Jason Hill had set the previous 72-hole mark of 12-under-par 272 at Glenmaura National Golf Club when he won the tournament in 2001.
McCallister, who had earlier set the 54-hole mark at 17-under-par 196, had an up-and-down final round. He notched two birdies and one bogey on the front nine.
Around the turn, he had three birdies and two bogeys en route to earning his first Nationwide Tour title. He also claimed five victories in the early 1990s on the PGA Tour.
McCallister becomes the first player with a last name not beginning with an 'H' to win the tournament. Jeff Hart won the inaugural event in 2000, Hill captured the 2001 title and Gary Hallberg claimed the title last year.
Bill Glasson began the final round four shots behind McCallister. He really never threatened the leader though. He had three birdies and two bogeys on the front side, with two birdies on the back nine for a final-round 3-under 68.
Hallberg shot a 1-under 70 to finish at 7-under-par 277.