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DAYTONA BEACH, FL—Consolidated-Tomoka Land Co. has invested $38.8 million in Alpine Income Property Trust, Inc., (PINE) and its affiliates, resulting in an ownership stake of approximately 22.3% through its investment in PINE's IPO and through the sale and contribution of a portfolio of 20 single-tenant net lease income properties.

The deal, for 15 of the 20 properties, resulted in the locally-based company receiving approximately $125.9 million, which it intends to redeploy in income property investments through the 1031 like-kind exchange structure.

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