The locally based firm sold a series of senior notes that will be maturing in three-year to 10-year stages. Wachovia Securities of Atlanta handled the private placement. The entire issue was sold.

"JOE (the firm's New York Stock Exchange symbol) received a great reaction from institutional investors, particularly as they have become more familiar with us and the unique competitive advantages we enjoy (in the commercial real estate marketplace)," Peter S. Rummell, St. Joe chairman/CEO, says in a prepared statement.

The company "sought this financing to provide additional financial flexibility by adding a layer of fixed-rate, longer-term debt to its balance sheet," says Rummell, a former Walt Disney World division executive.