MIAMI-As it marches toward its capital redeployment goals, Equity One just sold 36 shopping centers to Blackstone Real Estate Partners VII for $473 million. The shopping centers span about 3.9 million square feet.

“The sale of this portfolio is a significant milestone in our strategic plan as we execute on our capital recycling efforts,” Jeff Olson, CEO of Equity One, said in a statement. Most of assets are located in Atlanta, Tampa, and Orlando, but there are a few retail centers in North Carolina, South Carolina, Alabama, Tennessee, and as far north as Maryland.

Equity One will use sale proceeds largely to reduce debt, fund redevelopment and development projects, and to make new acquisitions. Olson pointed to the progress Equity One made in 2011 to dispose of non-strategic assets and to redeploy proceeds into its core target markets including New York, Boston, Miami, San Francisco, and Los Angeles.