Probably not. Nashbar claims that the bike will handle 700x38s with fenders, but they're exaggerating a bit. While I haven't tried it, clearances look tight enough that you'd be lucky to get a 700x38 to fit without fenders. When I put fenders on my bike this winter, I had to swap my 700x35 Vittoria Randonneurs for 700x32 before I was comfortable with the clearances.

With the aforementioned 700x32s, the standover height on my 54cm frame is around 31.5" at the midpoint of the top tube.