The St. Joe Company (JOE ), a publicly-held operationally diversified real estate company, has inked a deal with CB Richard Ellis Group Inc. ( CBG ), the world’s largest commercial real estate firm, to sell or lease over 1,000 acres of its land adjacent to the new Northwest Florida Beaches International Airport for commercial development. St. Joe is developing the new international airport near Panama City Beach, which is slated to open in 2010. It is also developing approximately 1,000 acres adjacent to the new airport for industries, offices, retailers, and hotels. Once completed, the airport will become a major growth driver for the region, creating jobs and revenue-generating opportunities for other companies as well. According to the terms of the deal, CB Richard will solicit global office, retail and industrial companies to occupy space at the prime location at close proximity to the airport. The site is part of approximately 71,000 acres that St. Joe owns within the West Bay Sector Plan, a large mixed-use master-planned project located in Bay County in Northwest Florida. CB Richard is a commercial real estate services firm with full-service operations in metropolitan areas worldwide. The company offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other types of commercial real estate assets globally under the CB Richard Ellis brand and provides development services under the Trammell Crow brand. Read the full analyst report on "CBG" Read the full analyst report on "JOE" Zacks Investment Research