MIAMI-Equity One has been dumping and snapping up properties almost in the same breath lately—and Wall Street likes what it sees. Shares are up and the REIT closed on a $575 million credit line, promising more deals to come.

Equity One just sold two non-core assets and picked up a core asset. Specifically, the REIT sold Trio Apartments and the Park Plaza office building in California for $124.9 million. Equity One also closed on the acquisition of Aventura Square in the affluent Miami submarket Aventura for $55.5 million in a deal that seemed to fly below the radar screen.

“We are pleased to continue our capital recycling efforts by selling non-core assets and redeploying the capital into extremely high quality shopping centers within our targeted markets,” Jeff Olson, CEO of Equity One, said in a statement. “Aventura Square is located in one of the most desirable retail corridors in Miami-Dade County and its tenants generate sales that are among the most productive in their respective chains.”

Aventura Square is a 113,450-square-foot shopping center anchored by Bed Bath & Beyond, Old Navy and DSW. It sits at the intersection of Biscayne Boulevard and the William Lehman Causeway, just south of the Aventura Mall and next to Equity One’s Gateway Plaza property anchored by Babies R Us. Aventura Square is not encumbered by any debt.

“Many REITs are looking to improve the quality of the assets in their portfolio, so you are seeing them sell properties in secondary markets with secondary tenant mixes and replace them with higher quality core assets,” David Moret, a principal at Continental Real Estate Companies, tells GlobeSt.com. “Wall street has indicated that it rewards REITs for having better asset qualities.”

From Moret’s perspective, South Florida retail doesn’t get any better than Aventura. Turnberry Associates sold the property to Equity One. Turnberry Associates owns such iconic properties as Paradise Island in the Bahamas and Turnberry Towers in Las Vegas, as well as a number of retail, hotels, office buildings and residential projects in major cities. Based on the sales price it commanded, Moret says the seller made an attractive deal.

“The shopping center sold for $489 a foot,” Moret says. “I am sure the tenant sales performance and rental rates justify that price. But you don’t see many single story box anchored retail deals trading at that number in South Florida anyway.”