Building the City – through the development, acquisition and management of shopping centers, residential communities and mixed-use facilities in urban and first ring suburban areas. Other in-fill locations are considered on a case-by-case basis. Coral’s management team analyzes, plans, protects and enhances the asset value of each project by applying the real estate disciplines to which it has always strictly adhered: (i) proactive, hands-on management, (ii) knowing the local market, (iii) knowing the product and (iv) appropriately and carefully capitalizing each property. We are interested in both retail neighborhood shopping center and multi-family apartment buildings in markets with a population of at least 500,000 and a stable employment base. The company will consider “value-added” opportunities as well as stabilized income-generating properties. More specifically, Coral’s acquisition criteria include:
- Property Types: Retail and Multi-family Apartments
- Geographic Focus: Midwest and select high-growth markets (minimum population of 500,000, in-fill locations preferred)
- Transaction Size: $7.5 million to $40.0 million (will consider larger portfolio transactions)
- Transaction Type: Stabilized or value-added opportunities (low occupancy, deferred maintenance, add-on development / vacant land)
- Target Leverage: 75% Loan-to-Value
- Return Expectations: Minimum 10% current cash-on-cash return (pre-tax)
- Hold Period: As necessary
- Retail Property Size: 40,000 – 200,000 square feet (Grocery or drug store anchored neighborhood and community centers)
- Apartments Property Size: 50 – 250 units