My family has a C-corp that owns an interest in an LLC. The LLC owns farm ground. If the C-corp sold it's interest in the LLC, can the C-corp take 33% of the proceeds and do a 1031 exchange into another property via the creation of another LLC? Or does it have to reinvest 100% of the proceeds?

Rough example: the C-corp becomes a 25% partner in the LLC by investing $100,000 & the LLC buys $400,000 worth of farm ground. The C-corp wants to sell it's interest in the LLC for $300,000 ($200,000 in LTCG) but wants to take $100,000 of those proceeds and reinvest into another LLC to buy more farm ground.