"The shopping centre's success and potential for expansion is expected to draw significant interest from New Zealand and Australian investors keen to own an exceptional retail property in a burgeoning area that shows no signs of growth stopping," Mr Richards said.
Stars and Stripes restaurant owner Dick Hansen said he had not been told about the plaza being put on the market.
"It could be good for us, it could be bad for us. It depends on who buys it and what they do," he said. "One never knows how it will affect the retailers who are here.
"We'll have to wait and see what happens. It's got huge potential."
Mr Hansen said it will be sad to see the plaza change hands.
"It'll be a shame to see the owner go ... we always had a very good working relationship and he's always been very fair."
Palm Beach Shopping Plaza has 39 stores occupying 14,120sq m, 596 car parks and generates about $3.5 million net income annually.
It is anchored by two of New Zealand's most prominent retailers, Countdown and The Warehouse, which cover more than 8000sq m and account for a significant percentage of the income stream.
The remainder of the centre is home to offices and 37 specialty retail stores with a blend of national and local brands..
Mr Byrne said reconfiguration of the plaza as well as development of the expansion land will position the shopping centre to benefit from intensification under the Bay of Plenty's Smart Growth Strategy and Eastern Corridor Road Link.
He said a number of schemes have been drafted for the area and a big box retail outlet would be an ideal choice.
"The land could be developed immediately and leased to national retailers, who are always looking to expand their store numbers. In fact, we have inquiries from tenants wanting to set up business in Papamoa."
Richards said Papamoa is Tauranga's fastest growing suburb and thousands of people visit the plaza every day. Tauranga's population is forecast to grow to 150,000 residents over the next 20 years.
The plaza's immediate catchment has 17,000 residents and a higher than average median income for the Bay of Plenty region.
During the summer holidays turnover takes a huge surge when the area swells with up to 216,000 visitors.
